I didn't feel the need to post very much last week. The negativity is so thick out there that you could cut it with a chainsaw. Highlighting negativity doesn't help a trader's perspective.
It must run its course. It will.
I am actually extremely positive about the potential in the currency markets over the next few months. We could have some annoying markets, but trends are inevitable after all the talk of "crisis" that's besieged every area of the financial world.
I believe, beginning next year; the mood of most markets will improve substantially for a very simple reason: the majority of the world just got what it wanted.
The US had only a slight majority of people (who voted) that favored the current president-elect. But the rest of the world population that cared (over 85% by most figures) was gushing over the possibility of an O. win. Now that they have what they wanted, the actualizing of that fact in January will very likely make them feel that whatever decisions are made will be “super-intelligent” ones, since they'll be made by their new messiah. (If you think I exaggerate by my rhetoric, just spend 5 minutes reading or listening to the current fauning hype of the media.)
The collective will then vote with their capital, now that their future is secure. Secure in the belief that they won't have to pay for much of anything, themselves, in the future. The government, which they don't realize doesn't earn money..., only spends it..., will pay for their wonderful future.
The illusion will become real. Trends will begin anew.
Profits should be grand.
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I am making a minor change in how I recap the trades for the IFCN Challenge. Because our primary exit period for both
OneNightStand and
FirstStrikePlus trades is on Monday morning @ 00:00, it is only logical to make the official end/start of the week at that time.
This will make it easier for you to follow the trades and for me to keep up the running trades as they are executed without excessive complications. This is a good time to do it because there were no
OneNightStand trades either the 10th or today the 17th.
Here's last week's recap:
The data below is as of the open of Monday, Nov. 17, 2008: (00:00 CST)
Equity from last recap:
$1,554.20OneNightStand Exit(s) on 11/10/08 or 11/17/08 :
-None-
Total
ONS Profits: $ -0-
Monday's
FSP exits:
*Eur/Usd: Short @ 1.2681, exited at 1.2560 for 121 pips profit.
*Gbp/Jpy: Short @ 154.84, exited at 1.4275 for 1209 pips profit.
*Gbp/Usd: Short @ 1.5532, exited at 1.4743 for 789 pips profit.
*Usd/Chf: Long @ 1.1853, exited at 1.1974 for 121 pips profit.
*Usd/Jpy: Short @ 97.18, exited at 96.89 for 29 pips profit.
Existing
FSP trades:
(None)
Current
FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit) If not exited will be held until profitable on a subsequent Monday's open, stopped out or reversed by next week's positions.
For complete rules, check here----
OneNightStand 11/14/08 entry(s):
-None-
Current FSP/ONS trade equity is:
$1,489.65Special Silver long position:
Silver position equity:
$38.00(Current XAG price: $9.59 – 200 unit position average: $9.40)
Weekly total XAG position equity loss: ($
-92.00)
WEEK'S TOTAL EQUITY: $1,527.65Total Loss for Week: $
26.55(1.7 % weekly decrease)
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A side note: you would normally think that a week where you took profits of 2,269 pips over 5 markets that it would be a huge gain. We had a decent gain, but with the small positions placed due to the excessive volatility previously, it was not that significant. With the weekly ranges decreasing, it is more likely a directional move could earn us larger returns.
In addition, the core silver position had a $92 drop in value.
Here's to another week!
Joel Rensink www.infiniteyield.com 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: newsletter@infiniteyield.com 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!
