Sunday, November 23, 2008

Calm Week Preserves Capital!-- IFCN Wk 50 – Fri- Equity: $1,504.39

This was a turnaround day for many markets. Not many of the ones we were in - maybe XAG (silver). We have had so many apparent turnarounds in silver that we will have to see $11/oz or greater to have that confidence.

The swings in stocks and other capital makets this week caused many great losses. Due to our volatility adjusted stance, we have weathered the recent storms quite well.

This isn't a time to get smug, as prudence is always better than being overconfident. The coming week does hold great potential since the weekly ranges and momentum indicate the possibility of increased profits.

I'm always willing to reap benefit from market confusion.

The week's FirstStrikePlus trades:
  • eur/usd: Long @ 1.2723, stopped at 1.2508 for 215 pip loss.
  • gbp/usd: Long @ 1.5126, stop 1.4615.
  • usd/chf: Long @ 1.2061, stopped at 1.1945 for 116 pip loss.
  • usd/jpy: Short @ 95.39, stop 97.39.
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.

OneNightStand 11/21/08 entry-
Long Usd/Chf @1.2289, stopped out Friday at 1.2189 for 100 pip loss.
Total loss: $3.88.

Trading account equity: $1,454.39.

Silver position equity: $ 50.00
(Current XAG price: $9.65 – 200 unit position average: $9.40)
TOTAL Equity: $1,504.39

A relatively quiet week. Still not bad considering the violence in the marketplace.

We'll see how the Monday morning exits work out.

Joel Rensink

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