Up 25% This Week! Forex Challenge Account is UP again! -- IFCN Wk 16 -Fri- Equity: $827.35

We are sitting on large gains due to huge moves this week in the Eur/Usd and Gbp/Usd. It helped that the winning position sizes were larger than normal. Even if they weren't, we would've had a larger percent gain than last week and still have equity in the $750 – 760 range.

Then we would only be up 50% for the Forex Challenge account instead of the current 65%.

Imagine what the results could have been if the other 3 pairs which got stopped instead moved like the Pound and Euro!  It happens!  Every once in a while a convergence takes place and unbelieveable profits get booked.

The next few weeks should be interesting!  More volatility ahead!

Stay posted for a small article on drawdowns and how they can ensure your success..., or failure.

JR
------

There were no OneNightStand trades elected today. I did get a number of good emails about ONS and the official 10 day breakout rule.

Here is one:

Hi Joel,

Do you count Sundays when counting back 10 day highs for the ONS
entries? Thanks for your time!

C----

-Answer-

Great question, C----

No I don't.

But it wouldn't matter much if you did. ONS works quite well with using any figure of breakout from 3 day through 15 day breakouts. Varies the number of trades and profitability a little, but not enough to worry about.

Have a good night.
-----

Thanks again C----.

This may explain why, for some of you, an issued buy or sell breakout on ONS might be significantly higher or lower than the results your charts might indicate. It isn't a real profitability issue though. The ONS breakouts work over very broad range.

On to a recap of our trading week--

The data below is as of Friday's close, March 28, 2008:

This week's Alpha account trading recap:
Start of week equity: $ 661.17

Completed FirstStrike trades:
(Note: profit trades exited independently on Wednesday, reason: time conflicts)

Eur/Usd: BUY 1.5410, stop 1.5350. Exited @ 1.5844 for 434 pip profit
Gbp/Jpy: BUY 198.05, stopped out @ 197.45 for 60 pip loss
Gbp/Usd: BUY 1.9819, stop 1.9759. Exited @ 2.0079 for 260 pip profit
Usd/Chf: SOLD 1.0131, stopped out @ 1.0190 for 59 pip loss
Usd/Jpy: BUY 100.42, stopped out @ 99.82 for 60 pip loss

Total of 179 pips in losses.
Total of 694 pips in profits.
Net gain: 515 pips in profits.

OneNightStand Exit(s) on 03/24/08:
-None-
OneNightStand 03/28/08 entries:
None- No trades entered

Unrealized P&L: $ 0.00
End of week equity: $ 827.35 (includes unrealized P&L)
Total Gain on Week: $ 166.18 (25.1% weekly increase)

Pretty good week.

Have a great weekend!

Joel Rensink
www.infiniteyield.com

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: newsletter@infiniteyield.com 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. Try a Gmail address. It's free, simple and perfect for traders!