Monday, January 28, 2008

Forex Challenge: Wk 8 -Mon- Equity: $519.75

Hi fellow traders:

I had a great weekend, the weather was nice and I got the rare chance to walk around a nearby lake. Just about any place in Minneapolis ("The City of Lakes") has a nearby lake, which helps one's mood in the spring, summer and fall.

Winter is just cold.

Except in the Forex markets.

FirstStrike entered short the GBP/JPY pair soon after midnight CST. And got stopped out shortly thereafter.

Then I got long the EUD/USD, GBP/USD, USD/JPY, and short the USD/CHF.

I'm still in those trades, fairly profitable on the EUD/USD and GBP/USD and am watching how the dollar is weakening vs. the European currencies yet still holding its own, perhaps temporarily vs. the Japanese yen.

eud/usd: Long @ 1.4727, stop 1.4667.
gbp/jpy: Short@ 209.53, stopped out @ 210.13.
gbp/usd: Long @ 1.9816, stop 1.9756.
usd/chf: Short@ 1.0886, stop 1.0946.
usd/jpy: Long @ 106.75, stop 106.15.

It is still a long time till Friday.

We'll check in tomorrow.

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.

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