ForexMasterMaker Managed Account
Weekly Report for 11.10.07
Below is the weekly report for the Managed Account. You will see the profitable hedge trades that were closed on the USD/CAD which gave us a little breathing room for the current open positions. We are still holding the positions and we are pleased to see a large retracement to end the week (that was long overdue). We are still keeping targets in sight that we are gaining strength as the market continues to move in our favor. I have received some questions about the current broker situation and the “Busted trades” situation from last week. I do not have all of the answers yet, but here is what I do know.
- We are currently working with IBFX to finalize some negotiations on the Busted Trades. We have been put onto a newer feed at IBFX that has some more liquidity available and seeming smaller spreads. We did get entered on the CAD Trade Balance with a decent spread, but our management software locked in profit faster than we could turn it off so it gave us the 2 pip gain.
- We will continue to work with IBFX until our floating positions are closed at which time we will look at moving brokers. We do have some in mind, but until we make our final decisions we will not disclose which brokers we are reviewing.
- We are continuing to hold our current positions as they are moving in our favor now. We have entered some smaller positions on the USD/CHF and all reports are now showing that the larger move is happening and we are with the move.
11/05/07– UK Industrial Production – Requote
11/07/07– BFTrade – Hedge – USD/CAD Sell: 0.9153; Close: 0.9060 =93 pips
11/07/07– BFTrade – Hedge – USD/CAD Sell: 0.9155; Close: 0.9060 =95 pips
11/09/07–UK Trade Balance – No Trade
11/09/07– CAD Trade Balance – EUR/CAD Buy: 1.3814; Close: 1.3816 = 2 pips
