Monday, September 22, 2008

Currency Rally? IFCN Wk 42 – Mon- Equity: $1,455.05

We got filled on all five of the week's FirstStrike trades and so far, only one has been stopped out – the short Usd/Jpy.  

Of the four that went profitable, only the Gbp/Jpy was faltering as I write this, and probably will be stopped out soon.

The 50% profit trailing stop has been placed on the remaining 3 trades because they all had approximately 300 pips or more in profits at their peaks today. The markets' speed smells of corrective action, so it pays to be prudent when we are seeing such incredible volatility.

The following FirstStrike trades were entered this morning: 
*Eur/Usd: Long @ 1.4542, stop 1.4700. (50% profit stop)
*Gbp/Jpy: Long @ 195.75, stop 194.85. Trade in progress. 
*Gbp/Usd: Long @ 1.8348, stop 1.8495. (50% profit stop)
*Usd/Chf: Short @ 1.0959, stop 1.0824. (50% profit stop)
*Usd/Jpy: Short @ 106.08, stopped out at 106.68 for a 60 pip loss. 
Any FirstStrike trade not stopped out before Friday-- exits on Friday just before 15:00 CST. 

Have a good evening. 

Current trade equity is: $1,193.05.
Silver position equity:      $262.00.
 TOTAL Equity:              $1,455.05

Joel Rensink 

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