Baby's 5 min system Trading Journal

I have a new system that I want to test and develop. I create the thread help me keep track of the trades and most importantly to help me keep it up.

The system:

Time Frame: 5 minutes

Pairs: GBP/USD and EUR/JPY

Indicators: 13 EMA, 21 EMA and 50 SMA

Entry:

First wait until all the MAs are close to each other. Then wait for the price "explodes" away from the MAs.

Now measure the distance between the price and the 13EMA, if it is greater than 20 pips and less than 50 pips, then get ready.

Now wait for about 30 minutes (plus and minus), if the price retrace back to the space between 13 EMA and 21 EMA within the 30 minutes.

Finally, you open the a trade with the trend.

SL: 20 pips

TP: 30 pips

No trailing stop.

MM:
Risk 5% of the capital.

I look for 1 or 2 trades per day. I will never look for more than 2 trades per day, I will loose focus and make mistakes after 2 trades.

I will post some charts later.

BTW, I am testing this strategy with my demo account. So DO NOT trade it with real money!

This is the first trade I did today on GBP/USD.

Notice the next opportunity is coming.

Pips of the Trade: +30

Total Pips: 30

The next chance on GU, but no trade. At the same time, the EJ is exploding as well, but the price action is too choppy, so I didn't take that trade either.

It is a failure. This was on GU too. Maybe the problem is that the MAs were not close enough to each other.

Pips of the trade: -20
Total Pips: 10