That isn't really all that surprising, considering the news that came out over the weekend, about the additional brokerages being bought out due to possible insolvency issues. Knee-jerk reactions after that kind of news is to be expected, and I'm actually surprised that I still have one winner.
Normally no one would think Merrill Lynch would have to sell out. Expect more 2 sided action before the large traders figure out which direction is the safest for the near term.
I think FirstStrike's being out of most of the currencies may not be a bad thing this week. Let some of the fear die down.
__________________
The following FirstStrike trades were entered this morning:
- Eur/Usd: Long @ 1.4439, stopped out at 1.4379 for a 60 pip loss.
- Gbp/Jpy: Short @ 190.21, stop 191.11. Trade in progress.
- Gbp/Usd: Long @ 1.8086, stopped out at 1.8026 for a 60 pip loss.
- Usd/Chf: Short @ 1.1090, stopped out at 1.1150 for a 60 pip loss.
- Usd/Jpy: Short @ 105.38, stopped out at 105.98 for a 60 pip loss.
Have a good evening.
Current equity is $1,150.40
Joel Rensink
www.infiniteyield.com
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!
2 comments:
Hello Joel. With your many years of experience trading and using different brokers, could you shed some light on why it seems that some of us get filled on some orders at the same brokerage house and others don't.
For example, I input the same orders as you for First Strike every week. This week I got filled on the long gpb/jpy trade at 191.71 and was stopped out. If I look at the high for the 1:00 eastern time bar it is 191.73 when I select the min/max bars. It only hit 191.66 on the average price bars.
How is it possible that you have an order in at 191.71 that didn't get filled when the price made a high of 191.73? Unless of course your order was placed after the end of the 1:00 eastern time bar. That would explain the difference.
Thanks
Hi Joel,
I might be missing something here but my GBP/JPY short got stopped very shortly after it was taken?
Thanks for a great blog.
JD
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