Thursday, July 24, 2008

No sure thing! --IFCN Wk 33 -Thu- Equity: $671.45.

The Dollar is maintaining most of its strength aquired in the last week.  But continued action betrays the fact that many of the market participants have different ideas of how strong they feel the dollar will be allowed to maintain.

The existing home sales news worked out as I suspected, the dollar remained strong and got stronger vs. the Euro and the Pound.

We are still currently long the Usd/Chf and Usd/Jpy FirstStrike “reverse” trades. The trades have diminished quite a bit. If still in progress tomorrow we will exit tomorrow.
  • Usd/Chf: Long @ 1.0260, stop 1.0200.
  • Usd/Jpy: Long @ 107.31, stop 106.71. (Looks like it may get stopped out soon)
Note: Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

Current equity is $671.45.

Recap tomorrow.

Joel Rensink
www.infiniteyield.com

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2 comments:

The Archiphage said...

Yep... my GBP/JPY long got stopped out @ 212.61, bringing me the 5th loss. Is that all you got, Mr. Market? Because I will be back next week, and the week after that, and the week after that...

Anonymous said...

I can relate to what you are saying but like Joel has said it is difficult to keep putting in the order when they don't seem to go anywhere. My biggest pain has been the gbp/usd pair this year which seems to get stopped out every week. I can't remember when the last good run was in this pair.

Well I guess there's always next week.