Thursday, July 17, 2008

Dollar Strengthens More! --IFCN Wk 32 -Thu- Equity: $707.07

The Gbp/Usd is the only FirstStrike trade still working. It definitely looks like one of those weeks where the early profits get drained away.

Oil has been falling precipitously, along with grains and other main commodities.  Continuation of these factors will be bearish on the Eur/Usd and bullish for the dollar.

Why? Perception of the currency policy makers. We'll see if it works out that way.

The short Usd/Jpy trade was stopped out with a 60 point loss.

I still remain in the following trade--
  • Gbp/Usd: Long @ 1.9906, with stoploss at 1.9846.  
Note: Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

It is possible that one or two OneNightStand trades could be entered this week. The required breakout levels are a bit far away in every case. That didn't stop the Eur/Usd last week though.

Have a good Friday.

Current equity is $707.07.

Joel Rensink

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