Monday, December 15, 2008

Dollar Weakness Forces Higher Profits! - IFCN Wk 54 –Mon- Equity: $1,928.48

The dollar is beginning to lose the steam of “fear” buying. Last week's FirstStrikePlus and OneNightStand trades were profitable because outside interests can finally see that buying dollars as a temporary stopgap doesn't solve the problem of how to monetize value from current market imbalances.

When you are trading brutally robust methods and the rest of the world is unsure of what positions to place, “they” react poorly (and usually late) when capital shifts take place, and tend to make us profitable. That was the case this week.

Here's last week's recap-- as of the open of Monday, Dec. 15, 2008: (00:00 CST)

Total Equity from last Monday's open: $1,623.81 (including XAG value)

OneNightStand Exit(s) on 12/15/08 :
Long Eur/Usd @ 1.3408 Friday exited at 1.3484 for 76 pips profit.
Total ONS Profits: $ 23.05

Monday's FSP exits on 12/15/08:
eur/usd: Long @ 1.2859, exited at 1.3408 for 549 pip profit.
gbp/usd: Long @ 1.5007, exited at 1.5038 for 31 pip profit.
usd/chf: Short @ 1.2090, exited at 1.1715 for 375 pip profit.
usd/jpy: Short @ 91.77, exited at 90.95 for 82 pip profit.

FSP closed trades week of 12/8/08 through 12/15/08

Current FSP trades:
*gbp/jpy: Short @133.04, stop 138.23. Trade in progress.
Current FirstStrikePlus trades will be exited on Mondays at 00:00 CST if profitable. (First-Profitable-Open Exit) If not exited will be held until profitable on a subsequent Monday's open, stopped out or reversed by next week's positions.

Week's total FSP/ONS profits: $ 146.67
Current FSP/ONS trade equity is: $1,720.48

Special Silver long position:
Silver position equity: $208.00
(Current XAG price: $10.44 – 200 unit position average: $9.40)
Weekly total XAG position equity gain: $158.00

Total Gain for Week: $304.67
(18.7 % weekly increase)

Our profits with FirstStrikePlus were significant again this week, as was our increase in value in the XAG (silver) position.

We are again at new equity highs. We have increased the IFCN Challenge account more than 285% in the last 54 weeks. Who would have guessed? :-)

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. 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!

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