Saturday, May 3, 2008

Dollar Rampages Euro, Swiss and Yen on Derby week!-- IFCN Wk 21 -Fri- Equity: $711.60

Big Brown wins the Kentucky Derby!

In racing, like trading, I keep looking out for that new Secretariat.

Today's was a great race with a dominant horse, but it was too bad that Eight Belles, the filly who came in second had to be destroyed minutes after the finish because it came up ruined.

I don't think Big Brown is a Secretariat, but at least he beat everyone today out of a huge field with fast horses!

On to our week.

After a choppy beginning he dollar gained on the Euro, the Swiss and the Yen quite handsomely!

The rest of the trading world is recognizing what some of us who can add 2 + 2 have been able to surmise weeks ago. If you have incredible bad news released daily about a currency and it doesn't fall any more, maybe its overdone...?

Just a personal comment, European news agencies!

Here is the recap of our trading week--

The data below is as of Friday's close, May 2, 2008:

We had three OneNightStand trades executed on Friday.  Details follow below.

Start of week equity: $ 743.53.

OneNightStand Exit(s) on 04/28/08:
Usd/Jpy: long @ 104.66 exited Monday morning @ 104.52 for a 14 pip loss

Completed FirstStrike trades this week:
  • Eur/Usd:   long @ 1.5693, stopped out @ 1.5633 for a 60 pip loss.
  • Gbp/Jpy:   long @ 208.08, stopped out @ 207.18 for a 90 pip loss.
  • Gbp/Usd: short @ 1.9787, stopped out @ 1.9847 for a 60 pip loss.
  • Usd/Chf:    long@ 1.0388, stopped out @  1.0328 for a 60 pip loss.
  • Usd/Jpy:   short@ 104.02, stopped out @ 104.62 for a 60 pip loss.
Total losses: 330 pips
Total profits: 0 pips
Net loss: 330 pips.

OneNightStand 05/02/08 entries:
  • Gbp/Jpy: long @ 209.02, stopped out @208.02 for 100 pip loss.
  • Usd/Chf: long @ 1.0510, open profits 62 pips
  • Usd/Jpy: long @ 104.91, open profits 48 pips
The stoploss orders for Usd/Chf and Usd/Jpy did not get hit, so we will exit both trades on Monday morning @ 00:01 CST.
Current Profts of remaining trades @ Friday close: 110 pips.  

Unrealized Profits: $ 7.88
End of week equity: $711.60 (includes unrealized P&L)
Total Loss for Week: $ 31.93 (4.3% weekly decrease)

It was too bad we got stopped out of the long Usd/Chf. That was the only trade I thought actually had a chance to make something this week. Alas, it got stopped out too early!

Joel Rensink

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