In conjunction with what rifid has described here you may want to mix it up a bit.
In the 1 min chart below I have recognized a potential top on the 5 min chart.
However instead of putting the whole trade on I put half on at the potential top with the stop being the same distance as my normal entry would be placed
The chart better describes this than words. The advantage is the a 1 for 1 trade can be turned into a 3 for 1. It will also be noted that we are already in profit by the time we place the other half of our trade keeping our risk under control.
In the 1 min chart below I have recognized a potential top on the 5 min chart.
However instead of putting the whole trade on I put half on at the potential top with the stop being the same distance as my normal entry would be placed
The chart better describes this than words. The advantage is the a 1 for 1 trade can be turned into a 3 for 1. It will also be noted that we are already in profit by the time we place the other half of our trade keeping our risk under control.