Sunday, January 27, 2008

Forex Challenge: Wk 7 -Fri- Equity: $514.88

It was a another week of drawdowns after a nice, but brief runup in equity.

These are typical actions of a market that is making up its mind to start trending. That is why you have to be vigilant to put in your orders and not miss the trades that pull you out of the drawdown.

There were no OneNightStand trades executed this week, as was expected. The trading pairs we are following made some key turns look like they may be getting ready for some different directions in the near term.

I've been taking the trades. I'm ready for great things. Any time now would be just fine! :)

One thing you learn quickly in trading is that the only thing you have control over is where you enter and when you exit. Simple, but not easy.

This week's Alpha account trading recap:
Start of week equity: $533.55

Completed FirstStrike trades:

EUR/USD: SELL 1.4487, stop 1.4547. -stopped out 60 pips loss
GBP/JPY: SELL 207.87, stop 208.47. -stopped out @ breakeven
GBP/USD: SELL 1.9472, stop 1.9532. -stopped out 60 pips loss
USD/CHF: BUY 1.1087, stop 1.1027. -stopped out 60 pips loss
USD/JPY: SELL 106.24, stop 106.84. -stopped out 60 pips loss

Total of 240 pips in losses
Total of 0 pips in profits
OneNightStand Exit(s) on 01/21/07 :
OneNightStand 01/25/08 entries:
Total losses: 0 pips
End of week equity: $ 514.88 (includes unrealized P&L)
Total Gain on Week: $ (18.67)(3.5% decrease)
Unrealized P&L: $ 00.00

I will see you Monday!

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 which address you would like it sent.

No comments: