Sunday, January 13, 2008

Week 5 - Fri- Current Equity: $522.80

Hi everyone:

This seemed like a very long week for some reason.

There was certainly volatility in the markets. Much more of it in the non-forex markets, but it had its choppy moves too.  Obviously.

I keep hearing from fund traders about the stock market (and the stock futures arm, the indexes) and how violent it has been to the downside. And those of us in the commodity sectors have been guardedly enjoying some upmoves in corn and wheat and beans. And gold and silver. Nothing lasts forever, and that definitely goes double for grain moves. And the metals.

The one thing for sure about market moves, is they always go just a bit farther than you would ever expect.

I'm looking for some great moves in forex pretty soon now.

This last week in the Forex Challenge was virtually the same result as the previous week, just with bigger positional losses, due to placing of  larger size after the holiday weeks. I had 5 FirstStrike losses and and the two sells on ONS on Friday were on the same pairs as the previous week with the same results- two stopped out trades on the day of entry. So no ONS exits on Monday morning.

A note about ONS (OneNightStand). We have had two losses on the very same pairs-- two weeks in a row. This can begin to give you a little insight on what is going on in these markets internally. Especially when you know the normal win rate of the system. Maybe the momentum of these pairs to the downside is beginning to subside. Just something to think about.

On to what happened officially this week-

Alpha account trading recap:
Start of week equity: $ 563.75

Completed FirstStrike trades:

EUR/USD: SELL 1.4681, stop 1.4741. -stopped out 60 pips loss
GBP/USD: SELL 1.9657, stop 1.9717. -stopped out 60 pips loss
USD/JPY: BUY 109.49, stop 108.89. -stopped out 60 pips loss
USD/CHF: BUY 1.1147, stop 1.1087. -stopped out 60 pips loss
GBP/JPY: BUY 215.29, stop 214.69. -stopped out 60 pips loss
Total of 300 pips in losses
Total of 0 pips in profits
OneNightStand Exit(s) on 01/07/08 :
OneNightStand 01/11/08 entries:
Short GBP/JPY @ 213.06, stop 213.61. -stopped out for 55 pip loss
Short GBP/USD @ 1.9540, stop 1.9595. -stopped out for 55 pip loss
Total losses: 110 pips
End of week equity: $ 522.80 (includes unrealized P&L)
Total Gain on Week: $ (40.95)(7.5% decrease)
Unrealized P&L: $ 00.00

See you Monday!
Best wishes on your new year!

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 to which address you would like it sent.

No comments: