Tuesday, August 19, 2008

Slide Halted!--IFCN Wk 37 -Tue- Equity: $816.20.

I wasn't far off thinking that we had seen the equity highs for the week. It would take a minor miracle to reach the levels of yesterday.

The following is the status of this week's FirstStrike entries:

  • Eur/Usd: Short @1.4695, stopped at 1.4755 for 60 pip loss.
  • Gbp/Jpy: Short @205.32, stop 206.22. Trade in progress.
  • Gbp/Usd: Short @1.8639, stop 1.8699. Trade in progress.
  • Usd/Chf: Long @ 1.0985, stopped at 1.0925 for a 60 pip loss.
  • Usd/Jpy: Short @ 109.77, stop 110.37. Trade in progress.

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

Gold and silver are holding after their serious smashes last week. It has been a long time since Ive seen such a melee in silver. Usually that means a bottom for a while. It appears that the currencies agree with that tendency.

After weeks of carnage to the world's currencies there is a breather in the wings. The Billion dollar question: how far can they retrace before the selling begins anew?

Have a good evening and new morning.

See you tomorrow.

Current equity is $817.20.

Joel Rensink


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