The following is the weekly review for the forex strategies covered in the EURUSD Day Trading Course.
Below are the charts highlighting the patterns that occurred during the week, as well as comments on the price action of the day and how that affects our trading decisions.
These strategies can be traded anytime during the London session and up till about noon EST.
Most days I trade from about 830 to 10 EST.
My charts are MST (EST minus 2 hours).
These strategies are based on a 1-minute chart.
This week I took a number of trades that aren’t specifically covered in the course, but that are based on the same concepts.
I’ll quickly explain those concepts, but primarily I just wanted to show that you can expand on these strategies and build a larger arsenal of strategies to capitalize on the movements that typically occur in the EURUSD. For myself, I don’t even think of them as different strategies, they are all based on price action concepts.
EURUSD Day Trading Strategy Review
I missed a couple of days this week as I needed the sleep and slept in.
Here are the charts for May 2, 5, and 6, in that order.
May 2, above, didn’t have a lot of movement to start, but there was still a good assortment of trading opportunities. There were a number of patterns covered in the course, as well as some additional trend continuation trades (will add a video to the course within a week).
More than 8R potential that day.
May 5, above, provided a number of quality opportunities. Some patterns are covered in the course, and there were some additional trend continuation trades.
Notice how I noted the typical wave length. It is useful for assessing whether your targets are likely to get hit. And that also affects the SL because the target is 2.5x the SL. Thus tried to keep SL at 3 pips or a bit less if possible (target at 7.5 pips or a bit less), since most waves are only 5-8 pips.
More than 8R potential that day.
May 6 was another 8R+ potential day. Big trending moves meant not a lot of classic pattern trade setups (covered in the course) but it was a great day for trend continuation patterns.
You can probably see the continuation pattern is relatively simple and is very much like trading the right half of an RT or RB.
I picked an SL size that seemed adequate and stuck with it, because some of the actual SL sizes were just too big.
EURUSD Day Trading Strategies Results
Here are the charts and trades (mostly only EURUSD Day Trading Course entry methods) for the last 13 months, with actual entries and exits marked. (These stats and charts don’t include trend continuation trades).
These links are a gold mine. Hundreds of marked-up charts. If you’re struggling, go through all of them, and take notes.
- January 2021: +63R potential
- February 2021: +78R potential
- March 2021: +76R potential
- April 2021: +76R potential
- May 2021: +94R potential
- June 2021: +91R potential
- July 2021: +67R potential
- August 2021: +38R potential
- September 2021: +51R potential
- October 2021: +46R potential
- November 2021: +48R potential
- December 2021: +53R potential
- January 2022: +39R potential
“R” in trading 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, 45R means a 45% profit. If risking 0.5% per trade, it means a 22.5% profit.
Want to learn how to trade like this? The EURUSD Day Trading Course covers strategies for crushing the EURUSD in two hours or less, as well as mental game work and exercises to get in the profit-making zone and stay there.
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.