It Takes Time....IFCN Wk 45 – Wed- Equity $1,182.72

Markets rarely stop and turn on a dime. After getting soundly pummelled for weeks, oftentimes the best solution is respite. That is the current choice of the most of traders.
We lost another trade today. The FirstStrike long Usd/Jpy @ 101.02 got stopped out at 99.82 for a loss of 120 pips. It was a victim of featureless trading after the sharp run-up on Monday. Traders are not very willing to push much position size in any other currency but the dollar.

Fear of increasingly bad economic numbers is keeping most forex traders on the sidelines. Last week's action took a major psychological toll on everyone. While most of the panic selling and buying has been completed, any new positions placed are very tentative in nature.

Current trading reminds one of old sayings about cats and hot stoves.

This week's current, remaining FirstStrike trades:

• Gbp/Jpy: Long @ 171.74, stop 169.94.
• Gbp/Usd: Long @ 1.7119, stop 1.6999.

FirstStrike trades not stopped out before Friday-- exit on Friday just before 15:00 CST.

Current trade equity is: $1,182.72

Have a good morning.

Joel Rensink
www.infiniteyield.com

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