The EURUSD day trading strategies provide a profit potential of +11R this past week (“R” is described below). The strategies used, and their statistics for the week, are outlined below.

The difference between “potential” and our actual profit is the dollar amount of Trading Mistakes made (factor in any alterations made to the strategy, such as trailing stop losses, etc.).

Volatility is starting to tick up a little bit in the EURUSD, which is nice to see. That is likely to translate into more trades and more profit…we’ll if that uptrend in movement continues.

The strategies have rules and are part of a complete trading plan, but trades are discretionary and subject to interpretation. The goal is to reach the profit potential (or possibly exceed it), but actual results will typically be lower especially when learning.

The profit potential is based on trading a 2-hour window between approximately 8 and 10 AM EST. Quite often I only trade for 1.5 hours.

It can help with consistency to have a daily trading routine, and then I also recommend having a quick pre-trade routine to get yourself in the right headspace for profitable trading.

I trade on a 1-minute chart and use the strategies discussed in this review. The week’s charts, with the trades, are below.

Here is a video recap of the trades for this week. I also spend some time focusing on what to look for in a DP, and what to avoid. Then, a psychological tactic to stay focused on goals and avoid self-sabotage.

All the strategies discussed below are covered in the EURUSD Day Trading Course, and the trades are based on the rules of those strategies.

Totals for this week:

• Profit potential was +11.28 for the week. This is if all the valid trades were taken, and no invalid trades were taken.
  • “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.
    
    
  • In other words, if risking 1% of the account per trade, the potential profit from these strategies this week was 11.28% (less commissions), trading about 1.5 to 2 hours per day.
• 61% win rate if the strategy rules were followed.
  • win 8 / 13 trades.
• Reward to Risk (based on all potential trades):
  • 2.4:1
  • Winners: = 2.5, 1, 2.66, 1.4, 2.51, 2.53, 0.1, 2.48 = 15.18 / 8 = 1.9
  • Losers: 1, 1, 1.2, 0.6, 0.1, = 3.9 / 5 = 0.78
  • = 1.9 / 0.78= 2.4:1
• Typical leverage is about 30:1. Ranging from 20:1 to 50:1, depending on the stop loss distance in pips.
  
  
• If you want to watch me trade and talk through the process, check out trading sessions I recorded.

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

EURUSD Day Trading Strategy Totals

These are optimal results for the strategies, 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 profit: +14.18R
  (Daily totals: 2.5, 4.06, 5.04, 0.1, 2.48 )
  
  
• Snap Back strategy profit: 0R
  (0, 0, 0, 0, 0)
  
  
• Double Pump strategy profit: -2.9R
  (-1, -1.8, -0.1, 0, 0)
  
  
• Double Pump Variation strategy profit: 0R
  (0, 0, 0 , 0, 0)
  
  
• Squeeze Play (SP): 0R
  (0)
  
  
• Triple Pump: 0R
  (0)
  
  
• Broken Break: 0
  (0, 0, 0, 0, 0)

Daily Charts and Trades

Charting provided by TradingView.

My Focus For the Next Week

10 minutes x 3 per day—morning, afternoon, and evening—I’m doing a little motivational self-pep-talk. Spending about 3 minutes each on health, work, and family/relationships. Reinforcing what I want from each of these areas, and how I’m getting there.

This is almost like the 5-minute morning routine that reinforces what needs to be done over the next 1 – 2 hours. And these little self-talks are there to do the same thing…to remind myself what I need to do and what I need to avoid to reach my goals.

Here are the prior totals (monthly). Actual charts are in the weekly articles listed within the monthly-total articles:

• January: +63R potential
• February: +78R potential
• March: +76R potential
• April: +76R potential
• May: +94R potential
• June: +91R potential
• July: +67R potential
• August: +38R potential (we can see the drop in volatility affecting the number of trades and thus the profit potential)
• September: +51R potential.

Want to learn how to trade like this? Check out the EURUSD Day Trading Course. It covers strategies for crushing the EURUSD in two hours or less, as well as mental game work and exercise to get in the profit-making zone and stay there.

By Cory Mitchell, CMT

Disclaimer: Nothing in this article is personal investment advice, or advice to buy or sell anything. Trading is risky and can result in substantial losses, even more than deposited if using leverage.