Trading Blog | David Fugate

by plutado | Published January 12, 2009, 1:50pm

Monday, January 12, 2009 - 1:48pm

I ended trade 007 early via a trailing stop, perhaps because I was feeling the pressure to get out of negative pipage after 6 trades. However, my trading strategy calls for staying in the trade until stochatics are overbought. That being the case, I entered into a new position buying the EURUSD. I intend to ride this up to the top of the stochatics. In the other direction, my stop is 30 pips.

Monday, January 12, 2009 - 2:10pm

I got a bad dip. Stopped out at 30 pips.

That leaves me pipage @ -31 pip after 7 trades.

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by plutado | Published January 12, 2009, 12:27pm

Monday, January 12, 2009 - 12:28pm

I entered a trade @ 1.33491 going long on the EURUSD. I'll hold onto this until the stochastics are overbought according to the five minute chart.

Monday, January 12, 2009 - 1:41pm

After gaining 40+ pips, I adjusted my trade to a trailing stop - which ended up closing my trade 38 positive.

That leaves me pipage @ -1 pip after 7 trades.

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by plutado | Published January 9, 2009, 10:38am

Friday, January 9, 2009 - 10:37am

I've entered a new position - going long EURUSD. In last last few minutes, the pair has moved 30 pips against my position, but no worries. I'm feeling pretty confident in the move.

Stop loss at 60 pips. Limit order at 60 pips.

Friday, January 9, 2009 - 12:40pm

Not quite going my way this morning and afternoon...I'm out for the day. My stop loss was hit at 60 pips.

Total pipage after 6 trades is -39 pips.

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by plutado | Published January 9, 2009, 9:29am

Friday, January 9, 2009 - 9:28am

Fundamentals are running the price action this morning. The EURUSD broke through the round number resistance point of 1.365, so I figured "Lights Out" and entered a trailing stop to follow it down. This trade a nothing more than a coin flip.

My plan to "wait it out" for stochastics to swing the other direction lasted all of three minutes, essentially going against my idea.

Friday, January 9, 2009 - 9:35am

The trailing stop order was buggy. This tends to happen with the trading platform I'm using (which I don't recommend). I was exited out of the position 3 pips in the black - for no reason at all.

As you can see in the second graph, the candlestick continued to the downside after I was stopped out of the trade. That would have represented 10+ pips.

However, I only picked up 3 pips on this trade.

Total pipage now stands @ +21 pips.

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by plutado | Published January 9, 2009, 9:09am

Friday, January 9, 2009 - 9:10am

I woke up late this morning to discover that I had been stopped out.

Action was pretty heavy, so I entered into a new position immediately. Shorting the EURUSD.

Within a few minutes, I picked up 33 pips.

Looking at the stachastics, this pair is now completely oversold. I'll wait it out until momentum is going back in the other direction before establishing a new position.

Total pipage after four trades is now +18 pips.

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by plutado | Published January 9, 2009, 2:35am

Friday, January 9, 2009 - 2:36am

I saw the move [false breakout] - and the stochastics show the pair as overbought with a hint of momentum to the downside, so I shorted the EURUSD.

I'm going to hold off on doing a trailing stop for this one. My stop loss is set to 15 pips - narrower than usual, but I'm going to sleep now, and may as well only risk the gains I've had over the last two trades, and nothing more. Fingers crossed that the pair move in my direction over the next five hours.

Friday, January 9, 2009 - 2:44am

Having second thoughts. I adjusted my stop to something less narrow. Stop loss is now a wider 50 pips. You got to be in it to win it.

Ill advisedly, I'll let this run while I sleep.

I got stopped out overnight. Loss of 25 pips. I will not open a position again without a trailing stop.

That brings my total pipage to -15 pips.

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by plutado | Published January 9, 2009, 12:27am

Friday, January 9, 2009 - 12:28am

I'm shorting the EUR/USD - as according to the stochastics, the pair is overbought. In my last trade, completed just moments ago, I captured 25 pips. I'm now going the other way, hoping to follow the EURUSD down.

