Another solid week for the EURUSD day trading strategies. 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 +18.94R 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.
• My profit: 12.36R
  
  
• I recorded my day trading session on Feb. 11 and Feb. 17 if you want to watch me trade and talk through the process.
  
  
• 8 wins / 14 trades = 57% win rate on all potential trades
  
  
• 65% efficiency (12.36/ 18.94)….not including the trades that occurred after I stopped early that day.
  
  
• Reward to Risk (based on all potential trades):
  • Winners: 2.5, 2.5, 2.31, 3.47, 2.05, 0.53, 2.32, 2.5, 2.5, 1.71
    = 22.39 / 10 = 2.239
  • Losers: 1.02, 1.06, 1.05, 1.38, 1.55
    = 6.06 / 5 = 1.212
  • 2.239 / 1.212 = 1.84:1
  • I exited a number of trades early this week due to news or planned early exits. Also had some slippage on a few stop losses. R:R is much lower than usual this week.
• Trades not taken: 5R
  
  
• Trades taken that shouldn’t have been: 2.11R.

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: +11.89R
  (Daily totals: 2.5, 4.76, -0.85, 4.82, 0.66)
  
  
• Snap Back strategy profit: +0R
  
  
• Double Pumps strategy profit: +5R
  (2.5, 2.5)
  
  
• Double Pump Variation strategy profit: 0R
  
  
• Squeeze Play: 2.5R

Daily Charts and Trades

Charting provided by .

My Focus For the Upcoming Week

Distraction and lack of focus while trading was my main issue this week. Checking other things while trading, and not constantly analyzing the price action as it unfolds.

My Action Step: Before Monday (on Sunday), negotiate with this distracted part of myself so that it can stay out of my trading for two hours. Do the negotiation while trading as well, and in my morning routine. Instead of giving in to the distraction, note the distraction and that it will be dealt with after trading. Nothing is that urgent that it needs to be dealt with during early morning trading.

I will have a 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.

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.