Friday, January 16, 2009

Euro Correction Completing? -- IFCN Wk 58 –Thu- Equity: $2,040.22

The inauguration day draws near. People have positioned themselves as well as they can based on their beliefs of the changes expected to take place economically because of the looming presidency. Remember, the whole "O" campaign was based on "hope."

Hope is not a strategy. This leads into an old saying.

---If wishes were horses, then beggars would ride---

(Alternate translation: If wishing could make things happen, then even the most destitute people would have everything they wanted.) OH! NO! That is what the campaign promised!!!

I'm sure a few of you could recount how well trading based on hope succeeds.

We'll be stuck with this wishful bunch for a while. Until they're broke along with everyone else.

Time to get everyone to read Ayn Rand's Atlas Shrugged!


What we've been experiencing for the last few weeks is corrective action. The dollar has gained a little of its strength back. Don't expect it to last much longer.

The corrective action in the Euro and the Swiss Franc has been sharp and bloody for those who thought the waters were safe after last week.

When the majority of market participants are confused is when market corrections end. We could be looking at the near-term bottom in the Eur/Usd and a top in the Usd/Chf. Next week's FSP trades could be significant


It is unlikely that we will have any OneNightStand trades today. The distance is very great to any of the action points sent out in the ONS email. We will keep alert to any surprise moves.

Week starting January 12, 2009 -IFCN WK 58
start 2,153.02 W/XAG

The week's current FirstStrikePlus trades:
  • gbp/usd: Short @1.4819, stop 1.5195. Trade in progress.
  • eur/usd: Short @1.3222, stop 1.3474. Trade in progress.
  • gbp/jpy: Short @133.60, stop 136.96. Trade in progress.
  • usd/jpy: Short @ 88.80, stop at 90.59. 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.

Trading account equity: $1,788.62

Silver position equity: $252.00
(Current XAG price: $10.66 – 200 unit position average: $9.40)
TOTAL Equity: $2,040.22

The last few weeks have been pretty choppy, but still--- there were enough good trades to add a few more profits to the account.

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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