Tuesday, October 28, 2008

We Finally Got a Trade this Week! -IFCN Wk 47 – Tue - $1,438.76

After last week's moves, I wouldn't have been at all surprised to get NO trades this week in FirstStrikePlus. When you vary your buy and sell points due to the previous week's volatility and the previous week was the week from Gehenna, the market has to do a serious move to get a trade the next week.

We have one.

The Usd/Jpy rallied up to hit our buy price at 97.26. I don't have a lot of size on this trade because of the risk being 462 pips, but I also wouldn't be surprised if it turned out to be a winner by next week. The markets have been pretty oversold!

Most of the day the trade was profitable, but this evening the Usd/Jpy has slid back. It is a long week. Maybe we'll get another trade. Perhaps short the Usd/Chf....

I'm sure most of you watched the XAG drop heavily this morning to $8.45 and then recover to be up on the day. It pays to have a strong constitution when dealing in silver.

The current week's FirstStrikePlus trade:
  • 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 ruleset for effective trade management.

Current trade equity is: $1,471.76

Special Silver long position:
Silver position equity: (-$33.00 )
(Current XAG price: $9.17 – 100 unit position average: $9.50)

TOTAL EQUITY: $1,438.76

Have a good evening.

Joel Rensink

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