Hi all--
The London Squeeze workshop in Las Vegas March 28th went off extremely well. The only hitch was they switched our conference room at the last minute. Perhaps it was a security thing.
The synergy of the participants couldn't have been better. I thoroughly enjoyed meeting and speaking with every one. We had bright attendees from around the world and the U.S. All had the desire to be the best professional traders possible and improve the skills necessary to consistently execute despite drawdowns and world changes.
In this difficult profession, there is a tremendous benefit in meeting and discussing trading nuances with your peers face-to-face. An additional benefit is the understanding it provides to your mental game to meet others who have successfully learned to cope with trading issues similarly or differently than yourself.
I was great for me to put a face to a number of the intelligent followers of this site and get valuable feedback about the needs of new but serious forex traders.
In the future we will likely hear some of the attendees' personal observations.
I'm returning to Minneapolis in a few days.
This morning's open allowed us to exit profitably the short Eur/Usd and long Usd/Chf FirstStrikePlus trades from last week.
So far: I've placed my orders for this week; already filled on the short Gbp/Jpy FSP trade, filled and stopped out on the short Usd/Jpy FSP trade.
When I return home I will do last week's recap and continue with the results of trading this week.
So far, it looks like a fickle start. That happens.
Best of wishes to you all.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Monday, March 30, 2009
Thursday, March 26, 2009
Patience! -IFCN WK 68 - Thu- Equity: $2,984.95
Patience is a large part of trading.
Losers always feel that they are missing something and feel the need to continually trade. When you've traded a lot and know how important it is to wait until “your” trade shows up, it is because you appreciate well how patience and profitable trading go hand-in-hand.
Having patience helps this week.
Even though we took a loss on our Gbp/Usd trade, we still don't have FirstStrikePlus Eur/Usd or Usd/Chf trades triggered. Maybe we'll get a doubled position with OneNightStand trades being elected too. I've seen stranger things.
-----
The week's FirstStrikePlus trades:
Trading account equity: $1,936.95
Silver position equity: $1,048.00
(Current XAG price: $13.57 – 400 unit position average: $10.95)
TOTAL Equity: $2,984.95
I will go back to patience mode.
An interesting point- if we don't get any moves out of the euro or swiss franc this week, maybe next week could be huge-- because our volatility is so low this week and we would then have large position size.
I''m posting this from my room in Las Vegas, with millions in cash being gambled a 100 feet from me downstairs. Wagered largely by individuals without a clue or an edge.
Considering that many (perhaps most) who engage the markets are little different than the drunken masses below me-- one can take comfort that it isn't much more difficult to separate capital in trading than it is for the casino to run its crap table. All it takes is patience to wait for “your” trades.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Losers always feel that they are missing something and feel the need to continually trade. When you've traded a lot and know how important it is to wait until “your” trade shows up, it is because you appreciate well how patience and profitable trading go hand-in-hand.
Having patience helps this week.
Even though we took a loss on our Gbp/Usd trade, we still don't have FirstStrikePlus Eur/Usd or Usd/Chf trades triggered. Maybe we'll get a doubled position with OneNightStand trades being elected too. I've seen stranger things.
-----
The week's FirstStrikePlus trades:
- gbp/jpy: Long @ 140.94, stop 138.90. Trade in progress.
- gbp/usd: Long @ 1.4727, stopped out at 1.4426 for a 301 pip loss.
- usd/jpy: Long @ 97.77, stop 95.60. Trade in progress.
Trading account equity: $1,936.95
Silver position equity: $1,048.00
(Current XAG price: $13.57 – 400 unit position average: $10.95)
TOTAL Equity: $2,984.95
I will go back to patience mode.
An interesting point- if we don't get any moves out of the euro or swiss franc this week, maybe next week could be huge-- because our volatility is so low this week and we would then have large position size.
I''m posting this from my room in Las Vegas, with millions in cash being gambled a 100 feet from me downstairs. Wagered largely by individuals without a clue or an edge.
Considering that many (perhaps most) who engage the markets are little different than the drunken masses below me-- one can take comfort that it isn't much more difficult to separate capital in trading than it is for the casino to run its crap table. All it takes is patience to wait for “your” trades.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Wednesday, March 25, 2009
So Far, a Week of Rest! -IFCN WK 68 - Wed- Equity: $3,004.79
Relative rest, that is.
As I am writing this, we got some chaotic action in the currencies and metals.
An unexpected change in home sales and other unexpected revisions in reports made previously scared more people into other currencies-not-the-dollar. Silver, which just an hour before dropped back to touch 13.00 -- suddenly rocketed more than 60 cents/ounce.
A lot of excitement in these markets.
I'm glad we have ways to get aboard and stay aboard.
-----
I am looking forward to the London Squeeze workshop being held in Las Vegas, Nevada this Saturday.
It promises to be a great time, with attendees from more than 5 countries around the globe.
With the recent volatility in forex, trading a daily volatility breakout method in addition to FirstStrikePlus and ONS has been valuable for equity curve smoothing. Not to mention having additional risk-adjusted opportunities when the market moves like it did this morning.
-----
The week's current FirstStrikePlus trades:
Trading account equity: $1,960.79
Silver position equity: $1,044.00
(Current XAG price: $13.56 – 400 unit position average: $10.95)
TOTAL Equity: $3,004.79
It isn't surprising to have a choppy week after a startling trend week. We'll stay aboard and keep watching.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
As I am writing this, we got some chaotic action in the currencies and metals.
An unexpected change in home sales and other unexpected revisions in reports made previously scared more people into other currencies-not-the-dollar. Silver, which just an hour before dropped back to touch 13.00 -- suddenly rocketed more than 60 cents/ounce.
A lot of excitement in these markets.
I'm glad we have ways to get aboard and stay aboard.
-----
I am looking forward to the London Squeeze workshop being held in Las Vegas, Nevada this Saturday.
It promises to be a great time, with attendees from more than 5 countries around the globe.
With the recent volatility in forex, trading a daily volatility breakout method in addition to FirstStrikePlus and ONS has been valuable for equity curve smoothing. Not to mention having additional risk-adjusted opportunities when the market moves like it did this morning.
-----
The week's current FirstStrikePlus trades:
- gbp/jpy: Long @ 140.94, stop 138.90. Trade in progress.
- gbp/usd: Long @ 1.4727, stop 1.4426. Trade in progress.
- usd/jpy: Long @ 97.77, stop 95.60. Trade in progress.
