EURUSD Day Trading Strategy Week In Review (Jan 25-29)

This week, it was a pretty quiet during the time of day that I day trade the EURUSD 1-minute chart.

Totals for this week:

+2.79R (down from +15.78 last week, and +7.29R the week before)
- “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.
6 wins /14 trades = 42% win rate (61% last week)
Potential was 5.29R. In other words, my mistakes cost me about 2.5R this week.
52% efficiency (2.79/ 5.29) That’s a bit deceiving. I missed one trade for 2.5R. Another way to calculate: 1 mistake divided by 15 possible trades: about 93% efficient.
Reward to Risk: 1.767 Typically this is above 2.5. But this week had a couple of early exits as new trades developed.
- Winners: 2.91, 2.52, 0.32, 0.4, 2.58, 2.64
  = 11.37/ 6 = 1.895
- Losers: -1, -1.13, -1.14, -1.03, -1, -1.17, -0.95, -1.16
  = 8.58 / 8 = 1.0725
- 1.895 / 1.0725 = 1.767
Trades not taken: 2.5R.
Trades taken that shouldn’t have been: 0R

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 profit: +3.6R
(2.91, -1, 2.52, 0.3, -1.13)
Snap Back strategy profit: +0R
Double Pumps strategy profit: +3.43R
(-1.03, 0.4, 2.58, 2.64, -1.16)
Double Pump Variation strategy profit: -1.76R
(-1.14, 2.5, -1, -1.17, -0.95)

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

Daily Charts and Trades

Jan. 25 EURUSD day trading — Jan. 25. -1.14R. 0/1.

Jan. 26 EURUSD day trading — Jan. 26. -1.6R. 1/3

Jan. 27 EURUSD day trading — Jan. 27. +3.32R. 3/5

Jan. 28 EURUSD 1- minute chart — Jan. 28. No trades.

Jan. 29 EURUSD day trading — Jan. 29. +2.21R. 2/5

My Focus for the Upcoming Week

I was quite distracted because I was releasing the Complete Method Stock Swing Trading Course. So my attention kept drifting to that. Glad it is completed, and have less on my plate in February.

Continue to focus and maintain my discipline on waiting for the patterns to develop.

This week was choppy, not need to worry about the strategies or my trading. Just keep doing what I am doing.

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.