5M Quarantine

5M Quarantine

Hello to all,

I have decided to take up on short term trading (last did it long time ago) because I am going bored out of my mind with this necessary quarantining deal, sadly it will last for quite some time. Obviously many are in the same boat as me so interacting won’t hurt either especially if I can help others to skin some profit during such tough times.
I get right to it.

D1>>>>> 5M>>>>> PB>>>>> DT/DB>>>>> DiV>>>>> CC 10EMA = Signal … simple

It's mostly common Price Action with some structure around it for discipline purposes.

* D1) The Daily TF candle of previous day will decide your direction for Short or Long.
* 5M) 5 minute TF, is where you enter and do rest of your analysis.
* PB) Pullback from last Low or High point.
* DT/DB) Double Top, Double Bottom… or any level that shows multiple failures is good to go.
* DiV) MACD Divergence... Keeps you out of premature entry.
* CC 10EMA) Cross Close Candle of 10ema. After convincing failure first CC of 10ema is a signal.
* SL… goes above or below the PB high or low. (Usually it’s about 20/25 pips)
* TP… Minimum 1R… or stay in it till the strength is there, now days you can a 100 easily, so don’t limit the potential.
* Risk… 0.1% of your equity ($1000 acc = 1 mini lot 0.1 = $1)

The Chart pictures below should clear away the whole deal. Obviously there will be questions, however in one paragraph below I walk it though necessary process.
Each day when the Daily candle closes you will decide if you should go short or long in that pair on the following day. If you cannot decide on the direction firmly, just pass on that pair, there are 20+ other ones who some of them are clearly decidable. Then, when spot a solid strong bearish or bullish daily candle it is all you need, it’s a good enough indication and momentum for continuation. Then, open the 5M TF, wait for PB, it’s only a matter of time before price pulls back at some point, when it does, draw your level which is the high or low of the PB or other recent level that price will react to most… if it coincides with days before level, even better. Then, you look to see the PA to fail breaking out of that level which are called Failures to form DB/DT or multiple bounces. Then, you look for MACD Divergence, it's just another confirmation, I mostly use it to keep out from premature entry. Then, you just wait for last confirmation which is first candle to CC 10ema and rest is history.
I recommend to avoid trigger the first 3hrs of Daily candle, bcz it’s a slow PA and spreads are typically higher, wait for Asian and on. I myself because of living in the West coast time zone can only trade Asian session and N.Y session, London session is the lucrative one, ya you lucky Europeans, lol.
That's it.

Folks, I may have missed something here and there please don’t beat me up for it… simply ask and I'll clear it away then add to first post.

Last but not least, I ask for nothing but respect, all around respect.


Thank you.

I put more charts to kick things off.


Trade well.

I got a live trade going atm... usd/jpy long.
The daily chart shows I had a nice bullish engulf candle, so it was a easy read to get me indication what direction I need to trade the next day which is today.
On the 5m chart Price nicely had pulled back, on the first low I drew my level and watched it for PA reaction, as you see multiple failures. The blue circle is where the entry is off the CC of 10ema.

Another live example... I did not trade it bcz I already am in the USD/JPY long, pretty correlated these two.. and thats one thing to watch to not be in too many simultaneous correlated trades.
E/U is in a bearish trend for past a few days so this one was easy to decide on the direction, stepping nicely each day.. you get the daily bearish candle with a trend supporting it, those are the strongest... the old saying trend is your friend..

This is the sad part of living in the west cost, its mid night and i gotta go to bed where the action starts London session coming up soon.. But no worries I kill it in N.Y session for enough dose.
I get to your comments or questions in the morning about 8hrs from now.


Trade well.

Thanks FxQB15 !

If you don't mind to upload your template and indicators? I'd like to have the same picture.

hey cool thread following kinda thinking the same from long haul to short stuff instead .. be cool to follow that said this corona thing still keeps me busy helping others out too here in the uk

Perfect,
Thank you FxQB15,
Subscribed.

I got up early to see market reaction to NFP, I got a lot of long term trades that I was concern about, let's see also how market open reacts too.
My usd/jpy long trade from last night doing wonderful up 60+, 20 locked.. looks strong still so I see no reason for to exit yet.

Cool buddy be nice to have you on board.


Trade well.

Thanks for reply. Sure thing... give me a sec I add it to 1st post.


Trade well.

The indies are there now bud.. 1st post.

Thanks a lot and green pips!

To all...
About the indies, I don't put much weight on them bcz none of them indicates me to do what I do, I can look at naked chart and pretty much trade this, but with all this in one glance I know whats up when you watchdog 20+ pairs... they are just good facilitators, likes of M-Candle, its a cool lil indie shows me D1 candle on 5m or any other combo you like.. or any candle.. or spread...
Most important indie is the 10ema, I use it for entry after 5M candle cc.
200 ema is just guide to see where longer trend is serves as adjustable TL kinda of a thing.
both of these are in your mt4.


Trade well.

Ok guy... so we talking exit, when is the best time? or should we have set TP? or...?

I show you guys live and hands on what I do as i think is the best...
This trade has ran up to about +65 pips... now look at the blue box, you see how it can not get through the top, i drew a grey level line and as you see price tried to break through that 2 other time and has failed... so this might be a good time to exit while still at top and Bank 50. Most likely this would continue upward in a longer term but for now its indicating PB more than anything else which will take out my 20pip lock and then move up, lol.
My point is with this short term stuff you can get in and bank when the first threat arrives, could be at +20 or +120 who the heck knows, and then wait for next level and then get back on the horse at cheaper price... so you squeeze the fk out of one decent trend.
its all up to you... you can wait for it to see how it reacts to the bottom of PB risk seeing if it bounces off of it or breaks out for reverse. But one thing I highly don't recommend and I have not offered it here is to have a set TP... bcz that does nothing but to limit on you and your trades potential. be hands on and train your eyes and mind by studding the chart to make the best decision.. with time and practice you decisions will become better and better I guarantee it.


Trade well.

Opportunity inside London session from one of the outer pair, CAD/JPY long, nice +60

I saw this signal right before I was getting ready to go to bed... Aud/usd short good for 70+

I show you guys a loser... GBP/JPY long was a fake out... circle mark is the entry, Set stop below the BP hit is roughly about 17pips loss.. or, if you are like me, I don't put set stop (riskier version) and wait for the reaction to the PB to exit at BE off the bounce. on this one it did not bounce right away but it did came back to BE zone and I would not have hesitated to exit (Blue box).
... But the losses are usually 20pip and wins are minimum 20pip in slow market, with now days market volatility the 4R is a walk in the park.

Guys what I am about to say is commonsense but I feel obligated to mention it... Do not get involve in the later hours of N.Y session on Fridays bcz of approaching market close.
I also have mention to avoid trigger the first 3hrs of post NY close due to low volatility and high spreads with most if not all brokers.


Trade well.