Historic Week! IFCN Wk 44 – Fri-

Due to extraordinary time demands caused by trading volatility this last week, I did not complete the week's recap and detail intended information about optional volatility modifications to apply to FirstStrike and ONS.

Both should be completed Monday, October 13.

I'm glad to help others to potentially reap the opportunities presented by the current market action, but I'm also critically aware of my responsibility of taking care of my own profits and trading. Thanks for your understanding.

Joel Rensink

A Double Edged Sword! IFCN Wk 41 – Mon- Equity: $1,150.40

We got filled on all five of the week's FirstStrike trades and all of them were stopped out except the Gbp/Jpy-- so far. The same volatility that paid us the last couple of weeks is the same that stopped us out this week shortly after entering. I'm glad we're out.

That isn't really all that surprising, considering the news that came out over the weekend, about the additional brokerages being bought out due to possible insolvency issues. Knee-jerk reactions after that kind of news is to be expected, and I'm actually surprised that I still have one winner.

Normally no one would think Merrill Lynch would have to sell out. Expect more 2 sided action before the large traders figure out which direction is the safest for the near term.

I think FirstStrike's being out of most of the currencies may not be a bad thing this week. Let some of the fear die down.

__________________

The following FirstStrike trades were entered this morning:

• Eur/Usd: Long @ 1.4439, stopped out at 1.4379 for a 60 pip loss.
• Gbp/Jpy: Short @ 190.21, stop 191.11. Trade in progress.
• Gbp/Usd: Long @ 1.8086, stopped out at 1.8026 for a 60 pip loss.
• Usd/Chf: Short @ 1.1090, stopped out at 1.1150 for a 60 pip loss.
• Usd/Jpy: Short @ 105.38, stopped out at 105.98 for a 60 pip loss.

Any FirstStrike trade not stopped out before Friday-- exits on Friday just before 15:00 CST.

Have a good evening.

Current equity is $1,150.40

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!

Forex shake and bake!

Hi everyone:

This week has been very tumultuous. The Fed has made adjustments twice and people are trading their own beliefs and very few have been outright winners.

The Alpha account has been body-slammed more times this week than a typical bout of Jesse Ventura's (another native Minnesotan).

After having a number of significant stopouts, an equity low of $477.55 and an equity high of around $518 after the report today, the account has a current equity of $505.63 at 2:13 PM CST.

• The short USD/CHF at 1.1148, got stopped out at 1.1205 for 57 pips.
  
• The short USD/JPY at 111.26, got stopped out at 111.81 for 55 pips.
  
• The long GBP/JPY at 227.71, got stopped out at 227.12 for 59 pips.
  

 

We are still long the EUR/USD @ 1.4695 and the GBP/USD @ 2.0379, with the market just quivering in a flag.   

It will be interesting to see how the week turns out!

Have a great day.

Joel Rensink
www.infiniteyield.com

PS: To receive the FREE! trading rules for this challenge ($499 value) and the semi-monthly newsletter about this challenge, send an email to: newsletter@infiniteyield.com and tell me the address you would like it sent to. Best wishes. ---I'll never send you any spam!