Sunday, December 14, 2008

Dollar Slips Further! -- IFCN Wk 53 –Fri- Equity: $1,843.90.

Friday was an interesting day. The major interest was the action in the Japanese yen.

Late Thursday I got a short FirstStrikePlus Gpb/Jpy trade. I wasn't particularly thrilled with that trade, then or now. The trade was a valid one, but it showed little followthrough after entry.

I wasn't terribly keen about getting any additional OneNightStand sells in either the Gpb/Jpy or Usd/Jpy, and I didn't. But late Thursday we saw tremendous a move in the short Usd/Jpy. Some of you reported that you took some profits on the downside bulge and I'm glad for you. I was managing so many other trades at the time of the Yen strength that I didn't get any additional profits.

There was one OneNightStand trade taken, which looks fairly promising. The long Eur/Usd @ 1.3408 didn't get stopped out and managed to stay in a relatively narrow range until the end of the day. Since we were already long via FSP, this pair has the potential of being quite profitable by Monday's open.

The week's current FirstStrikePlus trades:
  • eur/usd: Long @ 1.2859, stop 1.2739. Trade in progress.
  • gbp/jpy: Short @133.04, stop 138.23. Trade in progress.
  • gbp/usd: Long @ 1.5007, stop 1.4651. Trade in progress.
  • usd/chf: Short @ 1.2090, stop 1.2221. Trade in progress.
  • usd/jpy: Short @ 91.77, stop 93.26. Trade in progress.
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 trades taken Friday:
*Long Eur/Usd @ 1.3408- to be exited Monday 00:00 CST.

Trading account equity: $1,673.90

Silver position equity: $170.00
(Current XAG price: $10.25 – 200 unit position average: $9.40)
TOTAL Current Equity: $1,843.90.

Pretty good action this week.. The dollar is indeed beginning to show weakness. With so many factions long the dollar, it shouldn't take much to get a reaction/impulse move in favor of other currencies.

See you Monday.

Joel Rensink

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