Sunday, March 15, 2009

Weekly Rollercoaster Profits! -IFCN WK 67 - Monday- Equity:$2,485.44

I have completed the recap of the past few weeks' action in the IFCN challenge account. It has seen dramatic swings, but then again-- we have seen dramatic swings in mood and markets in the past month.

When markets get tired of their borders they usually trend. I know that I'm not alone in welcoming some solid forex trends.

I've finally been able to arrange my schedule to make more frequent posting possible. Maybe the markets will favor us with some moves so as to make trading a little more endurable.

I don't actually mind losses that much -- having endured so many thousands of them over the years -- but I do get tired of choppy markets with seeming endless abortive moves.

Now that a number of major currency pairs have broached some important technical trendlines, at least some greater potential exists for our trading.

As you will notice on the following recap of the past few weeks, we had some unusual and oftentimes beneficial equity curve swings because of the combination of FSP trades and our XAG ballast position. We had losing trading weeks but the increase in the value of silver still raised the equity.

Another time the currencies had a great week and XAG had a poor week, offsetting the profits. I personally am ok with that kind of action and it shows that both the currencies AND XAG (silver) are alternately being considered a store of value.

That makes a short hop for the rest of the public becoming increasingly aware of alternative value options in metals.

Also, you may wish to take note that on March 4th I added another 100 units (oz) of XAG (silver). This now makes a total position of 300 units in XAG with an average price of $10.60. I will risk the current XAG position down to $8.40. Some may disagree with this posture, but that is their choice.

When silver exceeds $20 and then $30/ounce, it will be very rewarding to have this "excess" ballast position in the Challenge account. I will no doubt have added substantially more XAG by then.
start $2,707.30 w/XAG =13.55
Feb 16, 2008---FirststrikePlus

  • short eur/usd @ 1.2635, stopped at 1.2784 for 149 pip loss.
  • long gbp/jpy@ 133.63, exited at 135.03 for 140 pip profit.
  • long gbp/usd@ 1.4475, exited at 1.4516 for 41 pip profit.
  • long usd/jpy@ 92.51, stopped at 91.58 for 93 pip loss.
  • short usd/chf @ 1.1588, stopped at 1.1700 for 112 pip loss.

OneNightStand trades for Friday, Feb. 20, 2008.

  • long usd/chf @1.1828, stopped at 1.1728 for 100 pip loss.

start $2,783.32 w/XAG =14.34
Feb. 23, 2008---FirststrikePlus

  • short eur/usd @ 1.2785, exited at 1.2582 for 203 pip profit.
  • long gbp/jpy@ 137.06, exited at 138.79 for 173 pip profit.
  • long gbp/usd @ 1.4634, stopped at 1.4477 for 157 pip loss.
  • long usd/chf @ 1.1654, exited at 1.1727 for 73 pip profit.
  • short usd/jpy @ 93.90, exited at 97.50 for 360 pip profit.

OneNightStand trades for Friday, Feb. 27, 2009. -NONE

start $2,697.28 w/XAG =13.30
Mar. 2, 2008---FirststrikePlus

  • short eur/usd @ 1.2465, stopped at 1.2621 for 156 pip loss.
  • short gbp/jpy@ 136.73, stopped at 139.48 for 275 pip loss.
  • short gbp/usd@ 1.4077, stopped at 1.4285 for 208 pip loss.
  • long usd/chf @ 1.1817, stopped at 1.1697 for 120 pip loss.
  • long usd/jpy @ 99.24, stopped at 96.92 for 232 pip loss.

OneNightStand trades for Friday, Mar. 6, 2009. -NONE

Important NOTE: On March 4, I bought 100 units of XAG @ 13.00
Total XAG Position= 300 units @ 10.60 average.

start $2,568.84 w/XAG =13.21
Mar. 9, 2009---FirststrikePlus

  • long eur/usd @ 1.2744, stopped at 1.2621 for 119 pip loss.
  • short gbp/jpy @ 136.71, stopped out 3/16/09 at 139.09 for 238 pip loss.
  • short gbp/usd @ 1.3993, stopped out 3/16/09 at 1.4132 for 139 pip loss.
  • short usd/chf @ 1.1483, stopped out at 1.4132 for 146 pip loss.
  • long usd/jpy @ 99.14, stopped at 97.89 for 125 pip loss.
  • long eur/usd @ 1.2744, exited at 1.2899 for 155 profit.

OneNightStand trades for Friday, Mar. 13, 2009. -None

start $2,485.44 w/XAG =
March 16, 2009 --00:00 CST

That brings us up to the current week, which will follow directly.

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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