Monday, December 8, 2008

Transition Week Returns Profits! -- IFCN Wk 53 –Mon- Equity: $1,623.81.

After the “terrible” employment news on Friday, currencies started gaining on the dollar, along with XAG and XAU (silver and gold). That helped out the Challenge account this morning with the XAG giving us additional profits, almost creating a wash after all the action we experienced last week.

When the dollar starts weakening, we could easily start making large gains from FirstStrike AND the XAG position. Time will tell.

Here's last week's recap-- as of the open of Monday, Dec. 8, 2008: (00:00 CST)

Equity from last Monday's open: $1,631.75.

OneNightStand Exit(s) on 12/8/08 :
Total ONS Profits: $ -0-

Monday's FSP exits on 12/8/08:
-None- (the official system had exits, but I exited my last three positions on Friday- see below)

FSP closed trades week of 12/1/08 through 12/8/08
*eur/usd: Long @ 1.2742, stopped at 1.2585 for 157 pip loss.
*eur/usd: Long @ 1.2848, stopped at 1.2644 for 204 pip loss.
*usd/chf: Short @ 1.2062, stopped at 1.2225. for 163 pip loss.
*gbp/jpy: Short @144.02, exited at 135.75 for 827 pip profit. (pre-emptive exit)
*gbp/usd: Short @ 1.5149, exited at 1.4640 for 509 pip profit. (pre-emptive exit)
*usd/jpy: Short @ 94.38, exited at 92.39 for 199 pip profit. (pre-emptive exit)

Current FSP trades:
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.

OneNightStand 12/5/08 entry(s):
Short Usd/Jpy @ 92.06, stopped at 93.06 for 100 pip loss.
Short Gpy/Jpy @ 134.10, stopped at 135.10 for 100 pip loss.

Week's total FSP/ONS profits: $ 106.06
Current FSP/ONS trade equity is: $1,573.81

Special Silver long position:
Silver position equity: $50.00
(Current XAG price: $9.65 – 200 unit position average: $9.40)
Weekly total XAG position equity loss: $114.00

Total Loss for Week: $7.94
(0.5 % weekly decrease)

Our profits with FirstStrikePlus were significant this week, offsetting the losses in our silver position. When the XAG starts a solid rally the account could explode in value.

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!

No comments: