GBP/USD 5min setups

[ChowClown]

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.

 

[Albert Carey]

Good luck. Looking forward to it.

 

[ChowClown]

Bullish through London Open today. PPI report due at 09:30, will wait for the dust to settle afterwards before getting on board.

 

[ChowClown]

Long set up pending entry.

 

[timaru69]

Long set up pending entry.

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

 

[ChowClown]

Timaru69, thanks for stopping by and posting. I've yet to use tick volume in earnest.

 

[ChowClown]

...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.

 

[ChowClown]

LO near the round number and a 123 long building on the 1min currently..

 

[ChowClown]

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

 

[Lord Flasheart]

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

nice1 chow,its nice to know there are other traders who post their trades live as they happen.Wheres the stop?
Good luck

 

[ChowClown]

Hi LF, sl @ 5416 atm.

 

[JDTRADER]

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.

Good Luck

I use 1m/5m/15m for intraday

 

[ChowClown]

Thanks JD.

 

[ChowClown]

Hi LF, sl @ 5416 atm.

...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.

 

[ChowClown]

Flat and not biased either way now. Will take a confirmed break from this consolidation.

 

[ChowClown]

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.

 

[Lord Flasheart]

your looking good

 

[ChowClown]

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.

 

[ChowClown]

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.

 

[ChowClown]

...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