Trading account equity: $1,960.79
Silver position equity: $1,044.00
(Current XAG price: $13.56 – 400 unit position average: $10.95)
TOTAL Equity: $3,004.79
It isn't surprising to have a choppy week after a startling trend week. We'll stay aboard and keep watching.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Tuesday, March 24, 2009
Thanks to Weak Dollar- New Equity Highs! -IFCN WK 68 - Mon- Equity: $3,032.14
Despite some loss trades last week this Monday's exiting profits from the Eur/Usd, Usd/Chf, and Usd/Jpy offset them handily since the position sizes exited were generous due to low volatility conditions prior to entry.
It is nice when trades work out well.
It is also astounding to me, even after trading these types of methods for decades- how quickly one can go from a burgeoning drawdown to new equity highs so quickly. On Tuesday of last week we had a current equity of $2,338 and in less than a week we were up 29% from there.
Then again, it is rare that we get Fed actions as pronounced as we experienced Wednesday of last week.
I'm always grateful when things work out, but I never feel lucky. It is too easy to lose in this business.
Make a trading mistake at the wrong time, be slow about putting in your orders, get sloppy about position sizing..., hundreds of little things done poorly could drastically affect returns.
For example, if I was unduly worried about the drawdown the account was in a week ago and didn't place full size positions on the winning Eur/Usd, Usd/Chf, and Usd/Jpy trades, the results by Monday's open would not have been as substantial. Same goes with the XAG addition at $12.00. That helped tremendously in the IFCN total equity.
Some would say that we were lucky. Well, maybe it would be for others, but for those who trade like us-- it is just taking care of business, and therefore, business is good sometimes.
Week of March 16, 2009---FirststrikePlus trade executions:
*gbp/jpy Short @ 136.71, stopped at 139.09 for 238 pip loss.
*gbp/usd Short @ 1.3993, stopped at 1.4132. for 139 pip loss.
*positions held before March 16th open.
OneNightStand trades for Friday, March 20, 2009
-None-
Trading account equity: $1,932.14
Gain from previous week: $ 181.70
Silver position equity: $1,100.00
(Current XAG price: $13.70 – 400 unit position average: $10.95)
TOTAL Equity: $3,032.14
We probably won't have as fantastic of a week for a while, but I always enjoy a sharp lift like this one. The rest of you who executed the trades are no doubt happy you did.
I have a quick email sent the other day:
Hi Joel,
Thank you for your efforts to drag us into success. :-)
I will go for it!
One question.
Why do you prefer owning physical gold instead of
riding the trend with Oanda's spot gold or with
futures?
Are you afraid of there may be times when we
cannot have access to our funds in the banks?
If the above is true then a safe in a bank is not
an option either to store physical gold.
So take the gold home with you?
Thanks for your help. -J-
-----
My answer is below:
Gold is ok.
Silver is better. Greater upside potential.
You are basically correct about storing your precious metals in banks.
There are too many historical precedents about metal being absconded with,
for various reasons, non of which benefit the precious metal holder.
Keep it safe somewhere else. Your creativity will likely find a great
place to protect your precious metal.
Joel
Thanks for the input. Have a good week.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
It is nice when trades work out well.
It is also astounding to me, even after trading these types of methods for decades- how quickly one can go from a burgeoning drawdown to new equity highs so quickly. On Tuesday of last week we had a current equity of $2,338 and in less than a week we were up 29% from there.
Then again, it is rare that we get Fed actions as pronounced as we experienced Wednesday of last week.
I'm always grateful when things work out, but I never feel lucky. It is too easy to lose in this business.
Make a trading mistake at the wrong time, be slow about putting in your orders, get sloppy about position sizing..., hundreds of little things done poorly could drastically affect returns.
For example, if I was unduly worried about the drawdown the account was in a week ago and didn't place full size positions on the winning Eur/Usd, Usd/Chf, and Usd/Jpy trades, the results by Monday's open would not have been as substantial. Same goes with the XAG addition at $12.00. That helped tremendously in the IFCN total equity.
Some would say that we were lucky. Well, maybe it would be for others, but for those who trade like us-- it is just taking care of business, and therefore, business is good sometimes.
Week of March 16, 2009---FirststrikePlus trade executions:
*gbp/jpy Short @ 136.71, stopped at 139.09 for 238 pip loss.
*gbp/usd Short @ 1.3993, stopped at 1.4132. for 139 pip loss.
*positions held before March 16th open.
- gbp/usd: Long @ 1.4171, stopped at 1.3980 for 191 pip loss.
- gbp/jpy: Short @ 135.48, stopped at 138.52 for 304 pip loss.
- eur/usd: Long @ 1.3020, exited at 1.3661 for 641 pip profit.
- usd/chf: Short @ 1.1713, exited at 1.1231 for 482 pip profit.
- usd/jpy: Short @ 97.16, exited at 96.14 for 102 pip profit.
OneNightStand trades for Friday, March 20, 2009
-None-
Trading account equity: $1,932.14
Gain from previous week: $ 181.70
Silver position equity: $1,100.00
(Current XAG price: $13.70 – 400 unit position average: $10.95)
TOTAL Equity: $3,032.14
We probably won't have as fantastic of a week for a while, but I always enjoy a sharp lift like this one. The rest of you who executed the trades are no doubt happy you did.
I have a quick email sent the other day:
Hi Joel,
Thank you for your efforts to drag us into success. :-)
I will go for it!
One question.
Why do you prefer owning physical gold instead of
riding the trend with Oanda's spot gold or with
futures?
Are you afraid of there may be times when we
cannot have access to our funds in the banks?
If the above is true then a safe in a bank is not
an option either to store physical gold.
So take the gold home with you?
Thanks for your help. -J-
-----
My answer is below:
Gold is ok.
Silver is better. Greater upside potential.
You are basically correct about storing your precious metals in banks.
There are too many historical precedents about metal being absconded with,
for various reasons, non of which benefit the precious metal holder.
Keep it safe somewhere else. Your creativity will likely find a great
place to protect your precious metal.
Joel
Thanks for the input. Have a good week.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Saturday, March 21, 2009
Welcome Trend Week! -IFCN Wk 67 - Friday, March 20, 2009
This week was indeed a solid trend week.
Friday we finally got stopped out of the short Gbp/Jpy entered early in the week. I never liked that trade, and figured that it had 90% odds of getting stopped out when I took it. It was.
As a side note it was good for us this week that we are in the custom of taking just the first FSP trade per pair. After the long Gbp/Usd trade got elected at 1.4171 and subsequently got stopped out, the week's short trade at 1.3885 would have been triggered and then stopped out for a second loss. But if you had taken the buy at 1.4171 again for a third trade, by Friday's close you'd be up about 265 pips on the final trade, off-setting a lot of the losses previously incurred.
