Tuesday, September 23, 2008

One FirstStrike Trade Left! IFCN Wk 42 – Tue- Equity: $1,431.68

Due to placing the 50% profit trailing stop, which locks in at least half of the maximum profits attained before getting triggered, we have only one trade left in play of our five weekly FirstStrike trades.

The long Gbp/Jpy FirstStrike trade that was faltering yesterday when I did the day's recap-- decided to hang on for another day and is now marginally profitable. It came within 10 pips of being stopped out last night, but you never know for sure how far a trade will push the limits. That is why you have to be resolute in your trading but still aware of significance when something doesn't happen.

I'm glad that the trailing stop took us out. The potential for sharp moves back in favor of the dollar are very likely.

Many people are still running scared out there. And they still have the financial ammo that can disrupt the markets for hours.

The week's FirstStrike trades:
  • Eur/Usd: Long @ 1.4542, exited at 1.4700 for 158 pip profit.
  • Gbp/Jpy: Long @ 195.75, stop 194.85. Trade still in progress.
  • Gbp/Usd: Long @ 1.8348, exited at 1.8495 for 147 pip profit.
  • Usd/Chf: Short @ 1.0959, exited at 1.0824.for 135 pip profit.
  • Usd/Jpy: Short @ 106.08, stopped out at 106.68 for a 60 pip loss.
FirstStrike trades not stopped out before Friday-- exit on Friday just before 15:00 CST.

Current trade equity is: $1,191.68.
Silver position equity: $240.00. (Current silver price: $13.15)
TOTAL Equity: $1,431.68

Not much to say after a very flat day. I'm sure the week will have plenty of action by Friday.

Have a good morning.

Joel Rensink

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1 comment:

The Archiphage said...

These last few Monday's have been something else! I'm glad to see that you exercised the trailing -stop option as well... when I come up with something and then see you do it, it definitely leads me to believe I'm on the right track. Or at least that I'm not alone on the path to potential disaster. Take care...

(PS- my 2am entry has me already stopped out of GBP/JPY. Score one for the 1am crowd.)