Wednesday, October 29, 2008

Perversity Rules- New Equity Highs! -IFCN Wk 47 – Wed - $1,667.31

I am surprised but happy that we got filled on all of our trades so quickly. A different wind is blowing in the forex market this week. The wind is up for most currencies.

It definitely looks like the dollar top is in. All the self-proclaimed savants 2 ½ months ago were certain that the Euro was unkillable – last week believed the Euro was finished. That is the condition I especially love when I contemplate a turn in the market.

The perversity of the market rules! It really would be best for all concerned if the currencies and commodity and stock markets continue to hold and put on gains. Long term, no one profits from depressions or conditions that can turn into them. The sooner the markets get liquid and buoyant, the better it is other players AND for us.

If the major players get sidelined by topsy-turvy markets, who will there be to pay us?

No surprise to most of you, after yesterday's bullish action in the XAG (silver), early this morning I had to buy another 100 units . This time I got filled at $9.30. That now makes the Challenge account's XAG total position 200 units (200 oz.) with a position average of $9.40. The XAG position stop is now placed at $7.90.

It was gratifying to see silver jump up again later this morning. I'll be a little happier when silver is $25.00.

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: $1,503.31
Silver position equity: $164.00
(Current XAG price: $10.22 – 200 unit position average: $9.40)
TOTAL Equity: $1,667.31

It is too bad our position sizes are so small on FSP this week. It can't be helped when the last few weeks have been so violent.

Have a good evening.

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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