Best Thread GBP/USD 5min setups

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ChowClown

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I’m currently trading GBP/USD off the 5min intraday and will be posting trades here when I can. It’s a simple price action based approach hinging on the London and New York open. My job demands sitting at a PC most of the day, so i’m usually able to monitor trades closely. I refer to higher TFs but I don’t factor the information into this approach, as it simply follows the intraday flow with no trades held overnight. I tried taking higher TF info into consideration but it created more frustration and worse results. I’m usually flat by 6pm (UK).

Jan 2008 –Jan 2009 I traded a personal fund full-time after several years of ‘preparation’ – it was a terrible year, on all fronts. I’m now more battle hardened with better discipline and other failings in check. Not an uncommon experience within a trading journey, I know.

Today has seen a short from the London open setup and 2 long trades from the NY open, the last one exiting at the Frankfurt resistance (5475). From tomorrow I will post charts of each setup as they appear, whenever possible.

Thanks for reading and good trading.
 
Bullish through London Open today. PPI report due at 09:30, will wait for the dust to settle afterwards before getting on board.
 
Long set up pending entry.
 

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ChowClown said:
Long set up pending entry.
Click to expand...

Hi

Interested in your posts, I try and use price and tick volume for my setups and generally look at 5 min, 15 min & 4 hr timeframes

I target 20 pips , but may (if I can get near the screen) look at bigger swing moves

Here is my Cable trade from this morning (before work) , I trailed it for 19 pips


entry on the crosshairs
 

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Timaru69, thanks for stopping by and posting. I've yet to use tick volume in earnest.
 
...long orders cancelled for now, price action toppy here and as we're nearing NY open i'd rather wait to see what direction they take it.

Edit: 13:45 - will be looking to short a confirmed break below LO or a confirmed break long of the NY open...sitting on hands again for now.
 

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Now short 5391, 1st tgt around Franky low (5365).
 

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ChowClown said:
I’m currently trading GBP/USD off the 5min intraday and will be posting trades here when I can. It’s a simple price action based approach hinging on the London and New York open. My job demands sitting at a PC most of the day, so i’m usually able to monitor trades closely. I refer to higher TFs but I don’t factor the information into this approach, as it simply follows the intraday flow with no trades held overnight. I tried taking higher TF info into consideration but it created more frustration and worse results. I’m usually flat by 6pm (UK).

Jan 2008 –Jan 2009 I traded a personal fund full-time after several years of ‘preparation’ – it was a terrible year, on all fronts. I’m now more battle hardened with better discipline and other failings in check. Not an uncommon experience within a trading journey, I know.

Today has seen a short from the London open setup and 2 long trades from the NY open, the last one exiting at the Frankfurt resistance (5475). From tomorrow I will post charts of each setup as they appear, whenever possible.

Thanks for reading and good trading.
Click to expand...

Good Luck

I use 1m/5m/15m for intraday
 
ChowClown said:
Hi LF, sl @ 5416 atm.
Click to expand...

...5min 123 long building around LO now. Will stop and reverse on any break up to test the NY open.

Edit: 15:30 another break lower from consolidation.

Edit: 15:37 PA too sluggish here now for me. Closing at b/e.
 
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Flat and not biased either way now. Will take a confirmed break from this consolidation.
 
another attempt from the LO level, long setting up..

Edit: 16:50 - will be leaving the office in 15. Orders cancelled. A b/e day today. Until Monday morning.
 

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I've just entered long 5484 with a stop and reverse at 5447. Will let price take me out on 5min reversal pattern. No major cable news today.

Edit: 08:54 - hmm, 2b reversal perhaps, will stick to the plan though.
Edit: 09:31 - 123 short building now below LO, so stop & reverse likely to kick in soon.
Edit: 10:36 - ...stopped and reversed short from 5447, 1st target is 5420.
Edit: 11:02 - 1st scale out filled at 5420 and other stops now at 5467.
Edit: 11:37 - 2nd scale out filled at 5402, other stops @ b/e +2 (5445).
Edit: 12:44 - stops now at 5413. I have a client meeting this afternoon and won't be able to monitor further. In case not stopped out, have set final exits at 5355 from a higher TF TL.
 
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Late start this morning, will wait for price clues around some TLs I have marked up before getting in. Price currently above London open, but price action does not support 5min longs atm, will wait for a better move to jump on the back of. NB US CPI at 13:30.

Yesterday's tally -11.
 
...now short from 5397, a bit too early though, should have waited for a close below 5400 ideally. 1st tgt London open, 5370. SL currently 5427.

Edit: 14:32 - stopped out, now flat waiting for next setup.

Edit: 18:06 - unable to take a long setup this afternoon because of work, what a move to miss :)
 

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Quite a bit of news likely to affect cable today, so need to bear these times in mind: just had 09:30, next is 11:30, 13:30 and 15:30...looking for a pullback to short atm.
 
...short from 5498, sl last swing high (5min) 5525, 5470 ish 1st target.

Edit: 10:52 - came close to being stopped out, now testing the round number, for the resistance/support switch scenario. My max loss is currently 1% and I regularly get stopped out between 0.5%-1%.

Edit: 11:06 - moved stops to 5513.

Edit: 11:37 - stopped (-0.5%). -1.9% for the week so far.
 

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...in long now, 5533, sl currently 5505, will begin to move stops up as and when support develops.

Edit: 12:36 - stops now 5520.
Edit: 13:15 - stops now 5541.
Edit: 13:25 - stopped. (+0.27%, wk -1.63%).
 

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Looking for short entry now...edit(15:17), long bias once again..15:30 news soon not heavy though.
 
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