Profits rolling in!

Three OneNightStand trades triggered on Friday morning.


Short 471 EUR/USD at 1.3911 with stoploss at 1.4011
Short 471 AUD/USD at 0.8885 with stoploss at 0.8985
Long 471 USD/CHF at 1.0557 with stoploss at 1.0457

Notice that every trade which has survived is long the US Dollar!  The EUR/CAD short survives, but isn't doing too well. This means that the Dollar is performing slightly better against the EUR than against the Loonie.

I'm up a very nice 9% for the week so far, even with 3 losses. All profitable trades will be closed out at 1am EST on Monday... lets hope they continue to go in the right direction during the Sunday afternoon Asian chop-and-slop session!

Current account equity: $218.10

All trades triggered!

Thanks to the evil Fed's many machinations, we've had some action in the currencies since the last update.

I've been stopped out of the USD/JPY short, and the GBP/USD long is looking pretty shaky, although it is still hanging on somehow.

The other recently triggered trades are profitable so far:

Long 933 USD/CHF at 1.0473 with stoploss at 1.0366
Short 649 EUR/USD at 1.4047 with stoploss at 1.4201
Short 784 EUR/CAD at 1.4850 with stoploss at 1.4978

Current account equity: $200.04 (nice after 2 losses, eh?)

Trades are happening...

I've been stopped out already on the GBP/JPY long, and the GBP/USD long is not looking great either!

Two new trades have been triggered:

Short 421 AUD/USD at 0.8971 with stoploss at 0.9090
Short 598 USD/JPY at 89.46 with stoploss at 90.30

Current account equity: $189.78

Let the pain begin!

We've started out with two trades being triggered so far.

Long 326 GBP/USD at 1.6227 with stoploss at 1.6074
Long 256 GBP/JPY at 146.60 with stoploss at 144.65

Neither trade has wandered more than 20 pips or so away from its breakout point... so far. None of the other trades look close to getting triggered. This is typical behavior of this strategy, especially in light of last week's wide ranges. There is some potentially market-moving news due out tomorrow... including the possible re-hire of that vicious bearded charlatan Ben Bernanke as head of the fetid Federal Reserve.

Current account equity: $200.68

And thus, the Word was made cash!

Welcome! This blog will track my trading results using the two trading systems I learned from the great Joel Rensink of the InfiniteYield Forex Challenge. In his Challenge account, he trades 5 forex pairs on two trading systems, and he holds a core position in Silver. I will be trading the same two systems, and the same five pairs, EUR/USD, GBP/USD, USD/CHF, USD/JPY, and GBP/JPY. I will also be adding AUD/USD and EUR/CAD, therefore my results will differ from Joel's. I am not sure yet whether I will be adding any Silver. I would like to if we get some lower prices, especially if we can get back into single digits. That, however, may be wishful thinking considering the current monetary environment.
 I have started an account at my broker OANDA for this trading campaign, into which I have deposited the princely sum of $200.00. I will begin trading on Moday morning 1/25/2010 at 1am Eastern, using the First Strike Plus volatility breakout strategy, risking 5% of available equity per trade. I'll also be using the OneNightStand breakout strategy over the weekends risking 2.5% of available equity per trade. Rulesets for both strategies are available at InfiniteYield Forex Challenge.
 Publishing results may become challenging, but I will figure it out as we go. Psychologically dealing with the equity swings will be a far greater challenge, but I am up for it!

Current account equity: $200.01