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.
These strategies are based on a 1-minute chart.
I ADDED A NEW VIDEO TO THE COURSE. 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
There was a lot of action this week. The volatility may have even been a bit intimidating for some. Yet the patterns continue to play out.
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. So don’t worry if this week felt a little jarring compared to the prior few weeks which had quite a few quiet days. Next time the quieter days come around, or the more volatile ones, you’ll likely feel better, because you’ll have seen it before.
Monday was a day to snag 5R to 7.5R, or potentially more.
Tuesday produced at a least couple winners, and potentially one loser based on how the entry went on that last one. Another 4R+ day.
Wednesday, more big movement. I see three trades and not much else. That’s 7.5R.
Thursday, more big movement and opportunities all over the place. At least a 4R+ day. And if you didn’t get those Rs this time in bigger movement, like I said before, next time you see this kind of movement it will be less intimidating. It’s still the same patterns you know.
Friday, still had lots of movement, but I didn’t see as much. Snapback early on. I saw a few people take a trade I missed…right where I said “No trigger”. That first red candle in that series of red candles IS a trigger candle for the RT. Well done to those who caught that one.
Also, right at the end (my vertical line), near 8am my time (10 AM EST), that consolidation is part of a DPV. Breaks to the downside and runs. That was another opportunity. Glad to see a few people also caught that one.
A 2.5 to 7.5R day.
Overall, this was a week to grab 20R+. Maybe you made more, maybe you made a lot of less, or lost money this week. What matters is going through the charts and seeing the opportunities.
Also, if you’ve been struggling with the RTs and RBs, watch that new video in the course. The more you see and understand these patterns the better. In that video, I try to really explain why I trade that pattern the way do.
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.