EURUSD Day Trading Strategies Week in Review (Jan 11 to 15)

Monday are Friday were okay for me, Tuesday, Wednesday, and Thursday were grinds with not much movement during the 2-hour window trade (8:30 to 10:30 am EST). This is my break down from the trading week of Jan. 11 to 15 2021

Totals for this week:

+7.29R (+12.86R from last week)
- “R” is a standardized risk amount. It could be 1% of the account, 0.5% of the account, or any amount you choose based on your position sizing method.
9 wins /24 trades = 37.5% win rate (47% last week)
Potential 17.25R. In other words, my mistakes cost me about 10R this week alone.
42% efficiency (7.29 / 17.25) Shows that the lower profit this week, and my low win rate was due to mistakes on my part, and not market conditions. 58% efficiency last week.
Reward to Risk: 2.289 / 0.8 = 2.86 This definitely saved my ass this week with the low win rate (2.77:1 last week)
- 2.4 + 2.5 + 1.3 + 2.15 + 2.21 + 2.52 + 2.49 + 2.5 + 2.52 = 20.59 /9 = 2.289
- 0.77+0.98+1+1.14+1.11+0.15+0.88+0.94+0.86+0.91+1+0.5+0.5+1.28+1 = 12.02 / 15 = 0.8
Trades not taken: 2.5 + 4 = 6R
Trades taken that shouldn’t have been: 1.1 + 0.94 + 1.41 = 3.45
- Missing trades cost me more in lost profit than bad trades taken. Can afford to be more aggressive and make sure I am in those trades.

A lot of these stats you can track in the free and downloadable forex day trading log (Excel spreadsheet).

Strategy Totals

These are optimal results, including trades I missed and excluding trades I shouldn’t have been in. This is so I can ascertain over time which strategies are working the best and producing the most profit potential.

Rounded Tops and Bottoms strategy and profit: 8.91R (-0.77 + -0.98 + 2.4 + -1 + 2.5 + 1.3 + -0.15 + -0.86 + 2.21 + -1 + 2.5 + 2.52 + -1.28 + -1 + 2.52)

Snap Back Strategy trades and profit: 2.62R (-1.14 + 2.15 -0.88 + 2.49)

Double Pumps Strategy and profit: 5R (2.5 + 2.5)

Squeeze plays: -0.5R

There was a lack of the Snap Backs, Double Pumps and Squeeze Plays primarily because much of the week lacked strong trending movement during my hours of trade.

Daily Charts and Trades

Monday: +2.15R. 4.65R potential as a result of a 2.5R trade not taken. 2 wins out of 5 trades for 40% win rate.

Tuesday: -1.11R. Potential to be flat as a result of a 1.1R loss that should not have been taken. 1/4 for 25% win rate.

Wednesday: +1.68R. 2.62R potential as 0.94R loss should have been avoided. 2/5 for 40% win rate.

Thursday: -2.91R. 2.5R Potential. Missed 4R (6.5even if kept trading) and took 1.41R of losses I shouldn’t have been in. 0/4 for 0% win rate.

Friday: 7.48R. 4/6 for 66.6% win rate.

My Focus for the Upcoming Week

By looking at your own stats and breaking them down as I have above, it makes it fairly easy to see areas that need work.

My efficiency was horrible this week. That is money my strategies should have captured, but that I failed to grab. I left a lot of money on the table. While I did lose some money to bad trades, I missed out on more from trades not taken. So just like last week, I need to focus on pulling the trigger when a valid trade sets up.

Focus overall is still lacking during my 2 hour window. I have been getting distracted, so I am continuing to work on bringing my focus back to the current price action and writing on my charts, in real time, which trades have potential to set up and what would invalidate them. Over time, this will help eliminate some of the bad trades taken, and help reduce the number of missed trades.

By Cory Mitchell, CMT

I will have a new EURUSD day trading course out by June, but in the meantime, learn the fundamentals of trading the forex market with the Forex Trading Introduction Course.

