Friday, June 13, 2008

Euro Slump!-- IFCN Wk 27 -Fri- Equity: $782.51

We currently have 7 positions.  Its been a while since we had on this much size.  This situation is always a double-edged sword.

We got filled on the following OneNightStand orders early this morning:
  • eur/usd: short @ 1.5365, stop 1.5465.
  • gbp/jpy: long @ 210.76, stop 209.76.
  • gbp/usd: short @ 1.9433, stop 1.9533.
  • usd/jpy: long @ 108.10, stop 107.10.
If a OneNightStand order is not stopped out during normal Friday trading hours, I will exit Monday morning, 00:01 CST.

None of the OneNightStand trades are making history at the moment. We'll hold the trades according to the rules and take the consequences.

The week's FirstStrike trades are still in progress-
***eur/usd: short @ 1.5730, stop 1.5730.
***gbp/jpy: long @ 208.18, stop 207.28.
***usd/jpy: long @ 105.83, stop 105.23.
If not stopped out, FirstStrike trades will be exited before 15:00 CST.

The Eur/Usd has broken down through a very key area. This is especially important considering the reaction the Eur/Usd had last week after the Non-Farm employment report. There are tons of positions which got long a week ago that are hurting their owners. Billions of dollars/euros have been blindsided in a very short time.

Volatility is a great forecaster of trend endings and new beginnings. It can be challenging to trade through these times.

Current equity is $782.51.

Joel Rensink

PS: To receive the FREE! trading rules for the Infiniteyield Forex Challenge ($499 value) and the semi-monthly newsletter about this challenge, send an email to: and tell me to which address you would like it sent. Please do not use AOL, Yahoo or Hotmail addresses. Nothing personal, but they've been known to filter out more good mail than actual spam. Try a Gmail address. It's free, simple and perfect for traders!

No comments: