Home Forex Strategy EURUSD Session High Low Strategy Continues to Deliver – Oct. 9 – TheStreet

EURUSD Session High Low Strategy Continues to Deliver – Oct. 9 – TheStreet

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All week the EURUSD Session High Low Strategy has been a bread and butter trade, adding 2% to the account daily (based on a 1% risk position size). The variation that came into play on Oct. 9 was the consolidation entry discussed here.

Here is the trade for Oct. 9. Overall, heading into the trade the price action is pretty muted. Over the last several hours the price has traded in a 20 pip range. That tell us lots of people are likely complacent as the price drifts, but that we also want to stick with our 2:1 target because expecting a big move isn’t supported by the evidence.

At the time of this trade the price had just made a new high, by about a pip, and then started to consolidate. Even though the price had made an incremental new high already, based on the range there were likely lots of stop orders still above the range. 

EURUSD session high low day trading strategy for Oct. 9 2020

When the price broke above the consolidation the price spiked for a quick 2:1 reward:risk trade—risk 1%, make 2% in the account.

I have drawn two consolidations. I entered when the price broke above above the first. The stop loss goes just below the consolidation. I then had to hold the trade for a few minutes before it spiked up. 

If you entered on the break above the second consolidation it was questionable what price you got because the move up happened very quickly. 

Here’s a video on the EURUSD session high low strategy.

I also posted charts in the Community (along the right) for the Oct. 6, and Oct. 7 trades. There was also one on Oct. 8 during the overlap period when the price broke lower. That one didn’t have as clear a consolidation yet it still shows the power of the strategy as the highs and lows are approached. There was also a trade on Oct. 5 which was also a tech turn. All the trades from Oct. 5 were discussed here (worth checking out, as it discusses how to navigate tough trading days).

By Cory Mitchell, CMT – I also have a stock trading website called TradeThatSwing. Stop by if you’re interested in stocks.

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.

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