Monday, August 18, 2008

Resumed!--IFCN Wk 37 -Mon- Equity: $851.37.

A person might think that the currency onslaught might just take a breather after more than 2 weeks of waterfall. Obviously not.

This morning after 00:01 I exited the ONS trades from last Friday. This was not one of the times that ONS made us more proud over the weekend. The currencies we held over the weekend experienced the only minor rally so far against the dollar.

That cost us.

OneNightStand 08/15/08 entries--
All below exited this morning, 08/18/08, after midnight--
*Eur/Usd: Short @ 1.4753 – Exited at 1.4745 for 8 pips profit.
*Gbp/Usd: Short @ 1.8619 – Exited at 1.8689 for 70 pips loss.
*Usd/Chf: Long @ 1.0984 – Exited at 1.0936 for 48 pips loss.
*Usd/Jpy: Long @ 110.41 –Exited at 110.26 for 15 pips loss.
Total Losses: $ 10.12

Then I placed the week's FirstStrike orders.

The trades started trickling in after a few hours. By evening all of them got executed.

The following were this week's FirstStrike entries:

  • Eur/Usd: Short @1.4695, stop 1.4755.
  • Gbp/Jpy: Short @205.32, stop 206.22.
  • Gbp/Usd: Short @1.8639, stop 1.8699.
  • Usd/Chf: Long @ 1.0985, stop 1.0925.
  • Usd/Jpy: Short @ 109.77, stop 110.37.

Any FirstStrike trade not stopped out before Friday-- exits on Friday just before 15:00 CST.

The week has started out profitably, but as most followers of this site understand well by now, it is a long week yet.

The dollar is still incredibly strong. The higher opening this morning against the dollar was the high of the week so far.

See you tomorrow.

Current equity is $851.37. (Look quick-- that may be the high for the week)

Joel Rensink

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