As you can imagine, the important thing is remaining consistent, trade YOUR plan and deviate only when some incredibly obvious bus is about to run you over. Which doesn't happen that often.
But, that all being said – great results have been had with our remaining three forex pairs and, of course, our enhanced silver position.
There were no OneNightStand trades on Friday, not that it didn't get pretty close on the Eur/Usd and Usd/Chf.
This kind of week makes you glad that you execute as you know you should, despite the multiple losses that can take place over weeks in between the large profits. Another reason why “many are called, few are chosen”, for this business.
I got a couple of very interesting emails recently which may be very useful for others of you who are trying to improve your trading acumen.
-----
Hey Joel,
I have now been following your blog for a full year now and I have learned a lot about trading from you. Since following your blog, I am up 213% on my account. It has been hard to learn the discipline required, but I have taken every trade the systems required. I really appreaciate what you have done for me!
Thanks, Bxxxx Pxxxxx
*********************
Hi Joel!
It is unbelievable, many thanks for your help!
Your knowledge and your help is the best I ever had since I trade Forex.
I trade FSP every week, sometimes with a bigger risk, sometimes with a smaller risk, it depends of the market situation.
I've traded around 8 years, and since around 2 years I haven't lost money; ok, I earned a little bit from my trading. But I can forget everything I did before. I thank you sooooooo much for helping me to have success in Forex trading.
I also bought 300 units silver at around 9.0000,-- , BUT the panic came :-) and I sold around 150 units.............. I know, that was not so good!
But I bought again at the Dips an have now again 490 units, and I don't give it back!!!!!!!!
My account is too small to trade full time now, but with your help I hope to become a full time trader as soon as possible, and I am very thankful for every help I get from your newsletter.
I wish you a nice weekend.
Greetings from ice cold Austria (30 cm snow today)!
Exxxxx
-----
Thanks for the kind emails. I'm glad you are taking the trades consistently. Even if you trade very small size at the beginning, (which is one of the great things about Oanda) the regimen of correct trading does great benefit for your future success. Even if the method you were trading was just break-even on results, accurate execution would provide you tremendous benefits to carry over to a time when you obtain a superior method. Execute, execute, execute is the same foundation of truth for trading that “location, location, location” is to real estate investing.
It is only difficult at the beginning. It definitely gets easier when you've done it every day for at least a year. Like most things of value, it needs to become a habit.
Joel Rensink
-----
Loss trades this week:
Week's recap on Monday morning.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Friday we finally got stopped out of the short Gbp/Jpy entered early in the week. I never liked that trade, and figured that it had 90% odds of getting stopped out when I took it. It was.
As a side note it was good for us this week that we are in the custom of taking just the first FSP trade per pair. After the long Gbp/Usd trade got elected at 1.4171 and subsequently got stopped out, the week's short trade at 1.3885 would have been triggered and then stopped out for a second loss. But if you had taken the buy at 1.4171 again for a third trade, by Friday's close you'd be up about 265 pips on the final trade, off-setting a lot of the losses previously incurred.
As you can imagine, the important thing is remaining consistent, trade YOUR plan and deviate only when some incredibly obvious bus is about to run you over. Which doesn't happen that often.
But, that all being said – great results have been had with our remaining three forex pairs and, of course, our enhanced silver position.
There were no OneNightStand trades on Friday, not that it didn't get pretty close on the Eur/Usd and Usd/Chf.
This kind of week makes you glad that you execute as you know you should, despite the multiple losses that can take place over weeks in between the large profits. Another reason why “many are called, few are chosen”, for this business.
I got a couple of very interesting emails recently which may be very useful for others of you who are trying to improve your trading acumen.
-----
Hey Joel,
I have now been following your blog for a full year now and I have learned a lot about trading from you. Since following your blog, I am up 213% on my account. It has been hard to learn the discipline required, but I have taken every trade the systems required. I really appreaciate what you have done for me!
Thanks, Bxxxx Pxxxxx
*********************
Hi Joel!
It is unbelievable, many thanks for your help!
Your knowledge and your help is the best I ever had since I trade Forex.
I trade FSP every week, sometimes with a bigger risk, sometimes with a smaller risk, it depends of the market situation.
I've traded around 8 years, and since around 2 years I haven't lost money; ok, I earned a little bit from my trading. But I can forget everything I did before. I thank you sooooooo much for helping me to have success in Forex trading.
I also bought 300 units silver at around 9.0000,-- , BUT the panic came :-) and I sold around 150 units.............. I know, that was not so good!
But I bought again at the Dips an have now again 490 units, and I don't give it back!!!!!!!!
My account is too small to trade full time now, but with your help I hope to become a full time trader as soon as possible, and I am very thankful for every help I get from your newsletter.
I wish you a nice weekend.
Greetings from ice cold Austria (30 cm snow today)!
Exxxxx
-----
Thanks for the kind emails. I'm glad you are taking the trades consistently. Even if you trade very small size at the beginning, (which is one of the great things about Oanda) the regimen of correct trading does great benefit for your future success. Even if the method you were trading was just break-even on results, accurate execution would provide you tremendous benefits to carry over to a time when you obtain a superior method. Execute, execute, execute is the same foundation of truth for trading that “location, location, location” is to real estate investing.
It is only difficult at the beginning. It definitely gets easier when you've done it every day for at least a year. Like most things of value, it needs to become a habit.
Joel Rensink
-----
Loss trades this week:
- gbp/usd: Long @ 1.4171, stopped at 1.3980 for 191 pip loss.
- gbp/jpy: Short @ 135.48, stopped at 138.52 for 304 pip loss.
- eur/usd: Long @ 1.3020, stop 1.2859. Trade in progress.
- usd/chf: Short @ 1.1713, stop 1.1928. Trade in progress.
- usd/jpy: Short @ 97.16, stop 98.57. Trade in progress.
Week's recap on Monday morning.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Thursday, March 19, 2009
Milestone Equity High- 500% Increase! -IFCN Wk 67 - Thu- Equity: $3,001.25
We had continued good success today with the dollar falling even more against every major currency and silver and gold.
Oil jumped past $51/barrel. The financial world is beginning to realize, as we have for many months-- that the greatest inflationary environment in human history is being unleashed.
Just wait until the hedge funds get some money passed back to them.
The dollar fell for a second straight session and the Eur/Usd easily cleared $1.3700 as traders finally see that massive purchases of U.S. Treasury debt can only do one thing – dilute the world's reserve currency to historic lows.
