The EURUSD day trading strategies produced a potential profit of 11.97R this week. There was were two additional optional trades that would have produced another 5R, bringing the total to 16.97R for the week. The strategies used, and their statistics for the week, are outlined below.

The profit potential is based on trading a 2-hour window between 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 +11.97R 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 11.97% (less commissions), trading about 2 hours per day.
  • This week, on Friday (April 30) there were two optional trades that produced another 5R. These were optional, and I didn’t trade them, because movement was low but right on the border of being acceptable.
• I recorded my day trading session on Feb. 11 and Feb. 17 if you want to watch me trade and talk through the process.
  
• 6 wins / 10 trades = 60% win rate if the strategy rules were followed. 8 wins / 12 trades, 67%, if the two optional trades were taken.
  
• Reward to Risk (based on all potential trades):
  • Winners: 2.5, 2.2, 2.49, 2.5, 2.48, 2.5
    = 14.67 / 6 = 2.445
  • Losers: 0.65, 0, 1, 1.05
    = 2.7 / 4 = 0.675
  • 2.445 / 0.675 = 3.6:1 Slightly skewed higher this week because of the flat trade in the losing column. Typical reward:risk is usually around 2.5:1
• Missed trades cost me 5R this week in optional trades this week.
  
• Other mistakes cost me 0.5R (reduce target, but the original target would have been hit).
  
• 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: +7.62R
  (Daily totals: 0.43, 4.69, 2.5 )
  
• Snap Back strategy profit: -0.65R
  (0, -0.65)
  
• Double Pump strategy profit: +2.5R
  (2.5)
  
• Double Pump Variation strategy profit: +2.5R
  (2.5)
  
• Triple Pump: 0R
  (0)

Daily Charts and Trades

Charting provided by TradingView.

The chart above shows the two optional trades for the week in orange. At the the time of those the price had moved less than 15 pips in the last two hours. That puts me in cautious mode, but I can still take trades near the edges of a range (like the first trade). These latter trades occurred more toward the middle. A grey area…but taking them would have paid off in this case.

My Focus For the Upcoming Week

Last weekend I was supposed to go through my February charts to see if I notice anything now that I didn’t notice at the time. Also, it is good way to get prepared for the upcoming week because through a month of screenshots means looking at about 60 trades. The more trades we see, in all types of market conditions/contexts, the easier it is to spot them in real time.

On Sunday I will go through all my February charts.

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
• And over 70R in April. Monthly review will be published shortly.

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.