Thursday, March 20, 2008

Forex Challenge: New Equity Highs Again- Up 12% for the Week!!! -Week's Recap -- IFCN Wk 15 -Thu- Equity: $661.17

A pretty decent trading week. Despite high volatility and getting stopped out of most of our trades, it turned out to be a good week.

This is the way good trading really works. Taking money from Peter to pay Paul most weeks. Then you have a great week when you take money from everyone else.

I would be thrilled with a week like this every week.

Silver and gold dropped again. Silver has dropped more than $4.50/ounce in the last 4 days. The metals are definitely experiencing a correction, but it is best to wait until the volatility gets a bit less before you buy into them.

You have a long weekend to get some rest and perhaps ponder what is “really” going on in the financial world and how you will take advantage of it. I know I'll be doing it.

On to a recap of our trading week--

The data below is as of Thursday's close, March 20, 2008:

This week's Alpha account trading recap:
Start of week equity: $ 587.34

Completed FirstStrike trades:
  • Eur/Usd: Sold @ 1.5792, exited @ 1.5416 for a 376 pip profit
  • Gbp/Jpy: Sold @ 194.95, stopped out @ 195.55 for a 60 pip loss
  • Gbp/Usd: Bought @ 2.0198, stopped out @ 2.0138 for a 60 pip loss
  • Gbp/Usd: Sold @ 2.0098, stopped out @ 2.0097 for a 1 pip profit (error trade)
  • Usd/Chf: Bought @ .9811, exited @ 1.0116 for a 305 pip profit
  • Usd/Jpy: Bought @ 97.58, stopped out @ 96.98 for a 60 pip loss
Total of 180 pips in losses.
Total of 683 pips in profits.
Net gain: 503 pips in profits.
OneNightStand Exit(s) on 03/17/08:
Exited short Usd/Chf -Sold @1.0045, exit .9741 for total of 304 pip profit

OneNightStand 03/21/08 entries:
None- Markets closed for Easter Holiday observance.
Unrealized P&L: $ 0.00
End of week equity: $ 661.17 (includes unrealized P&L)
Total Gain on Week: $ 73.83 (12.5% weekly increase)

See you Monday, if not before!

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. ---Please do not use AOL or Yahoo addresses--- Nothing personal, but they've been known to filter out more good mail than actual spam, and they're very random about it. Try a Gmail address. It's free, simple and perfect for traders!

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