Recommendation:
Buy silver. The actual physical metal, and take personal possession. Now! (If you haven't read the post about $3.00 Silver Here Again.... click this link)
If you are not going to buy it now, when were you planning on doing it? When it is $30/oz. and you have even less capital available?
-----
FirstStrikePlus is performing very well this week. Despite the Gbp/Usd loss early in the week, at least 3 of the trades are making great strides, the long Eur/Usd, short Usd/Chf, and short Usd/Jpy.
The beauty of FSP is when you have a trend week you can profit on the extreme directional moves, but if you get stopped out of a position it is for a relatively small fixed amount. The exact definition of trend trading in a microcosm.
The week's remaining FirstStrikePlus trades:
Trading account equity: $1,945.25
Silver position equity: $1,056.00
(Current XAG price: $13.59 – 400 unit position average: $10.95)
TOTAL Equity: $3,001.25
So we've hit a new landmark high, exceeding $3,000.00 for the first time on a post. That is more than a 500% return in the last 67 weeks, or 389% annualized. So far the Challenge account is definitely exceeding my intended 50 – 75% returns by a large margin.
Maybe we are overperforming. Maybe we aren't. Extreme times can create extreme profits - if you actually take the trades.
The week isn't over yet, though. We could have some reaction after the sharp moves of the last few days.
If we have any OneNightStand trades for Friday, it will almost certainly be a long Eur/Usd or Gbp/Jpy. The other pairs are way out of range, and if they were elected would be low probability performers.
See you tomorrow!
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Oil jumped past $51/barrel. The financial world is beginning to realize, as we have for many months-- that the greatest inflationary environment in human history is being unleashed.
Just wait until the hedge funds get some money passed back to them.
The dollar fell for a second straight session and the Eur/Usd easily cleared $1.3700 as traders finally see that massive purchases of U.S. Treasury debt can only do one thing – dilute the world's reserve currency to historic lows.
Recommendation:
Buy silver. The actual physical metal, and take personal possession. Now! (If you haven't read the post about $3.00 Silver Here Again.... click this link)
If you are not going to buy it now, when were you planning on doing it? When it is $30/oz. and you have even less capital available?
-----
FirstStrikePlus is performing very well this week. Despite the Gbp/Usd loss early in the week, at least 3 of the trades are making great strides, the long Eur/Usd, short Usd/Chf, and short Usd/Jpy.
The beauty of FSP is when you have a trend week you can profit on the extreme directional moves, but if you get stopped out of a position it is for a relatively small fixed amount. The exact definition of trend trading in a microcosm.
The week's remaining FirstStrikePlus trades:
- eur/usd: Long @ 1.3020, stop 1.2859. Trade in progress.
- gbp/jpy: Short @ 135.48, stop 138.54. Trade in progress.
- usd/chf: Short @ 1.1713, stop 1.1928. Trade in progress.
- usd/jpy: Short @ 97.16, stop 98.57. Trade in progress.
Trading account equity: $1,945.25
Silver position equity: $1,056.00
(Current XAG price: $13.59 – 400 unit position average: $10.95)
TOTAL Equity: $3,001.25
So we've hit a new landmark high, exceeding $3,000.00 for the first time on a post. That is more than a 500% return in the last 67 weeks, or 389% annualized. So far the Challenge account is definitely exceeding my intended 50 – 75% returns by a large margin.
Maybe we are overperforming. Maybe we aren't. Extreme times can create extreme profits - if you actually take the trades.
The week isn't over yet, though. We could have some reaction after the sharp moves of the last few days.
If we have any OneNightStand trades for Friday, it will almost certainly be a long Eur/Usd or Gbp/Jpy. The other pairs are way out of range, and if they were elected would be low probability performers.
See you tomorrow!
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Up 13% in a Day! Thanks Ben! -IFCN WK 67 - Thu- Equity: $2,648.49
Wow!
Gold – sharply higher
Silver – sharply higher
Treasury bonds – sharply higher
Stocks – sharply higher
Currencies – sharply higher
See the important trend change on the daily Eur/Usd chart. Notice the parallel trendlines crossed.
Tuesday I mentioned that there was “Quite a showdown situation building.” and that “Maybe something spectacular will happen later in the week.” I'm glad it did.
Even I was surprised by the scope of the Fed's announcement. Not by the actions themselves, but by making it so completely clear that they will weaken the dollar by any means they have at their disposal and that no one is going to be able to keep up. That my good traders is a throw-down of a gauntlet .
In a move that some have referred to as greater in importance than the Plaza Accord (http://en.wikipedia.org/wiki/Plaza_Accord), the Fed told everyone in terms impossible to ignore..., they “guarantee” to the weaken the Dollar.
I'm just amazed at how many in the financial world haven't been listening to Bernanke and his constant prose (and actions) that he is going to keep things going if he has to drop money from helicopters. With the unlimited powers bestowed on him by whomever you can count on him pushing the big red cash button anytime he feels the vapors.
Interestingly, I had forgotten that an announcement was to be made Wednesday afternoon. (CST)
3 minutes before the announcement I calmly bought a particularly large add of Eur/Usd at 1.3109 with a 10 pip stop. (Golden Pip Method) God only knows what my fill would have been on the stop if it had been elected with an equally intense surprise move downward!
All of a sudden I saw the Euro streaking up the 1 minute chart like a emergency signal flare. I thought my data feed had misfired and was giving me faulty data. I checked the Usd/Chf and gold and silver and sure enough- something huge was underway.
I speed-dialed my trading accomplice in Regina, Sask. with, “What the hell just happened?” As I said it, I remembered that there was a 2 day Fed meeting this week and was confirmed when my buddy's news feed was spewing the details of the news release.
It was amazing to see again..., how powerful one's beliefs of what is really going on in the markets can make or break you. Having a plan of action based on reality, letting the markets own action dictate your positions is the only prudent one. It is much more effective than taking clues from the socialist-leaning homilies of the non-traders at CNN.
To complete the story of my Eur/Usd trade mentioned above, I exited 355 points higher an hour later. Not bad for a 10 pip risk. Needless to say, this was a particularly profitable day, only possible because market action tends to anticipate capital flow.
If a trader, because of some fundamental reason, steadfastly believed that the dollar is going to remain strong indefinitely and bet accordingly in the markets-- he could lose an unlimited amount of money if this peak in the dollar remains the high for the next few years. Having positions based on real, immediate capital flows enables you to be right or get right as quickly as the market moves.
