Solid week for the EURUSD day trading strategies. I usually expect about one losing day per week. This week there were none, so during my day trading window of 8:30 to 10:30 am EST, the EURUSD 1-minute was acting quite well.

Totals for this week:

• +15.78R (up from +7.29R last week, and +12.86R the week before)
  • “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.
• 8 wins /13 trades = 61% win rate (37.5% last week)
   
• Potential was 18.66R. In other words, my mistakes cost me about 2.88R this week.
   
• 84% efficiency (15.78 / 18.66) versus 42% efficiency last week. The focus on staying focused paid off, as well as being more aggressive and not missing trades. These were both things I noted last week I needed to focus on.
   
• Reward to Risk: 2.71 This is something I am very consistent in, and saves me even in tougher weeks. Don’t abandon your profit targets! (2.86:1 last week)
  • Winners: 2.48 + 2.35 + 2.51 + 2.31 + 2.61+ 3.17 +2.6 + 2.5
    = 20.53 / 8 = 2.56
  • Losers: 0.92 + 0.88 + 1.04 + 0.95 + 0.93(mistake)
    = 12.02 / 5 = 0.944
  • 2.56 / 0.944 = 2.71
• Trades not taken: 0R.
  • BIG improvement
• Trades taken that shouldn’t have been: -0.93 = -0.93
   
• Stop loss in the wrong position resulted in -0.95R loss instead of 1R profit = 1.95R difference.

A lot of these stats you can track in the free and downloadable forex day trading log (Excel spreadsheet).

Strategy Totals

These are optimal results, 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: +6.42R
  (2.48, 2.35, 2.51, -0.92)
   
• Snap Back strategy profit: +5.77R
  (3.17, 2.6, one -0.95 loser not included because was a mistake)

• Double Pumps strategy profit: +3R
  (2.31, 2.61, -0.88, -1.04)

• Double Pump Variation strategy profit: +2.5R

No squeeze plays or triple pumps this week, both of which are quite rare.

Daily Charts and Trades

Jan. 19. +3.11R. 2/4

Jan. 20. +7.56R. 3/3

Jan. 21. +1.94R. 2/5

Jan. 22. +3.17R. 1/1

My Focus for the Upcoming Week

Each week I try to find one or two areas that need work, and then that becomes my focus for the next week.

BUT, it is also good to focus on the positive. This week saw a big shift in my efficiency. This is a new trading plan for this year, which is basically a souped-up version of my old one which I had been trading sporadically for years. This year I made it my goal to day trade every day and follow the plan, which has excellent potential if I just follow it. It is taking some time to get my rhythm with it, but it was really nice to implement it well this week.

There were a number of times this week where I drifted off and did other things while trading. One of my mistakes this week was a result of this. Continue to bring the focus back to my center, engage in the price action by writing down all potential trades that could set up based on the price action that is occurring. If I am just sitting there, I am not engaged. Be engaged. It’s for two hours. Keep training to reach the goals of maintaining focus/engagement for the entire 2 hours.