September came to an end and with it the worst month for our forex portfolio as it was the first month we failed to breach the 1,000 pips mark. The previous week marked our first weekly loss and we were not able to make up for this week and we came in shy of our monthly target. Even with our miss we still averaged roughly 200 pips per week in profits.
We are comfortable with our current positions in our portfolio and expect the Australian Dollar to outperform its peers in the fourth-quarter of 2013 and are overweight as we currently have eleven different positions open in five different currency pairs related to the Australian Dollar.
Our second biggest holding with eight positions across four different currency pairs is the British Pound. We expect the combination of the Australian Dollar and British Pound to help us increase our record profits for 2013. Despite our sub-1,000 pips performance in September we still average above 1,200 per month in profits. There is one more trading day left in September and our floating trading profits should we realize them would get us across the 1,000 pips mark, but we do not chase a certain amount of pips and will continue to manage our portfolio in a highly professional manner.
Overview of profits for the week which ended September 27th
- EURAUD: 125 pips
- AUDCHF: 125 pips
Total: 250 pips
Total Profits for September: 890 pips
Monday, September 23rd
NZDUSD Short Recommendation
We recommended a short position at 0.8400 with a take profit target of 0.8275 (NZDUSD Second Put). This order has not been triggered and remains open, but would have been an add-on trade to our previous short position which we took on September 12th at 0.8150. This currency pair carries a floating trading loss of 134 pips. This represents a decrease of 86 pips compared to last week. We will maintain our take profit target of 0.8100.
Tuesday, September 24th
EURCHF Long Recommendation
We recommended a long position at 1.2250 with a take profit target of 1.2400 (EURCHF at Support). This currency pair carries a floating trading loss of 2 pips. We will maintain our take profit target of 1.2400.
Wednesday, September 25th
USDCHF Long Recommendation
We recommended a long position at 0.9125 with a take profit target of 0.9325 (USDCHF Falling Wedge). We entered this trade at 0.9100 and this currency pair carries a floating trading loss of 45 pips. We will maintain our take profit target of 0.9325.
Thursday, September 26th
CHFJPY Short Recommendation
We recommended a short position at 109.00 with a take profit target of 107.00 (CHFJPY Final Pull). This was an add-on to our previous two short positions which we took on August 15th and September 11th at 105.25 and 107.50 respectively. Our latest addition on its own carries a floating trading profit of 45 pips, and as a group this currency pair carries a floating trading loss of 390 pips. This represents a decrease of 175 pips compared to last week. We will adjust our stop loss for all short positions to 107.00.
Exit of trades from previous weeks
EURAUD Long Positions
We closed both our EURAUD long positions for a profit of 125 pips on September 26th and September 27th.
AUDCHF Hedge
We closed our AUDCHF hedge for a profit of 125 pips on September 27th.
We had a total of four trading recommendations this week. Two were new trades and two were add-on trades to previous positions of which one remains unfilled and open for next week. We closed three positions from previous weeks for a total weekly profit of 250 pips.
We finished September with 890 pips in profits which marked the first month in our history that we have earned less than 1,000 pips per month. Despite our first monthly miss which comes on the back of our first weekly loss during the previous week we have eclipsed the 12,000 pips profit mark so far in 2013 and have earned total profits of 12,159 pips or an average monthly result of 1,351 pips which is 151 pips or 12.58% per month above our forecast.
In addition to our three executed trades and one pending order from this week we also carry nine positions from previous weeks. We have one USDCAD long position which carries a floating trading loss of 47 pips. This represents a decrease of 1 pip compared to last week. We will maintain our take profit target of 1.0375.
We have two GBPUSD short positions which carry a floating trading loss of 607 pips. This represents an increase of 266 pips compared to last week. We have adjusted our take profit target to 1.5800.
We have two GBPCHF short positions which carry a floating trading loss of 577 pips. This represents an increase of 98 pips compared to last week. We have adjusted our take profit target to 1.4300.
We have four EURGBP positions, two short positions and two long positions, which carry a floating trading loss of 344 pips. This represents a decrease of 142 pips.We have adjusted our take profit target for our two short positions to 0.8330 and to 0.8500 for our two long positions.
We have one EURAUD short position which carries a floating trading loss of 1,435 pips. This represents an increase of 219 pips compared to last week. We have adjusted our stop loss target to 1.4085.
We have one AUDUSD short position which carries a floating trading loss of 190 pips. This represents a decrease of 77 pips compared to last week. We will maintain our take profit target of 0.9130.
We have four AUDNZD positions, three long positions and one short hedge, which carry a floating trading loss of 1,050 pips. This represents a decrease of 142 pips compared to last week. We have adjusted our take profit target for our three long positions to 1.1600 and maintain our take profit target of 1.1225 for our short hedge.
We have two AUDJPY positions, one long position and one short hedge, which carry a floating trading loss of 664 pips. This represents an increase of 2 pips compared to last week. We will maintain our profit target of 97.30 for our long position and 90.75 for our short hedge.
We have three AUDCHF long positions which carry a floating trading loss of 2,281 pips. This represents an increase of 353 pips compared to last week. We will maintain our take profit target of 0.9265.
Our floating trading loss for Tier I A stood at 1,802 pips. This represents an increase of 998 pips or 124.13% compared to last week. Our current positions of Tier I A will become part of Tier II A as the third-quarter come to an end and the fourth-quarter starts. Our floating trading loss for Tier I B stood at 1,050 pips. This represents a decrease of 142 pips or 11.91% compared to last week. Our current positions of Tier I B will become part of Tier II B as the third-quarter come to an end and the fourth-quarter starts. Our floating trading loss for Tier II A stood at 344 pips. This represents a decrease of 142 pips or 29.22% compared to last week. Our floating trading loss for Tier II B stood at 4,570 pips. This represents an increase of 497 pips or 12.20% compared to last week.
We hope you enjoy your weekend and that we will see you back on Monday.