Wednesday, October 15, 2008

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

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!

1 comment:

Glen Noller said...

Hi Joel,

Thank you for giving us FirstStrike Plus. I'm looking forward to trading it. A quick question about the rules: Will you be moving your stops to breakeven at 3 times risk and 50% trailing at 5 times risk (under volatile conditions) like you were using the regular method? This makes sense to me just want your official position.

Happy Trading,