Thursday, September 11, 2008

Great Week! - IFCN Wk 40 – Thu – Equity: $1347.74

I got a lot of interesting responses about the silver post yesterday, all positive; along with some success stories from some of you who are actually taking the trades highlighted here. I'll try to include some in the next few posts as space permits.

Here is another Silver chart with current retracements. (Thanks to Tim from Regina, Sask.)

The past couple of weeks have been very profitable for this style of trading, and are typical of the way profits come in when you trade robust breakout methods. They aren't cute and cuddly, but they extract large profits when the markets start to move and take no prisoners. The key to success trading breakout methods is this: execution!


The week's continuing FirstStrike trades:

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.

After new lows on the Euro and Pound, a retracement seems to be starting. The forex currencies are pretty battered after weeks of weakness.

There is a strong chance of more OneNightStand trades tonight. The orders will go in, but I know tired markets when I see one, and little follow through is likely if any orders get triggered.

Current equity is $1347.74

Joel Rensink

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1 comment:

Ken said...

Hi Joel

Thanks for all you are doing on this blog, your commentaries have been gob-smackingly accurate.

I've been using the First Strike and One Night Stand methods since early July and I have been impressed. Seems like you have doubled your equity in that period of time, while I have only made +50% - your money management logarithms seem to make a big difference.

Like you, I have enjoyed some substantial gains this week. The hardest part of it was sitting on my hands and letting it do its thing, after seeing them become so profitable on the first day. It's been a long week to say the least.

I was really tempted to close all the positions yesterday right at the lows/highs before the retracements. On hindsight, it might have been the best place to get out, but if I had to make the decision again, I'd still do the same and stick to the rules, as breaking the rules and getting positive reinforcement only means I would be easier for me to break the rules the next time.

Thanks once again.