Thursday, May 29, 2008

Up! Forex Challenge Account is UP 7.5% This Week on Strong Dollar! -- IFCN Wk 25 -Thu- Equity: $750.12

Nine weeks ago we were hitting new equity highs for the IFC account. It looked for a while like the upside move of the Eur/Usd would never end. But of course, we knew it would have to. And we profited until it quit.

That was then – this is now! After a couple of months of chop and drawdowns, we are beginning to see some life in the account again.

We are sitting on larger gains due to huge moves this week in the Usd/Chf, Usd/Jpy and Gbp/Jpy all trades with a positive carry. The next few weeks should be interesting for dollar carry trades!

The Gbp/Usd has been sideways this week and it is appropriate that it got stopped out. It is a shame the FirstStrike long Eur/Usd order got triggered first and we didn't get short for the big move down. Some of you have reported that you took the short anyway, and I'm glad you did. In my other accounts I got short Euros early Tuesday, so I am not unhappy with the week's performance.

Everything is a trade-off in trading.

It would have been a much bigger week in the IFC account if the position sizes were as aggressive as a normal week. My money management does not allow the same size positions when the potential time in the trade is less than average. Holiday weeks get less money. So we are making less money, but with substantially less risk also. That is the trade off.

No problem. If these markets keep moving, it will be hard for us to not profit proportionately.

We are still long 3 FirstStrike trades from Tuesday-
  • Gbp/Jpy: long @ 205.53, stop 204.63. Trade still in progress.
  • Usd/Chf: long @ 1.0311, stop 1.0251. Trade still in progress.
  • Usd/Jpy: long @ 103.82, stop 103.22. Trade still in progress.
Current equity is $750.12.

The market may set back some. And possibly we may get some ONS trades for Friday. My only concern about the ONS trades that might get elected is that most of the move for the week may be already expended.

ONS requires continued momentum for its trades to work well. Tomorrow will be another opportunity to see how the systems fare.

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, Hotmail 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!


Job said...

I am loving this learning process, looking forward to trading the ONS and the FS systems. You are an awesome trader and tutor, I think your name on Forexfactory says it all, you are TheReathing


Anonymous said...

If you don't mind, can you explain this one night stand strategy once again. I already read the rules, but may be you can elaborate further so that it is easier to understand the entry/exit rule. Thanks.

Joel said...

Have a friend read the instructions and have him tell you what he thinks the rules mean. Perhaps the different perspective will help understand the simplicity involved.

aka: TRT (FF forum)