Thursday, August 28, 2008

Chopped!--IFCN Wk 38 -Thu- Equity: $868.02.

Torture is legal in the forex markets.

What a week!

I almost would have preferred getting stopped out of all the pairs this week instead of this cliff-hanger mentality the market is in.

The short Usd/Jpy trade is still in force, carrying a heavier-than- normal trade size as described in the last two posts.

Again, early this morning the market dropped hard, almost as deep as before- but not quite. Then up-elevator, back up to the danger zone. But, so far, the trade hasn'tbeen stopped out.

The market will do what it must and so will I.


I don't know if we will get any OneNightStand trades on Friday, but it does look possible for the Gbp/Jpy. It has been falling for a long time, and doesn't seem to be letting up.

The funds short these currencies are the happiest they've been in months. Considering the difficulties with their trading style, they deserve what little happiness they can get.

Hard to believe that some of these markets have stretched so far without reactions. When markets get stretched a long ways like this, it is very possible to get a very sharp reaction when it comes.

The week's remaining FirstStrike entry:
**Usd/Jpy: Short @ 109.63, stop 110.23. Currently profitable with additional size
Any FirstStrike trade not stopped out before Friday-- exits on Friday just before 15:00 CST.

Current equity is $868.02.

See you tomorrow.

Joel Rensink

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