Weak Dollar Fears Panic Friday's Trading!-- IFCN Wk 26 -Fri- Equity: $709.31

This was quite an interesting week, especially after seeing the fireworks on Friday after the US non-farm employment report. It definitely looked like we were going to get stopped out on all of our trades a number of times. After the market settled down near the close, we attained a measure of profit in the Gpy/Jpy, which was far off the maximum profits it held at one point in the week, and maintained a small loss in the Gbp/Usd.  Things could have been worse.

This is the kind of week where people start thinking, "There has to be some form of trailing stop that I could use to advantage." 

Perhaps you can divine one for your own use. Until some startling new evidence pops up, the concept of trading for a possible big trend week is still one of the best ways to trade the opening range breakout phenomena exploited by FirstStrike.

There is always next week to look forward to. Now that we are seeing some power in these markets, perhaps there will be more moves to exploit.

No OneNightStand trades were executed on Friday.

Here's this week's recap:

The following potential Sure-Breakout trades in Eur/Usd were sent out Wednesday evening to current IFCN subscribers.

• BUY 1.5484, stop 1.5441. Profit Target= 1.5549
  
• SELL 1.5419, stop 1.5462. Profit Target= 1.5354
  

Total theoretical profit= 22 pips.
The trades were not taken in the Challenge account. Many subscribers reportedly took the trades and were much more successful than myself. I made 24 pips total profit. A number contacting me reportedly made between 15 and 100 pips. The breakouts proved quite robust.

The data below is as of Friday's close, June 6, 2008:

Start of week equity: $730.23

OneNightStand Exit(s) on 06/02/08:
None

Completed FirstStrike trades this week:

• Eur/Usd: short @ 1.5488, stopped out at 1.5548 for a 60 pip loss.
  
• Gbp/Jpy: short @ 207.36, exited Friday @ 206.81 for 55 pips profit.
  
• Gbp/Usd: short @ 1.9692, exited Friday @ 1.9706 for 14 pips loss.
  
• Usd/Chf: short @ 1.0381, stopped out at 1.0441 for a 60 pip loss.
  
• Usd/Jpy: short @ 104.91, stopped out at 105.51 for a 60 pip loss.
  

Total losses: 194 pips
Total profits: 55 pips
Net losses:   139 pips

OneNightStand 06/06/08 entry(s):
-None-

Unrealized Losses: -0-
End of week equity: $709.31 (includes unrealized P&L)
Total Loss for Week: $ 20.92 (2.8% weekly decrease)

Actually this wasn't too bad of a week considering what tremendous market activity we had contrary to our original positions.

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, 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!