Tuesday, September 9, 2008

A day of rest! --IFCN Wk 40 -Tue- Equity: $1,275.46.

Not much change in the forex markets after yesterday's stunning moves. Monday's dollar surge resolved into a sideways trading pattern. The Euro and the Sterling have been trounced very hard over the last 5 weeks. A rest for awhile wouldn't be unusual at all.

The week's FirstStrike trades are still in progress:
  • Eur/Usd: Short @ 1.4364, stop 1.4364.
  • Gbp/Jpy: Short @ 194.27, stop 194.27.
  • Gbp/Usd: Short @ 1.7872, stop 1.7872.
  • Usd/Chf: Long @ 1.1199, stop 1.1199.
  • Usd/Jpy: Short @ 108.31, stop 108.91.
Any FirstStrike trade not stopped out before Friday-- exits on Friday just before 15:00 CST.

Current equity is $1,275.46.

Joel Rensink

PS: To receive the FREE! trading rules for the Infiniteyield Forex Challenge ($499 value) and the semi-monthly newsletter about this challenge, send an email to: newsletter@infiniteyield.com and tell me to which address you would like it sent. Please do not use AOL, Hotmail or Yahoo addresses. They've been known to filter out more good mail than actual spam. Try a Gmail address. It's free, simple and perfect for traders!


Anonymous said...

Hi Joel,

I'm showing an ONS trade for U/J last week - 9/5 (stopped out). Did you take that one?

Joel said...

There was no ONS trade in the Usd/Jpy:
The order for Usd/Jpy was the following:
BUY 110.16, stop 109.16.
If not stopped out exit Monday morning, 00:00 CST

The 10 period moving average was over the 40 as of Thursday night.


Anonymous said...

Found my error. I was taking the SMA from the hourly bars and not the daily bars.

Thank you again for sharing your methods.

gnllr said...

Also, just to clarify, the simple moving averages for ONS are calculated based on Monday through Friday closes only. No weekend data is factored in, just as in the highs/lows, right? Thanks for your patience on this. I want to get this right.