Fibonacci and Inflation! -Thursday, April 30, 2009

I was sent a very interesting link from a trader buddy who agrees with my long-time-held assessment that super inflation is on its way, whether anyone wants to believe it or not.This is the beginning of the FIBONACCI SEQUENCE: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, ... I'm sure most of you who have heard of Fibonacci's sequence probably think it's main application is in price

April 13 - 20 recap

Last week's recap--

Letters from Readers! - IFCN WK 71 -Thu - Equity: $2,635.76

We've had a lot of swinging in the markets, mostly negative to my equity since posting earlier today.XAG took it on the chin again. The Gbp/Usd dropped as did the Eur/Usd. In general, the market is listless. I'm glad the weekend is coming.I got a few emails recently from readers who've had some success following this site. I'm reprinting them below:Subject: Re: Happy IFC followerHi Joel-I had

Taxing? - IFCN WK 71 -Thu - Equity: $2,870.23

Yesterday was "Tax Day" for the USA. It was the last day to file our taxes for 2008. And for those who have to pay, the deadline for paying.

Not my favorite day, as I always end up paying in since I'm self-employed. Fortunately, there are a few benefits from being a trader in the USA, tax-wise. Thanks to Ronald Reagan, our taxes are a bit lower when obtaining profits from trading forex and

Apr. 6 – Apr. 13 Update - IFCN WK 71 - Mon- $2,762.05

There were no OneNightStand trades on Friday, Apr. 10. Friday was a holiday in the USA and some places in Europe. The forex markets were open, but with slightly higher bid/ask spreads than usual. Still, there were no trades executed, of which I was glad. Funny things (usually not good) can happen on quasi-holiday trading.On Monday April 13, 2009 at 00:00 AM CST I exited my short Eur/Usd and

Corrective Week! Thu - Apr. 9, 2009 - Equity $2,733.35

It is a short week due to the Easter/Passover religious holidays. Nevertheless, the FSP trades triggered definitely.

Despite the likelihood of this week's trades being corrective in nature, they've been profitable as a group.

This week's FirstStrikePlus trades:
eur/usd: Short @ 1.3441, stop 1.3602.gbp/jpy: Short @146.66, stop 151.92.gbp/usd: Short @1.4712, stop 1.5007.usd/chf: Long @1.1339,

First One Way, Then the Other! - IFCN WK 70 - Tue- Equity: $ 2,673.65

The First-Profitable-Open exit sure worked great this week.

We had quite strong moves last week, many of which we were able to take advantage of.

Fortunately, the profits were taken at the open of the Monday, with little follow-through. After exiting, the markets all reversed course like they hit an anvil.

Everywhere you turn

Mar. 30 – Apr. 6 Update - IFCN WK 70 - Mon- Equity: $ 2,683.12

Quite a challenging week!A number of readers contacted me to tell me about your great performance last week because you took the long Gbp/Jpy and Usd/Jpy trades. I'm sure you did very well. The Gbp/Jpy especially. Too bad the Challenge account didn't get them too.Still, the currency trades we did have were quite successful.On Monday April 6, 2009 at 00:00 AM CST we exited our long Eur/Usd and

Drawdown Deepens! -IFCN WK 69- Fri- Equity: $2,670.62

After Friday's close, I realized that I held an additional trade that I shouldn't have. My FSP trade of short usd/chf from 1.1372 with a stop at 1.1497-- should have been stopped out when the price rallied up to 1.1506 on Wednesday April 1st. It turns out that I read my stop order wrong and placed it 20 pips higher than I should have. Of course, this mistake resulted in a missed loss, and

March 23 - 30 update -IFCN WK 69 - Mon- Equity: $2,836.94

On Monday March 30, 2009 at 00:00 AM CST we exited FSP trades from the previous week's entries: short the Eur/Usd and long the Usd/Chf. The total equity below is from 00:00 AM- Monday morning.Shortly after the open the Usd/Jpy long trade got stopped out at 96.21, the short entry price for the new week's FSP trade.Week of March 23, 2009---FirststrikePlus trade executions:gbp/jpy: Long @ 140.94,