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), with the exption of Friday where I found nothing.

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 +27.51R 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 27.51%, trading about 2 hours per day.
• 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. That is higher than usual. Typically win rate hovers around 60%.
  
  
• Reward to Risk (based on all potential trades):
  • Winners: 2.5, 2.5, 2.5, 2.79, 2.61, 2.66, 2.5, 2.5, 2.5, 2.5, 0.45, 2.5
    = 28.51 / 12 = 2.37
  • Losers: 1, 0, 0
    = 1 / 3 = 0.333
  • 2.37 / 0.33 = 7.18:1 This not typical. It is usually around 2.4:1
• I didn’t trade on a couple of days, but of the days I did trade, I missed out on 5R by not taking trades.
  
  
• Trades I took that I shouldn’t have: 0.2R.

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: +12.61R
  (Daily totals: 5, 2.61, 2.5, 2.5)
  
  
• Snap Back strategy profit: +2.79R
  (2.79)
  
  
• Double Pump strategy profit: +6.95R
  (1.5, 2.5, 2.95)
  
  
• Double Pump Variation strategy profit: 2.5R
  (2.5)
  
  
• Triple Pump: 2.66R
  (2.66)

Daily Charts and Trades

Charting provided by TradingView.

My Focus For the Upcoming Week

My focus is the same as last week. Still getting a little dismissive while trading resulting in some missed trades. Another 5R missed this week because of that, same as last week. Distractions pull me away from my commentary so I am less ready to pounce.

My Action Step: Before Monday (on Sunday), negotiate with this dismissive 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.

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.