A good week for EURUSD day trading. There was lots of opportunity during the 2 hour window that I trade (approximately 8:30 to 10:30 AM EST). I trade on a 1-minute chart and use the strategies discussed in this review. The week’s charts with the trades are below.

Totals for this week:

• Potential Profit was +14.48R. The difference between actual and potential was mainly due to my not trading on Friday which had 5R potential.
  
  
• My profit: 8.39R
  • “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.
• I recorded my day trading session on Feb. 11 if you want to watch me trade and talk through the process. Check out the recording on my YouTube channel.
  
  
• 6 wins /11 trades = 54.5% win rate
  
  
• 88% efficiency (8.39/ 9.48) – I am only counted the days I traded.
  
  
• Reward to Risk (based on all potential trades): 2.37:1
  • Winners: 2.62, 2.51, 2.81, 2.5, 2.5, 2.44, 2.5
    = 17.88 / 7 = 2.55
  • Losers: -0.92, -1.15, -1.25, -0.98
    = 4.3 / 4 = 1.075
  • 2.55 / 1.075 = 2.37:1
• Trades not taken: 5R (because I didn’t trade on Friday).
  
  
• Trades taken that shouldn’t have been: 1.09R
  

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 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: +4.06R
  (-1.15, 2.5, -1.25, -0.98, 2.44, 2.5)
  
  
• Snap Back strategy profit: +1.7R
  (-0.92, 2.62)
  
  
• Double Pumps strategy profit: +8.72R
  (2.51, 0.9, 2.81, 2.5)
  
  
• Double Pump Variation strategy profit: 0R

No squeeze plays or triple pumps this week, both of which are quite rare.

Daily Charts and Trades

Charting provided by TradingView.

My Focus for the Upcoming Week

The strategies work well, so my only job right now is to keep focused and trading the plan. The profits are there for the taking. January produced more than +63R in profit potential. And the first week of Feb. had more than 27R in profit potential.

I am really focused on stay focused throughout the trading session. Currently, I am feeling disciplined and in control. This is largely due to working on the exercise I discuss in this article. The “parts negotiation” is done outside of trading, but also right before I start trading, and during if needed. It is a great way to stay in the correct mindset for trading.

By Cory Mitchell, CMT

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