FirstStrikePlus got us into the last 3 positions this week and overall the look very good. If the Euro and Swiss franc keep gaining on the dollar there could be much greater profits over the coming months.
Tuesday's action gave the Challenge account another bonus. Before the Fed announcement I had an XAG resting buy order for 100 units @ 12.00 which also got filled before the Fed announcement. So I have a total position size of 400 units of XAG with an average price of $10.95. With the snapback in XAG (silver) the addition has helped the XAG portion of the Challenge account.
The week's current FirstStrikePlus trades:
eur/usd: Long @ 1.3020, stop 1.2859. Trade in progress.
gbp/jpy: Short @ 135.48, stop 138.54. Trade in progress.
gbp/usd: Long @ 1.4171, stopped at 1.3980 for 191 pip loss.
usd/chf: Short @ 1.1713, stop 1.1928. Trade in progress.
usd/jpy: Short @ 97.16, stop 98.57. Trade in progress.
FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit)
Trading account equity: $1,892.49
Silver position equity: $756.00
(Current XAG price: $12.84 – 400 unit position average: $10.95)
TOTAL Equity: $2,648.49
It is good to see some decent trades in FirstStrikePlus again. It is one thing to expect moves, but another to actually take the trades.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Gold – sharply higher
Silver – sharply higher
Treasury bonds – sharply higher
Stocks – sharply higher
Currencies – sharply higher
See the important trend change on the daily Eur/Usd chart. Notice the parallel trendlines crossed.Tuesday I mentioned that there was “Quite a showdown situation building.” and that “Maybe something spectacular will happen later in the week.” I'm glad it did.
Even I was surprised by the scope of the Fed's announcement. Not by the actions themselves, but by making it so completely clear that they will weaken the dollar by any means they have at their disposal and that no one is going to be able to keep up. That my good traders is a throw-down of a gauntlet .
In a move that some have referred to as greater in importance than the Plaza Accord (http://en.wikipedia.org/wiki/Plaza_Accord), the Fed told everyone in terms impossible to ignore..., they “guarantee” to the weaken the Dollar.
I'm just amazed at how many in the financial world haven't been listening to Bernanke and his constant prose (and actions) that he is going to keep things going if he has to drop money from helicopters. With the unlimited powers bestowed on him by whomever you can count on him pushing the big red cash button anytime he feels the vapors.
Interestingly, I had forgotten that an announcement was to be made Wednesday afternoon. (CST)
3 minutes before the announcement I calmly bought a particularly large add of Eur/Usd at 1.3109 with a 10 pip stop. (Golden Pip Method) God only knows what my fill would have been on the stop if it had been elected with an equally intense surprise move downward!
All of a sudden I saw the Euro streaking up the 1 minute chart like a emergency signal flare. I thought my data feed had misfired and was giving me faulty data. I checked the Usd/Chf and gold and silver and sure enough- something huge was underway.
I speed-dialed my trading accomplice in Regina, Sask. with, “What the hell just happened?” As I said it, I remembered that there was a 2 day Fed meeting this week and was confirmed when my buddy's news feed was spewing the details of the news release.
It was amazing to see again..., how powerful one's beliefs of what is really going on in the markets can make or break you. Having a plan of action based on reality, letting the markets own action dictate your positions is the only prudent one. It is much more effective than taking clues from the socialist-leaning homilies of the non-traders at CNN.
To complete the story of my Eur/Usd trade mentioned above, I exited 355 points higher an hour later. Not bad for a 10 pip risk. Needless to say, this was a particularly profitable day, only possible because market action tends to anticipate capital flow.
If a trader, because of some fundamental reason, steadfastly believed that the dollar is going to remain strong indefinitely and bet accordingly in the markets-- he could lose an unlimited amount of money if this peak in the dollar remains the high for the next few years. Having positions based on real, immediate capital flows enables you to be right or get right as quickly as the market moves.
FirstStrikePlus got us into the last 3 positions this week and overall the look very good. If the Euro and Swiss franc keep gaining on the dollar there could be much greater profits over the coming months.
Tuesday's action gave the Challenge account another bonus. Before the Fed announcement I had an XAG resting buy order for 100 units @ 12.00 which also got filled before the Fed announcement. So I have a total position size of 400 units of XAG with an average price of $10.95. With the snapback in XAG (silver) the addition has helped the XAG portion of the Challenge account.
The week's current FirstStrikePlus trades:
eur/usd: Long @ 1.3020, stop 1.2859. Trade in progress.
gbp/jpy: Short @ 135.48, stop 138.54. Trade in progress.
gbp/usd: Long @ 1.4171, stopped at 1.3980 for 191 pip loss.
usd/chf: Short @ 1.1713, stop 1.1928. Trade in progress.
usd/jpy: Short @ 97.16, stop 98.57. Trade in progress.
FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit)
Trading account equity: $1,892.49
Silver position equity: $756.00
(Current XAG price: $12.84 – 400 unit position average: $10.95)
TOTAL Equity: $2,648.49
It is good to see some decent trades in FirstStrikePlus again. It is one thing to expect moves, but another to actually take the trades.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Tuesday, March 17, 2009
Let the Reader Use Discernment! -IFCN WK 67 - Tues- Equity: $2,338.19
There is a truth that gets repeated just often enough for you to remember hearing it before, but too quickly forgotten when the latest episode of your life slaps you into temporary submission..., that is- “those who refuse to remember the past are condemned to repeat it”.
It would be best if an understanding of history was regarded as a crucial talisman against catastrophe by those who affect the present and future lives of so many others around them. As we can observe in just the last year's financial exposés, few of the offenders ever considered what financial mayhems occurred before them, except perhaps as a guide to fleecing their prey more effectively before they got caught.
There are too many failed financial schemes in the past to recount, most of the best itemized and dramatized well in Extraordinary Popular Delusions and the Madness of Crowds. The famous tome is a wealth of history of popular follies by author Charles Mackay, first published in 1841. I recommend that any person wishing to profit from markets- especially in these unique times- immediately obtain the book and read it straightaway. A one-time reading of the Tulip Mania account - which occurred a mere 370 years ago - is worth the price of the book. You will refer to it many times over the years to reassure yourself that you aren't mad, the world likely is.
Something a few of us are doing more than we will readily admit to.
One of my favorite personages, Thomas Jefferson, drew from his lifelong study of history, theory and practice to become the main author of the Declaration of Independence, and become the desperately needed 3rd President of the United States. He was the original “reluctant hero”, who had no desire to govern men because of the lack of appreciation received when the governing is truly fair.
