Not that I like the Challenge account losing money, but it is good to see the currency pairs holding well against the dollar – right in the price area where they should. Besides, my other accounts are enjoying this burst of activity. Notably: London Squeeze, which got me seriously long the Eur/Usd early this morning near 1.2725.
And in the Challenge account, XAG is helping with some of the fallout by gaining against the dollar. It has worked amazingly well as a ballast in these fluctuating days. Albeit, a heavy one sometimes.
Here are the current week's FirstStrikePlus trades:
- Eur/Usd: Short @ 1.2569, stopped out at 1.2957 for a 388 pip loss.
- Gbp/Jpy: Short @ 154.84, stop 164.62. Trade in progress.
- Gbp/Usd: Short @ 1.5881, stop 1.6439. Trade in progress.
- Usd/Chf: Long @ 1.1664, stop 1.1460. Trade in progress.
- Usd/Jpy: Still no current trade
Trading account equity: $1,439.92.
Silver position equity: $138.00
(Current XAG price: $10.09 – 200 unit position average: $9.40)
TOTAL Equity: $1,577.92.
We have a long week ahead. I don't have high expectations for the remaining trades.
And, with the election's likely result, the country can now start sliding faster into a hell from which there is little escape. Which will be bullish on commodities and foreign currencies.
Have as good of a day as possible.
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!
2 comments:
I wonder if we won't see a more deflationary environment before we see massive inflation. This is regardless of the results of yesterday's farce. The Fed is surely printing money like mad, but credit (as distinct from money) is also evaporating at a furious rate. If the new money isn't circulating, we can't get the prices rising due to the inflation. If you have a printing press in your basement, but you only store your stacks of $100s, you haven't robbed anyone until you spend them. The nice thing about our methods is that we don't need to be right about our views of the macroeconomic environment... we just have to execute our trades. If there is still further upside on the dollar, we will surely be on board. And when the dollar bear resumes its cascade (if it hasn't already) we'll be there too.
Great comment!
You are absolutely correct.
Joel
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