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Welcome traders to another forex trading recap with The Elite Range Bar System for August 6th. Today I just wanted to focus on our European morning trades only so that I could fit in some EUR/JPY trades as well without the video being overly long. You can see that it was a good market environment this morning as we managed to pull out 60 pips from the early action on EU alone. As always we left a bit on the table but perfection really isn't possible in trading so getting at least a good chunk of what's available is definitely good enough.
One interesting thing to note today was what our reward versus risk situation looked like. If you remember a few videos back we had a day where we only made about 7 pips per trade on average (includes wins, losses and break-evens). It was pretty low and that was because the market was very slow and we had a fair number of small losses and break-even trades. Then you get days like this where things are a little more open and the average per trade is much higher. We had four trades today for 60 pips in the morning, so an average of +15 pips per trade taken and a greater than 5:1 reward to risk (21p avg win, 4p avg loss). When it comes to day trading and taking numerous positions each day those are very good numbers.
I point this out so you realize that each day offers a different level of opportunity but just because some have less pips available and you have to take more trades doesn't mean they are "bad" days. The goal simply is being positive each day and consistent in our approach. If we can do that then the amazing days and the weak days even out over time and we are left with solid results month after month which is all you can really ask for as a trader.
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