Finance is not a discovery of the last 20 years. Jefferson understood that countries like ours are created and maintained primarily for profit, not to make all personal ills right. When they stop being run for profit, the safety and security of the country declines. Eventually even a great country will be brought to ruin if the inmates (or those who should be) are allowed to make the rules and make YOU pay for their liberty at the expense of your own.
Jefferson's thoughts on banking apply only too well today, and our downfall is assured if his warning is disregarded:
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. “
I know that if he was aware of what was transpiring in our country today, he'd be spinning in his grave.
A final quote from our 3rd President:
...Governments are instituted among Men, deriving their just Powers from the Consent of the Governed, that whenever any Form of Government becomes destructive of these Ends, it is the Right of the People to alter or to abolish it, and to institute new Government...it is their Right, it is their Duty, to throw off such Government, and to provide new Guards for their future Security.
Thomas Jefferson – The Declaration of Independence
-----
I had one FirstStrikePlus trade get stopped out, the Gbp/Usd. Meanwhile, the Eur/Usd is still holding, the Usd/Chf is sagging and the Japanese Yen affected pairs are making narrow ranges.
Quite a showdown situation building.
The week's current FirstStrikePlus trades:
Trading account equity: $1,717.19
Silver position equity: $621.00
(Current XAG price: $12.67 – 300 unit position average: $10.60)
TOTAL Equity: $2,338.19
The recent abrupt silver swings toy with the total equity, but the likelihood of abrupt higher prices in the near future tempers too much concern.
It is interesting that the first 2 days of this week have been burned through and we only have had two entries. Maybe something spectacular will happen later in the week.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
It would be best if an understanding of history was regarded as a crucial talisman against catastrophe by those who affect the present and future lives of so many others around them. As we can observe in just the last year's financial exposés, few of the offenders ever considered what financial mayhems occurred before them, except perhaps as a guide to fleecing their prey more effectively before they got caught.
There are too many failed financial schemes in the past to recount, most of the best itemized and dramatized well in Extraordinary Popular Delusions and the Madness of Crowds. The famous tome is a wealth of history of popular follies by author Charles Mackay, first published in 1841. I recommend that any person wishing to profit from markets- especially in these unique times- immediately obtain the book and read it straightaway. A one-time reading of the Tulip Mania account - which occurred a mere 370 years ago - is worth the price of the book. You will refer to it many times over the years to reassure yourself that you aren't mad, the world likely is.
Something a few of us are doing more than we will readily admit to.
One of my favorite personages, Thomas Jefferson, drew from his lifelong study of history, theory and practice to become the main author of the Declaration of Independence, and become the desperately needed 3rd President of the United States. He was the original “reluctant hero”, who had no desire to govern men because of the lack of appreciation received when the governing is truly fair.
Finance is not a discovery of the last 20 years. Jefferson understood that countries like ours are created and maintained primarily for profit, not to make all personal ills right. When they stop being run for profit, the safety and security of the country declines. Eventually even a great country will be brought to ruin if the inmates (or those who should be) are allowed to make the rules and make YOU pay for their liberty at the expense of your own.
Jefferson's thoughts on banking apply only too well today, and our downfall is assured if his warning is disregarded:
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. “
I know that if he was aware of what was transpiring in our country today, he'd be spinning in his grave.
A final quote from our 3rd President:
...Governments are instituted among Men, deriving their just Powers from the Consent of the Governed, that whenever any Form of Government becomes destructive of these Ends, it is the Right of the People to alter or to abolish it, and to institute new Government...it is their Right, it is their Duty, to throw off such Government, and to provide new Guards for their future Security.
Thomas Jefferson – The Declaration of Independence
-----
I had one FirstStrikePlus trade get stopped out, the Gbp/Usd. Meanwhile, the Eur/Usd is still holding, the Usd/Chf is sagging and the Japanese Yen affected pairs are making narrow ranges.
Quite a showdown situation building.
The week's current FirstStrikePlus trades:
- eur/usd: Long @ 1.3020, stop 1.2859. Trade in progress.
- gbp/usd: Long @ 1.4171, stopped at 1.3980 for 191 pip loss.
Trading account equity: $1,717.19
Silver position equity: $621.00
(Current XAG price: $12.67 – 300 unit position average: $10.60)
TOTAL Equity: $2,338.19
The recent abrupt silver swings toy with the total equity, but the likelihood of abrupt higher prices in the near future tempers too much concern.
It is interesting that the first 2 days of this week have been burned through and we only have had two entries. Maybe something spectacular will happen later in the week.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Monday, March 16, 2009
The Dollar is Losing its Grip! -IFCN WK 67 – Monday- Equity: $2,413.69
This morning we got some early strength in the Pound and Euro triggering long FirstStrikePlus trades, carry-over strength in the Gbp/Jpy almost triggered a long position there also.
At today's open I exited my elective long eur/usd trade from last week for a 155 pip profit. There were no OneNightStand trades entered on Friday to be exited this morning.
In the last four trading sessions we have started to see some grudging strength develop, which is actually a better indication of a currency turn-around than a quick, sharp move. That kind of action would tend to indicate a simple reaction.
Nevertheless, the sterling and euro backed off considerably from their highs today. I would have preferred a bit more strength, but the market gives what it gives-- and we work with it.
We came into the week short the gbp/usd and gbp/jpy, but those trades didn't last very long. The trading community focused on comments from Bernanke and some believe that caused the foreign currencies to gain on the dollar. I simply believe that the dollar's strength is grossly overdone and is likely to wane from this area.
Week's beginning equity at Monday's open: $2,485.44 w/XAG =13.05
This morning's action:
*Long eur/usd @ 1.2744 exited this morning's open at 1.2899 for 155 pip profit.
*Short gbp/jpy @ 136.71, stopped at 139.09 for 238 pip loss.
*Short gbp/usd @ 1.3993, stopped at 1.4132. for 139 pip loss.
-----
The week's current FirstStrikePlus trades:
Trading account equity: $1,711.69
Silver position equity: $702.00
(Current XAG price: $12.94 – 300 unit position average: $10.60)
TOTAL Equity: $2,413.69
This should be an interesting week.
What markets actually do when there is new potential open to them is extremely revealing for the future.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
At today's open I exited my elective long eur/usd trade from last week for a 155 pip profit. There were no OneNightStand trades entered on Friday to be exited this morning.
In the last four trading sessions we have started to see some grudging strength develop, which is actually a better indication of a currency turn-around than a quick, sharp move. That kind of action would tend to indicate a simple reaction.
