Thanks develbis
Your charts don't quite show the system, as it shows sometimes you get a red 5 min bar engulfing but the MACD is already red and RSI already at the bottom. This would not be a signal.
I need to backtest this, can anyone help on where I would get charts to allow easy backtesting. Would IG premium charts be worth it?
I'd probably pop over to this link buddy http://www.trade2win.com/boards/trading-systems/
Probably best starting a thread on there, that way you can track replies easier