Tuesday, November 25, 2008

Rally Anyone?-- IFCN Wk 51 –Mon- Equity: $1,493.55

It is amazing that we haven't had much of a drawdown since we made equity highs almost a month ago.

This Monday morning we didn't get the chance to exit any of the FirstStrike Plus trades held over from last week, namely the long Gbp/Usd from 1.5126 and the short Usd/Jpy from 95.39.

It was close on the Usd/Jpy. The open (95.44) was just a few pips higher than our short entry- I wouldn't have blamed anyone for exiting, considering a break even trade being almost a profit considering the amount of time the trade spent underwater last week.

No worries. This week's orders were placed with greater-than-average personal anticipation. If the trades get reversed, they will be at better prices than their previous stops-- and the risk wasn't that great anyway.

Here's last week's recap:

The data below is as of the open of Monday, Nov. 24, 2008: (00:00 CST)

Equity from last Monday's open: $1,527.65

OneNightStand Exit(s) on 11/24/08 :
Total ONS Profits: $ -0-

Monday's FSP exits on 11/24/08:

FSP closed trades week of 11/17/08 through 11/24/08
*eur/usd: Long @ 1.2723, stopped at 1.2508 for 215 pip loss.
*usd/chf: Long @ 1.2061, stopped at 1.1945 for 116 pip loss.

Current FSP trades:
  • gbp/usd: Long @ 1.5126, stop 1.4615.
  • usd/jpy: Short @ 95.39, stop 97.39.
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 11/21/08 entry(s):
Long Usd/Chf @ 1.2289, stopped at 1.2189 for 100 pip loss.

Current FSP/ONS trade equity is: $1,457.55.

Special Silver long position:
Silver position equity: $36.00
(Current XAG price: $9.58 – 200 unit position average: $9.40)
Weekly total XAG position equity loss: ($-2.00)

Total Loss for Week: $ 34.10
(2.2 % weekly decrease)

I believe this week could be a large one after seeing the price reversals on Thursday of last week. “Once more into the breach, dear friends, once more....”

Joel Rensink

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