Sunday, September 28, 2008

Fear Profits! IFCN Wk 42 – Fri- Equity: $1468.07

We had a pretty good week with all of the news and fear setting hold of the forex markets. We are definitely not done with volatility. I've been very impressed with how well the Challenge account has been doing despite the whipsaws we're seeing every day.

Silver has held in there like a champ. We gained some more on our little 100 oz. XAG trade. I wouldn't be surprised if we had a small drop into next week. We've had a strong push up, it would be reasonable for the market to see how strong metal holders really are. Of course that could cause a serious drop in equity, but that is the nature of higher leveraged positions. Under the right circumstances I could see adding a little more to the existing silver position.

Here's the week's recap:

The data below is as of Friday's close, Sept. 26, 2008:

Start of week equity: $ 1341.49

OneNightStand Exit(s) on 09/22/08 :
Total Profit: $ 0.00.

Completed FirstStrike trades this week:
Eur/Usd: Long @ 1.4542, exited at 1.4700 for 158 pip profit.
Gbp/Jpy: Long @ 195.75, stopped out at 194.85 for a 90 pip loss.
Gbp/Usd: Long @ 1.8348, exited at 1.8495 for 147 pip profit.
Usd/Chf: Short @ 1.0959, exited at 1.0824.for 135 pip profit.
Usd/Jpy: Short @ 106.08, stopped out at 106.68 for a 60 pip loss.
Total losses: 150 pips
Total profits: 440 pips
Net profit: 290 pips ($48.58+)

OneNightStand 09/26/08 entry(s):

Systems' End of week equity: $1,211.07 (includes unrealized P&L)

Special Silver long position: 100 oz. @ 10.75 on 9/17/08. Stoploss @ 10.25.
Position equity: $257.00 ( 9/26/08 close @13.32.)
Silver Equity weekly gain: $78.00.

Total Gain for Week: $126.58 (9.4% weekly increase)

It was another good week for the IFCN Challenge account. There is still a lot of paranoia in the financial system. Expect to see a lot of swinging moves for a few weeks until Europe figures out where it stands in the financial crises going on.

See you Monday.

Joel Rensink

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