Chris H

· Reply

February 19, 2021 at 1:41 PM

Hi Cory,

On Thu Jan 14 you had a note that said your old trend strategy would have been able to capture a 1.5:1 return on the price action that day. I’m curious why you decided to move away from the strategy?

Was it anything to do with the return / risk profile being lower than you’d like at 1.5R, compared to the current 2.5R from the RB, RT, SB, DP, TP, SP collection?

Was it an strategy that didn’t play well with your new strategies (Whether it be the entries were too close or the psychology wasn’t the same, or something else)?

Do you find there is a maximum number of strategies you’re able to comfortably / effectively trade and the lower R value trades naturally get cut as higher R value strategies get added?

Thanks,
Chris

Cory Mitchell, CMT
· Reply

Author

February 22, 2021 at 8:57 AM

I like how the current strategies perform together and they typically provide enough trades. While I mentioned the possibility of adding another strategy back in, it is not a major consideration at this point.

It is basically all those things. Also, the situation doesn’t occur very often, so on reflection, it probably wouldn’t add much to my monthly profit anyway. I may add it in, but not currently. Time is also a factor. Creating and testing strategies and seeing how they perform within a plan takes time.

I have other strategies on my current trading plan as well, but since they don’t provide many trades, I end up not trading them at all. So as you mentioned, yes, over time, the lower R strategies tend to get dropped….not because they aren’t good, but because the mental energy is better focused on finding the trades that occur more often.
- Chris H
  · Reply
  
  February 23, 2021 at 1:44 PM
  
  Thanks Cory. I tend to over complicate my trading so I’m trying to simplify things for this year. It helps to understand your perspective as you seem to have a clean, simple and effective style.

Chris

January 29, 2021 at 1:29 PM

Hi Cory Thanks,

Thanks for the trade analysis and summary. Its helpful to see your process. When you’re trading the 1 min chart are you filtering trade selections with a particular higher timeframe bias or an Indicator?

Cory Mitchell, CMT
· Reply

Author

January 29, 2021 at 3:08 PM

No longer-term bias or indicators. I will look at the overall price action of the day, for some context, but I am mainly just focusing on trading a few select patterns as they appear on the 1-minute chart.
- Chris H
  · Reply
  
  February 13, 2021 at 2:38 PM
  
  Thanks Cory, Simple is good : )

Pai

January 20, 2021 at 4:14 AM

Hi Cory, on Thursday you took half position on the last 2 trades, is it because of previous 2 consecutive losses? What are your rules on position sizing after consecutive losses? And regarding the news, on that day 6.30 there weren’t high impact news but medium ones, what news should we avoid and what news can we ignore then?

Thanks,
Pai

Cory Mitchell, CMT
· Reply

Author

January 20, 2021 at 8:43 AM

I stop trading when I am down 3R (3%) in my case, so if I have two losers in a row, and the price action has been tough for me to see, I may reduce my position size by half. That way I have two more chances to get a winner and keep myself in the same as opposed to only one chance remaining.

At 630AM my time (mountain time) I was showing Initial Jobless Claims coming out. That is rated as high impact on my Economic Calendar (investing.com/economic-calendar/). I avoid trading for a minute before anything rated as high impact for the EUR or USD on that calendar. Different websites rate the events differently. I like the high impact ratings on this site.
- Pai
  · Reply
  
  January 20, 2021 at 12:29 PM
  
  Thanks a lot 🙂

January 19, 2021 at 1:50 AM

Thanks Cory, this is very insightful. It helps me set expectation for my trading performance and check if I’m on the right path using snap back strategy.

EURUSD Day Trading Strategies Week in Review (Jan 11 to 15)

How the EURUSD day trading strategies and I performed this past week

EURUSD Day Trading Strategies Week in Review (Jan 11 to 15)

Totals for this week:

Strategy Totals

Daily Charts and Trades

My Focus for the Upcoming Week

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About Cory Mitchell, CMT

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