The EURUSD day trading strategies provide a profit potential of +12R 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.)…This week I underperformed the potential by a wide margin.

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.

All the strategies discussed below are covered in the EURUSD Day Trading Course, and the trades are based on the rules of those strategies. The course is currently 20% off for Black Friday.

Totals for this week:

Even though it was only a 4-day trading week due to US Thanksgiving on Thursday, there was plenty of opportunities out there. There was the option to trade on Thursday, but I don’t day trade on US holidays during the US session. The price action tends to be very muted or spastic. Either way, not interested. Similarly, if I day traded during the London session, I would not be trading during London/major European holidays.

• Profit potential was +12.66R 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 12.66% (less commissions), trading about 1.5 to 2 hours per day.

• Average trading time per day: 1 hour 45 minutes.
  
  
• 78% win rate if the strategy rules were followed.
  • win 7 / 9 trades.
  • Higher than usual, but also lots of trades closed early, so R:R (below) is lower.
• Reward to Risk (based on all potential trades):
  • 2.09:1
  • Winners: 2.5, 2.5, 2.48, 3.5, 1.3, 0.8, 1.56 = 14.64 / 7 = 2.09
  • Losers: 1, 1 = 2 / 2 = 1
  • = 2.09 / 1 = 2.09
• Typical leverage is about 30:1. Ranging from 20:1 to 50:1, depending on the stop loss distance in pips.

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: +11.36R
  (Daily totals: 2.5, 4, 3.5, 0, 1.36)
  
  
• Snap Back strategy profit: 0R
  (0, 0, 0, 0, 0)
  
  
• Double Pump strategy profit: 0R
  (0, 0, 0, 0, 0)
  
  
• Double Pump Variation strategy profit: +1.3R
  (0, 0, 0, 0, 1.3)
  
  
• 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

As I discussed last week, it is coming into a busy time of year, so I am focusing on making sure that my batteries are full and that I am feeling good. This includes some daily meditations (often brief, but still helpful), lots of workouts, and TRYING to eat somewhat decent through the various upcoming festivities.

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.
• October: +46R 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. COURSES ARE CURRENTLY 20% OFF FOR BLACK FRIDAY.

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.