The following is the weekly review for 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 during the London session to the New York lunch hour, but the analysis will be focused on roughly 830 to 1030 am EST. Some days I trade 830-10 and other days 830-1030 (based on my training schedule at the gym). My charts are MST (EST minus 2 hours).
These strategies are based on a 1-minute chart.
I ADDED A NEW VIDEO TO THE COURSE A COUPLE OF WEEKS AGO. IT TAKES ANOTHER LOOK AT THE RB AND RT PATTERNS. IT IS IN THE MEMBER’S AREA, AT THE BOTTOM OF THE COURSE MENU.
EURUSD Day Trading Strategy Review
The EURUSD is always going through cycles of being volatile, being quiet, trending, ranging, and so on. It usually takes going through each element of these cycles a few times before you feel really comfortable in all of them.
Monday, the target may have just hit on that first trade. There is the option to close a trade if it gets very close and doesn’t fill. Any hesitation, it turned into a loss.
2nd trade, didn’t get close to that target with the bigger SL. There was some warning to get out of that close to breakeven.
+1.5R to -1R
Tuesday, 1st RT was a loser. That big false break lower into an RT was pretty compelling.
+1.5 to -1R
Wednesday, that first DP was very interesting. I’m taking that. Consider how you would handle that situation and why.
2.5R to 0R
Thursday, finally a normal setup. Clean RB near 815.
Friday saw lots of movement but had I been trading my usual 630 to 8 (MST) on Friday, I see 2.5R on the RB. If trading longer, chance to add a tiny bit more but was pretty much exchanging wins and losses.
This was a slow week for the strategies. 5R+ was a good number. 8R to10R was a great number in my opinion.
There are slower weeks, and then other weeks, like last week, that are much more abundant with opportunity.
My forex day trading is going to be more sporadic for the next little while since I’m also day trading stocks. I post some trades on the chart, but if I wasn’t trading that day or at that time I’ll just draw in the patterns with comments to highlight the opportunities I see.
Study the EURUSD Day Trading Course for the basic entries, and then you can always improve on those entries based on YOUR weekly and monthly review of your trades.
EURUSD Day Trading Strategies Results
Here are the charts and trades for the last 13 months, with actual entries and exits marked.
These links are a gold mine. Hundreds of marked-up charts. If you’re struggling, go through all of them, 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? 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 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.