Friday, October 31, 2008

The Chop Continues! -IFCN Wk 47 – Thu- $1,455.40

One day you're at completely new equity highs, and the next-- you're down more than 10% those highs. Welcome to the world of high volatility!

The Eur/Usd shot up strongly early today and then dropped like a rock. Same with silver. And the other forex pairs.

Doesn't mean that the moves are done, but it appears we will still have to wait a bit until they get stronger. Indecision is still the order of the day

Here are the current week's FirstStrikePlus trades:
  • Eur/Usd: Long @ 1.2903, stop 1.2489. Trade in progress.
  • Gbp/Jpy: Long @ 159.69, stop 143.62. Trade in progress.
  • Gbp/Usd: Long @ 1.6412, stop 1.5510. Trade in progress.
  • Usd/Chf: Short @ 1.1479, stop 1.1650. Trade in progress.
  • Usd/Jpy: Long @ 97.26, stop 92.64. Trade in progress.
FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit) See complete rule-set for effective trade management.

Current trade equity is: $1,453.40
Silver position equity: $ 2.00
(Current XAG price: $9.41– 200 unit position average: $9.40)
TOTAL Equity: $1,455.40

Have a good morning. Only time will tell how profitable this week's trades will be.

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: 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!

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