The EURUSD day trading strategies produced a potential profit of +24.58R this past week (“R” is described below). The strategies used, and their statistics for the week, are outlined below. The strategies have rules, but trades are discretionary or 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.
I trade on a 1-minute chart and use the strategies discussed in this review. The week’s charts with the trades are below.
Get all the details on how to trade like this in the EURUSD Day Trading Course.
Totals for this week:
- Potential Profit was +24.58 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 24.58% (less commissions), trading about 2 hours per day.
- “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 and Feb. 17 if you want to watch me trade and talk through the process.
- 12 wins / 15 trades = 80% win rate if the strategy rules were followed. THIS IS MUCH HIGHER THAN USUAL. TYPICALLY AROUND 60%.
- Reward to Risk (based on all potential trades):
- Winners: = 2.52, 2.47, 2.5, 2.5, 2.5, 0.35, 2.5, 2.5, 2.52, 2.56, 2.51, 2.6 = 28.03 / 12 = 2.33
- Losers: 1.2, 1.25, 1 = 3.5 / 3 =1.17
- 2.33 / 1.17 = 1.99:1
- This is a little below average (2.3:1) because of a few bigger losses this week, and a very small win on an early exit.
- There was one Broken Break trades this week. Still working on that strategy. +2R to -1R, depending on whether taking exiting on reversal pattern or holding till target (approaching 10:1).
- Missed trades cost me 5R this week.
- Other mistakes cost me 1.5R, plus another 1.2 on a very mediocre trade. But had one trade where I made an extra R by going for a bigger profit.
- Typical leverage is about 30:1. Ranging from 20:1 to 50:1, depending on the stop loss distance in pips.
A lot of these stats you can track 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: +15.75R
(Daily totals: 4.99, 2.5, 2.5, 2.85, 2.91) - Snap Back strategy profit: +2.51R
(0, 0, 0, 0, 2.51) - Double Pump strategy profit: +3.82R
(0, 0, 0, 5.02, -1.2) - Double Pump Variation strategy profit: +2.5R
(0, 0, 2.5, 0, 0) - Squeeze Play (SP): 0R
(0) - Triple Pump: 0R
(0)
Daily Charts and Trades
Charting provided by TradingView.
My Focus For the Upcoming Week
I have already done some of my homework this weekend. I wanted to go through all my April charts and see if I spotted any trades I didn’t notice in my initial review. I did notice a few, especially DPVs, that would have added a few more R to the total.
The next piece that I need to work on is my Focus. Thursday I missed out on 5R because I was distracted with other things. This mainly has to do with my nightly routine. I will sometimes leave things until the morning. But if I can do something in the evening, I will do it, so I don’t need to think about it during my day trading time.
I will also meditate for 20 minutes each day, for the next five days, focusing on one thought and bringing my mind back to it over and over and again (like what we do in trading). This will help with building up that “focus-muscle” again. It tends to lapse now and again, especially when I get a little lax with my routines.
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
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.
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