EURUSD Day Trading Weekly Strategy Results (March 22- 26) +9.1R

It’s the first time I have had to say this in a while, but it was a slow week for the strategies. There weren’t a lot of opportunities during the 2-hour window that I trade (approximately 8:30 to 10:30 AM EST). And there were a couple of days where there were no opportunities due to low or non-strategy-confirming movement. Either way, still the potential for a profitable week.

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 +9.1R 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.
5 wins / 6 trades = 83% win rate if the strategy rules were followed. That is higher than usual. Typically the win rate hovers around 60%. Wow, only 6 trades the whole week…and three of those came on Monday.
Reward to Risk (based on all potential trades):
- Winners: 2.25, 2.53, 2.5, 0.3, 2.52
  = 10.1 / 5 = 2.02
- Losers: 1
  = 1 / 1 = 1
- 2.02 / 1 =2.02 :1 This not typical. It is usually around 2.4:1
Missed trades cost me 2.5R this week. There was the opportunity to add to a trade I was already in on Monday when another signal occurred. I opted not to take it and it would have been a winner.
Even with only 6 trades this week, there was a questionable one on Wednesday. The context was off. -1R
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: +6.3R
(Daily totals:4.78, 1.52 )
Snap Back strategy profit: +0.3R
(0.3)
Double Pump strategy profit: +2.5R
(2.5)
Double Pump Variation strategy profit: 0R
(0)
Triple Pump: 0R
(0)

Daily Charts and Trades

Charting provided by TradingView.

My Focus For the Upcoming Week

My main goal this weekend is to carve out a couple of hours and go over all my charts from January and February, with fresh eyes, and see if I missed anything.

With daily and weekly reviews we sometimes still have thoughts from those recent trading days that may bias us. It is good to look back once we have no fresh memories and see if we notice any common mistakes, missed trades, or things we did really well, that we didn’t notice at the time.

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.

Chris H

· Reply

April 12, 2021 at 8:54 AM

Hi Cory,

I just wanted to say “Thanks”.

I started my trading journey 8 years ago, but unfortunately i started trading options with indicators, then also added 2 babies to the mix. I spent a short time with binary options then futures (still working off the same indicator set ups). Then eventually came to forex and price action strategies a couple of years ago. Through all of that i’ve mostly been a losing trader. A big part of that was being overly committed to the indicators (programming and tweaking them) inconsistency partly from information overload and working through trading psychology.

After following the information you’ve so generously shared about how you trade i’ve turned the corner at last and have been consistently profitable each trading day now. Being able to see the weekly review has been massively helpful. I’m hoping to leverage these skills into a prop trading career, so i’ll let you know how that goes.

Thanks so much for sharing,
Chris

Cory Mitchell, CMT
· Reply

Author

April 12, 2021 at 9:02 AM

Thanks for much for sharing that Chris. That means a lot and I am so happy the information has helped.

Alex

April 11, 2021 at 12:56 PM

Thank you very much for sharing this article. I’m following your blog for a while and found it really helpful. Do you perhaps plan to post about your strategies more? I’ve read ones about swing trading, double pump and snap back but was wondering if you’d post about others, such as round bottom and top? I’d also like to ask how differently you think the strategies work in stock day trading?

Thank you

Cory Mitchell, CMT
· Reply

Author

April 12, 2021 at 6:50 AM

Hi Alex,

There will be a course coming out on day trading the EURUSD. I hope to have it out near the end of May. It will cover all the strategies in depth, along with a lot of other stuff for day trading successfully.