Alan"s Money Blog

Jun 4, 2007

Infinity Shares - NFP Loss, -1.43%

Infinity Shares came back with a -1.43% loss, on NFP trading yesterday.

Good day,

As some members might already know, IS has started trading again this week with our new broker. We did a few profitable tech trades at the start of the week with partial lots, but nothing spectacular. We did, however, decided to end the week with a trade that was 90% sure in our books (as I explained to a member earlier about reports coinciding with technical indicators) After the strong non-farms and ISM reports, plus the overwhelming technical indicators directing a bearish trend for both GBP/USD and EUR/USD pairs, we decided to enter a short position on the EUR/USD pair after both reports and after the euro broke the 1.3400 support. The pair did go down as predicted, but due to a number of events like short-covering the euro ahead of the weekend, plus renewing of EUR/JPY positions led to the pair not only recovering what it had gained from the strong US-biased reports, but even showed the EUR/USD to be testing resistances on the 60/63 level.

To make a long story short, not only did we lose our short-term gains for the week, but ended the week with a little loss. Not to worry tho, we are confident that next week would be another story and we should be back to our normal rythm of trading again.

Results for this week -1.43%
(Share price adjusted from 3.48 to 3.43)"

No comments: