Wednesday, November 19, 2008

“You thought I said what?”---H. Paulson- IFCN Wk 50 –Wed- Equity: $1,439.60

We got a few more FirstStrikePlus trades. For a short while this morning it looked like we were going to have a very good up-move in the Euro and Sterling. Then they reversed as quick as they started up.

So, we got stopped out of the eur/usd and usd/chf. Still no trade in the gbp/jpy. Maybe there won't be one this week.

Chop continues as individuals and large companies fear the worst. (Whatever that “worst” might mean to them!)

A few recent, timely quotes:

"I was very careful when I said what turning the corner
meant. I said I believe that that meant that we have stabilized
the financial system and prevented a collapse. I was also very
careful in saying that we have a lot of work ahead of us...," -
U.S. Treasury Secretary Henry Paulson

"My most likely outcome is for a couple of quarters of
negative growth and inflation coming down, but not getting to
that deflationary state," - Federal Reserve Chairman Donald

"There are some signs that credit markets, while still
quite strained, are improving" - U.S. Fed Chairman Ben Bernanke

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.

Trading account equity: $1,459.60.

Silver position equity: $-20.00
(Current XAG price: $9.30 – 200 unit position average: $9.40)
TOTAL Equity: $1,439.60

A final quote, one of my lifetime favorites--

"Two things are infinite: the universe and human stupidity; and I'm not sure about the universe."
Albert Einstein

Joel Rensink

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: 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!

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