Tuesday, April 7, 2009

Mar. 30 – Apr. 6 Update - IFCN WK 70 - Mon- Equity: $ 2,683.12

Quite a challenging week!

A number of readers contacted me to tell me about your great performance last week because you took the long Gbp/Jpy and Usd/Jpy trades. I'm sure you did very well. The Gbp/Jpy especially. Too bad the Challenge account didn't get them too.

Still, the currency trades we did have were quite successful.

On Monday April 6, 2009 at 00:00 AM CST we exited our long Eur/Usd and Gbp/Usd and short Usd/Chf from the previous week FirstStrikePlus trades. Also, we exited our two remaining OneNightStand trades, the long Gbp/Usd and Usd/Jpy. The trade prices are shown below.

Week of March 30, 2009---FirststrikePlus trade executions:
  • eur/usd: Long @ 1.3375, exited at 1.3562 for 187 pips profit
  • gbp/jpy: Short @ 136.47, stopped 138.90 for 242 pip loss.
  • gbp/usd: Long @ 1.4385, exited at 1.4935 for 550 pips profit
  • usd/chf: Short @ 1.1372, exited at 1.1263 for 109 pips profit
  • usd/jpy: Short @ 96.21, stopped at 97.50 for 129 pip loss.
-----
OneNightStand trades executed Friday, April 3, 2009 – exited Monday morning
*Long gbp/jpy @ 147.88, stopped at 146.88 for 100 pip loss.
*Long gbp/usd@ 1.4783. Exited at 1.4935 for 152 pips profit
*Long usd/jpy@ 100.19. Exited at 100.84 for 65 pips profit

Trading account equity: $ 2,043.12
Gain from previous week: $ 154.18

Silver position equity: $ 640.00
(Current XAG price: $12.55 – 400 unit position average: $10.95)
TOTAL Equity: $ 2,683.12

This week turned out better than I thought it would considering the serious drop in XAG (silver) prices. It no doubt will recover on its own timetable. In the meantime, it sure dragged down the total equity.

When silver eventually rallies back up, the additional profits FSP and ONS have been adding to the account will be pretty obvious.

Right now though, it seems like we are robbing Peter to pay Paul.

Joel Rensink
www.infiniteyield.com

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