Nevertheless, the sterling and euro backed off considerably from their highs today. I would have preferred a bit more strength, but the market gives what it gives-- and we work with it.
We came into the week short the gbp/usd and gbp/jpy, but those trades didn't last very long. The trading community focused on comments from Bernanke and some believe that caused the foreign currencies to gain on the dollar. I simply believe that the dollar's strength is grossly overdone and is likely to wane from this area.
Week's beginning equity at Monday's open: $2,485.44 w/XAG =13.05
This morning's action:
*Long eur/usd @ 1.2744 exited this morning's open at 1.2899 for 155 pip profit.
*Short gbp/jpy @ 136.71, stopped at 139.09 for 238 pip loss.
*Short gbp/usd @ 1.3993, stopped at 1.4132. for 139 pip loss.
-----
The week's current FirstStrikePlus trades:
- eur/usd: Long @ 1.3020, stop 1.2859. Trade in progress.
- gbp/usd: Long @ 1.4171, stop 1.3980. Trade in progress.
Trading account equity: $1,711.69
Silver position equity: $702.00
(Current XAG price: $12.94 – 300 unit position average: $10.60)
TOTAL Equity: $2,413.69
This should be an interesting week.
What markets actually do when there is new potential open to them is extremely revealing for the future.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Sunday, March 15, 2009
Weekly Rollercoaster Profits! -IFCN WK 67 - Monday- Equity:$2,485.44
I have completed the recap of the past few weeks' action in the IFCN challenge account. It has seen dramatic swings, but then again-- we have seen dramatic swings in mood and markets in the past month.
When markets get tired of their borders they usually trend. I know that I'm not alone in welcoming some solid forex trends.
start $2,485.44 w/XAG =13.05
March 16, 2009 --00:00 CST
That brings us up to the current week, which will follow directly.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
When markets get tired of their borders they usually trend. I know that I'm not alone in welcoming some solid forex trends.
I've finally been able to arrange my schedule to make more frequent posting possible. Maybe the markets will favor us with some moves so as to make trading a little more endurable.
I don't actually mind losses that much -- having endured so many thousands of them over the years -- but I do get tired of choppy markets with seeming endless abortive moves.
Now that a number of major currency pairs have broached some important technical trendlines, at least some greater potential exists for our trading.
As you will notice on the following recap of the past few weeks, we had some unusual and oftentimes beneficial equity curve swings because of the combination of FSP trades and our XAG ballast position. We had losing trading weeks but the increase in the value of silver still raised the equity.
Another time the currencies had a great week and XAG had a poor week, offsetting the profits. I personally am ok with that kind of action and it shows that both the currencies AND XAG (silver) are alternately being considered a store of value.
That makes a short hop for the rest of the public becoming increasingly aware of alternative value options in metals.
Also, you may wish to take note that on March 4th I added another 100 units (oz) of XAG (silver). This now makes a total position of 300 units in XAG with an average price of $10.60. I will risk the current XAG position down to $8.40. Some may disagree with this posture, but that is their choice.
When silver exceeds $20 and then $30/ounce, it will be very rewarding to have this "excess" ballast position in the Challenge account. I will no doubt have added substantially more XAG by then.
-----
-IFCN WK 63
start $2,707.30 w/XAG =13.55
Feb 16, 2008---FirststrikePlus
- short eur/usd @ 1.2635, stopped at 1.2784 for 149 pip loss.
- long gbp/jpy@ 133.63, exited at 135.03 for 140 pip profit.
- long gbp/usd@ 1.4475, exited at 1.4516 for 41 pip profit.
- long usd/jpy@ 92.51, stopped at 91.58 for 93 pip loss.
- short usd/chf @ 1.1588, stopped at 1.1700 for 112 pip loss.
-----
OneNightStand trades for Friday, Feb. 20, 2008.
- long usd/chf @1.1828, stopped at 1.1728 for 100 pip loss.
-----
-IFCN WK 64
start $2,783.32 w/XAG =14.34
Feb. 23, 2008---FirststrikePlus
- short eur/usd @ 1.2785, exited at 1.2582 for 203 pip profit.
- long gbp/jpy@ 137.06, exited at 138.79 for 173 pip profit.
- long gbp/usd @ 1.4634, stopped at 1.4477 for 157 pip loss.
- long usd/chf @ 1.1654, exited at 1.1727 for 73 pip profit.
- short usd/jpy @ 93.90, exited at 97.50 for 360 pip profit.
-----
OneNightStand trades for Friday, Feb. 27, 2009. -NONE
-----
-IFCN WK 65
start $2,697.28 w/XAG =13.30
Mar. 2, 2008---FirststrikePlus
- short eur/usd @ 1.2465, stopped at 1.2621 for 156 pip loss.
- short gbp/jpy@ 136.73, stopped at 139.48 for 275 pip loss.
- short gbp/usd@ 1.4077, stopped at 1.4285 for 208 pip loss.
- long usd/chf @ 1.1817, stopped at 1.1697 for 120 pip loss.
- long usd/jpy @ 99.24, stopped at 96.92 for 232 pip loss.
----
OneNightStand trades for Friday, Mar. 6, 2009. -NONE
Important NOTE: On March 4, I bought 100 units of XAG @ 13.00
Total XAG Position= 300 units @ 10.60 average.
-----
-IFCN WK 66
start $2,568.84 w/XAG =13.21
Mar. 9, 2009---FirststrikePlus
- long eur/usd @ 1.2744, stopped at 1.2621 for 119 pip loss.
- short gbp/jpy @ 136.71, stopped out 3/16/09 at 139.09 for 238 pip loss.
- short gbp/usd @ 1.3993, stopped out 3/16/09 at 1.4132 for 139 pip loss.
- short usd/chf @ 1.1483, stopped out at 1.4132 for 146 pip loss.
- long usd/jpy @ 99.14, stopped at 97.89 for 125 pip loss.
- long eur/usd @ 1.2744, exited at 1.2899 for 155 profit.
-----
OneNightStand trades for Friday, Mar. 13, 2009. -None
-----
start $2,485.44 w/XAG =13.05
March 16, 2009 --00:00 CST
That brings us up to the current week, which will follow directly.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
Thursday, March 12, 2009
Can the Forex Markets Get Worse?
Probably, but not likely.
An interesting report came out from the Blackstone Group. (http://www.blackstone.com)
Stephen Schwarzman, Blackstone's CEO, said on Tuesday that, “Between 40 and 45 percent of the world's wealth has been destroyed in little less than a year and a half. This is absolutely unprecedented in our lifetime.”
