Monday, July 21, 2008

Weatherman..., Trader! --IFCN Wk 33 -Mon- Equity: $701.41.

The Japanese market was on a holiday and other markets were without any reports to encourage strong positions. That is why nothing seemed to happen today.

The economic calendar from the US should give more information as the week wears on. Fear of ruinous consequences in the financial sector have eased somewhat following recent better-than-expected earnings reports from the banking sector.

Nonetheless, the Fed has revealed tan increased concern with their enlightened view of the economy-- saying – simultaneously – out of the same mouth, that they intend to keep lower interest rates..., until they raise them.

What a great job! Like being paid as a weatherman while getting paid a CEO's salary simply uttering, “There will be sunny skies..., until it rains sometime.”

On a third thought, maybe we traders aren't much different. We are long or short..., until we aren't. But at least we pay personally for OUR errors. AND the errors of the Federal Reserve system.

Early this morning, we exited the long Gbp/Jpy OneNightStand trade from Friday – in @ 213.64, out at 213.03. A loss of 61 pips (-$ 4.56).

We entered four FirstStrike trades today. Had a quick loss in the Gbp/Jpy. I would have thought that the short side of the pound and euro might have been a better trade, but the trades we got are below.

The following are this week's FirstStrike entries:
  • Eur/Usd: Long @ 1.5923, stop 1.5863. Trade in progress.
  • Gbp/Jpy: Short @ 212.28, stopped out at 213.18 for a 90 pip loss.
  • Gbp/Usd: Long @ 1.9996, stop 1.9936. Trade in progress.
  • Usd/Chf: Short @ 1.0160, stop 1.0220. Trade in progress.
Note: Any FirstStrike trade not stopped out before Friday gets exited on Friday just before 15:00 CST.

Current equity is $701.41.

Have a good night/morning.

Joel Rensink

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1 comment:

The Archiphage said...

Yow! An additional week of dashed hopes and shattered dreams! I imagine we've got plenty of followers giving up this trading idea in frustration and resuming the Quest for the Holy Grail. Not me... I'm fired up! This has been a great month to practice the precise taking of the necessary losses. Somehow, I have one trade still alive since I'm actually long GBP/JPY. I use 2:00 edt as my open, so my trades are sometimes different. That position is not winning any beauty contests so far, but who knows?