I'm hesistant about entering this trade in general, as the stochastics line is not yet showing downward momentum , which is generally one of my qualifications for entering a position on the logic that a pair is overbought. Nevertheless, I'm in. I've placed a stop loss at 25 pips, thus surrending any gains from my previous trade, should I get stopped out.

Friday, January 9, 2009 - 2:21am

A few minutes after I activated my trailing stop (and before I completed my trade update), my position was stopped out @ a 10 pip lost.

I did have the opportunity to exit the trade at one point for a profit - but doing so would have been against my initial trading plan.

Trade 002 ended with a 10 loss.

My current total is: +15 pips after 2 trades.

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by plutado | Published January 8, 2009, 11:26pm

Thursday, January 8, 2009 - 11:44pm

I've been trading the 5 minute chart for EUR/USD with considerable success to the tune of grapping 300+ pips over two days. I'm entering this trade along the lines a continuing of this strategy. Having said that, I'll be the first to admit that trade off of stochastics on a 5 minute chart alone is not a wise trading strategy, as it's just too simplistic to work. Nevertheless.

It is my intention to log 100 trades using this strategy - however asinine the strategy actually is - and then I'll calculate winning win vs losses thereafter. This is trade 001.

My entry point is: 1.36428.

After moving 10 pips in my favor, I adjusted my trade to a trailing stop of 10 pips. This put my stop at breakeven.

My trade was stopped out from a trailing stop at 1.36678.

This means trade 001 captured a positive 25 pips.

My current total is: +25 pips.

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by plutado | Published November 1, 2008, 2:56pm

Friday, October 31, 2008 - 4:00pm

Convinced that the strength of the USD relative to the EUR will continue to exert itself, I shorted the EUR, entering into a position of 20,000 around the 1.2700 mark, placing my stop at 300 pips (a wide stop in the case that I'm intially wrong, and the EUR gets stronger before getting weaker).

I don't have enough experience to know how the weekend gap will likely affect my position, so I have a little hesitancy carrying this trade into the coming week. Nonetheless, the day ended positive 18 pips, and I'll keep a close watch when the market gets moving again on Sunday afternoon.

Sunday, November 2, 2008 - 8:15pm

The weekend gap did in fact move against my position. In the future I'll have to be a bit more careful carrying trades that I'm not committed to holding long term. On this trade, the EUR/USD opened 26 pips against my position, essentially wiping out any gains I would have had if I had closed the trade at the end of the day on Friday.

On the other hand, there has been a lot of talk in the worldwide financial markets that the upcoming US presidential elections could have a sizable impact on the USD, with the consensus being that an Obama election would strengthen the USD, as it would signal an end to the fiscal policies of the last eight years. Some analysts have said that the EUR/USD could see lower than 1.2000. From where the market is at this minute, that's nearly 800 pips. Hoping that's the case, I plan to hold into my position until after the election is over.

The EUR has shown alot of strength against the USD in the last couple of hours. Being that I believe the US elections will strengthen the dollar, I have increased my position from last friday, Oct 31. I'm now shorting the EUR/USD with 70,000, with the opportunity to be in the black at 1.2780. I am now leveraged out quite a bit for one trade - which is something I've been joking about in person, but probably not a wise move in practice.

Monday, November 3, 2008 - 12:15am

The EUR/USD has been up for essentially the entire session in the Asia market, and so far has blown through the top of several resistance levels. It looks like there was not enough willpower on the part the buyers to push the EUR/USD beyond 1.2860, so the the EUR/USD is now currently dropping to test resistance levels previously gained earlier in the session. If the EUR/USD does test above 1.2860 - and then subsequently pushes beyond 1.2900, it'll likely continue to push upward to 1.3000 before reversing.

It's my hope that resistance persists and the buyers are weak, and that the USD can show it's strength in the upcoming session in London. I'd really rather the EUR/USD not break through the resistance levels currently being tested. The higher the EUR/USD climbs in today's and tomorrow's session, the more my position will be out of the black once the US election day is in full swing. Being that I plan short the EUR/USD through the election and shortly thereafter, I may end up purchasing more lots to cost-average out my position. Which is basically an amateur move.

Sunday, November 9, 2008 - 9:05pm

While my initial prediction was correct about going long on USD through the US election, the effects lasted for only 90 minutes or so.