After laying much of the blame for today's financial crises at the foot of credit rating agencies, he said that some of the best opportunities available for investors wishing to recoup their fortunes lie in well-chosen bond issues. I'm sure he is right, but most of those who are stung from recent losses are like the cat who just got burned on the stove – not willing to ever get back on the stove again no matter how cool it is now.
I personally don't believe those numbers. I think actual losses are a bit less, maybe 30 - 35%. Maybe 40 - 45% if everyone in a loss position tried to get out at the same time.
The worst is likely over.
That still doesn't make the people who were in ponzi schemes and experienced total loss feel very good. Actually, no one is doing very well except for mortgage investigators and those who are doing bank workouts.
Most have heard the term "smart money". It usually refers to the ephemeral group of insiders or money movers who have the best information and opportunities for profit due to the lack of understanding of the masses.
In the recent crises, there were many who didn't like the way financial markets were acting and either got out or hedged themselves in the same markets. Many oil companies hedged themselves by selling $120+ crude oil for the next few years of production, thereby insulating themselves from the current doldrums that besiege the majority of financial mavens who only seek mediocrity and a great sales pitch.
Anybody who was buying and selling of real estate in the last 3 years saw the severe drop in quality of market participants, causing the most seasoned to exit properties a year or more before values imploded.
To turn the corner in our economy now, the "smart money" has to start picking up on the opportunities available and the rest of the world has to realize it when they do it.
It obviously will take time. Fortunately, there will be movement of capital and substantial currency flows that will precede any sizeable recovery. That should result in profit potential for currency traders like ourselves.
Those of you who have continued entering ONS and FirstStrike Plus trades over the last few weeks are to be commended.
It is frustrating to deal with choppy, indecisive markets-- and especially the lackluster returns from trading them.
I too have been entering the trades, along with hundreds of others that I place in accord with my futures trading. The last 3 months have been some of the more challenging times I've experienced in my whole trading career, so don't feel alone if you are market-weary.
I just sent out the emails for OneNightStand orders for Friday. It is possible that we may get a trade or two. The action that we saw today on Usd/Chf was astounding.. I wouldn't be surprised if Thursday's action (Swiss National Bank bought euros and dollars/sold francs in an intervention move) is a blow-off move. Anyone who was previously short is likely out or turned long Usd/Chf.
The idea behind the SNB's actions was ostensibly to help the economy, which includes an interest rate cut and scheduled bond purchases. We'll all be watching to see how well their poorly timed interventions work out.
-----
FirstStrike Plus trades executed this week:
As you can see, I re-entered the eur/usd the original buy point and stoploss. I know that I am taking greater risk by doing this, but the market structure has been encouraging.
There will be a more comprehensive update of the Challenge account's trades for the last few weeks this weekend. Amazing how time flies when you are busy.
Thanks for your attention and kind words.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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!
An interesting report came out from the Blackstone Group. (http://www.blackstone.com)
Stephen Schwarzman, Blackstone's CEO, said on Tuesday that, “Between 40 and 45 percent of the world's wealth has been destroyed in little less than a year and a half. This is absolutely unprecedented in our lifetime.”
After laying much of the blame for today's financial crises at the foot of credit rating agencies, he said that some of the best opportunities available for investors wishing to recoup their fortunes lie in well-chosen bond issues. I'm sure he is right, but most of those who are stung from recent losses are like the cat who just got burned on the stove – not willing to ever get back on the stove again no matter how cool it is now.
I personally don't believe those numbers. I think actual losses are a bit less, maybe 30 - 35%. Maybe 40 - 45% if everyone in a loss position tried to get out at the same time.
The worst is likely over.
That still doesn't make the people who were in ponzi schemes and experienced total loss feel very good. Actually, no one is doing very well except for mortgage investigators and those who are doing bank workouts.
Most have heard the term "smart money". It usually refers to the ephemeral group of insiders or money movers who have the best information and opportunities for profit due to the lack of understanding of the masses.
In the recent crises, there were many who didn't like the way financial markets were acting and either got out or hedged themselves in the same markets. Many oil companies hedged themselves by selling $120+ crude oil for the next few years of production, thereby insulating themselves from the current doldrums that besiege the majority of financial mavens who only seek mediocrity and a great sales pitch.
Anybody who was buying and selling of real estate in the last 3 years saw the severe drop in quality of market participants, causing the most seasoned to exit properties a year or more before values imploded.
To turn the corner in our economy now, the "smart money" has to start picking up on the opportunities available and the rest of the world has to realize it when they do it.
It obviously will take time. Fortunately, there will be movement of capital and substantial currency flows that will precede any sizeable recovery. That should result in profit potential for currency traders like ourselves.
Those of you who have continued entering ONS and FirstStrike Plus trades over the last few weeks are to be commended.
It is frustrating to deal with choppy, indecisive markets-- and especially the lackluster returns from trading them.
I too have been entering the trades, along with hundreds of others that I place in accord with my futures trading. The last 3 months have been some of the more challenging times I've experienced in my whole trading career, so don't feel alone if you are market-weary.
I just sent out the emails for OneNightStand orders for Friday. It is possible that we may get a trade or two. The action that we saw today on Usd/Chf was astounding.. I wouldn't be surprised if Thursday's action (Swiss National Bank bought euros and dollars/sold francs in an intervention move) is a blow-off move. Anyone who was previously short is likely out or turned long Usd/Chf.
The idea behind the SNB's actions was ostensibly to help the economy, which includes an interest rate cut and scheduled bond purchases. We'll all be watching to see how well their poorly timed interventions work out.
-----
FirstStrike Plus trades executed this week:
- eur/usd: Long @ 1.2744, stopped at 1.2625 for a 119 pip loss.
- gbp/jpy: Short @ 136.71, stop 139.09. Trade in progress.
- gbp/usd: Short @ 1.3993, stop 1.4132. Trade in progress.
- usd/chf: Short @ 1.1483, stopped at 1.1628 for 146 pip loss.
- usd/jpy: Long @ 99.14, stopped at 97.89 for a 125 pip loss.
- eur/usd: Long @ 1.2744, stop 1.2625. Trade in progress.
As you can see, I re-entered the eur/usd the original buy point and stoploss. I know that I am taking greater risk by doing this, but the market structure has been encouraging.
There will be a more comprehensive update of the Challenge account's trades for the last few weeks this weekend. Amazing how time flies when you are busy.
Thanks for your attention and kind words.
Joel Rensink
www.infiniteyield.com
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: newsletter@infiniteyield.com 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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