Intraday Pound Trades on 5min chart [GBPUSD]

Go Long price ABOVE 50 SMA

Go Short price BELOW 50 SMA

Trend = 50 SMA up or down

Setups with the trend: Flags, Pennants, Dojis, hammers, inside bars, Triangles, Big UP/Down Bars, Pullbacks, Buy High Sell Higher - Momentum.
I'll explain more on all charts I upload.


Stop Loss: 1 pip more than Swing High, Swing Low, sometimes I take less less...
TP Fixed: I try for 1.8xto2x leaves me with 1.5x costs.

Hit Rate 46% to 50%, best month 59%
Risk:Return 1:1.5

Money Management: Half a Kelly Criterion, more about that here https://www.albionresearch.com/kelly/default.php

I don't trade every day, I wait for a good one (Trend), always late to the party...

Tuesday 18th August:

Attached Image

1st Loss Close inside 50SMA,
2nd Buy Large up bar
3rd Buy Large up Bar, messed up the exit, took SL 3pips prematurely and paid the price, BE.
1.3149 was my target.

If I make mistakes, I don't trade on,

Tomorrow

Win, Sell Large Down Bar after Bear Flag, Return 1.8X Return, GBP news releases in next bar so I exited.

I'm Done, I've missed 3 setups in a row, hoping news would trick sellers with stop run, but no, all setups were perfect with no interruption.

I don't know whether its because I'm conscious that I've got an online journal, or I would have missed them anyhow.

paralysis by analysis

+26 pips

We have, Tommorow...

Ok this is my Final Trade of the day.
I was Journaling my trades in MSExcel, and I saw this Sell Opportunity.

A Confluence of Support becoming Resistance and Fib 23.6% at Price 1.3156
A Break of a Steep Trendline, to form a possible new Bearish Trendline or to test old Trendline.
Stop Loss Swing High, then moved to 1.3146

Return 1.9X
+21.1 pips

and yes the price has continued to Tank down. This is a Mechanical System.

First 2 trades, 2 Losses in a Row means my Day is over...I also stop trading if I have 4 losses throughout the day.

missed Bull Flag test also...

2 Trades, 2 Buy, 2 Wins

Break of Minor Trendline Enter, Doji didn't break Major upper Channel Trendline Exit.

RR 1.4X
RR 2.0X

2Losses 2 Wins -4 pips

update: Sell Win

2 Losses 3 Wins

2 trades, 2 Buys, 1 Loss, 1 Win

update:

3 trades, 3 Buys, 1 Loss, 2 Win

udate:
1 more win, added a little +29 pips

4 trades, 4 Buys 3 wins, 1 Loss
+40 pips after costs

Another Buy +7 pips

I messed up with this mechanical system with trade at 1610, so when I got a real setup 10 minutes later I added in5 times, took short profits, target was 1.3410.

+27pips

Yesterday was UK Bank Hols so no trading.

-29 pips
stop loss 2nd trade twice as large as planned.
Losing morning, there were 4 good setups in the PM afternoon, however I already shutdown my platform.

I've found an interesting stat today, I don't know how I should go forward with this Mechanical System,
My 5th Trades are most profitable in every month! % are win rates Return Risk 2:1, 1.5:1 after spread + commissions.

All Live trades so far:

By Month:


Maybe this system works best in USA session.

Also percentages are decreasing month-on-month, very worrying...maybe edge will be wiped out entirely soon.

+4.7
-12.0
+18.1


Can't make out how to use the CTrader DoM, looks nice anyhow...

+1pip BUY BE

No Trading tomorrow (NFP FRIDAY)

See everyone on Monday...

I didn't trade NFP Friday or Monday LABOR DAY. However, they both had excellent setups for my system.

Anyway I made +61.4% on my account today, messy but satisfied. The price came 1 pip up to/before my SL 1.30497

So i doubled the trade, I thought well, I'll lose 2 pips more (including commissions), or gain double if it hit my target (which it did), I chickened out of adding in a 3rd time when I moved my SL 1 pip to 1.30487 and price was 2 pips away.

The 2 losses in between were part of the same setup, faked out. should be 1 loss not 2.
The Loss at the end, I'm happy with, as it is a re-entry at a better price of another setup, so I lost Less then planned.


4 Losses, 1 winner with add-in risking only 2 pips more...Good Winning day despite Win Rate only 25%...

Messy day but we got there in the end, I missed a 25 pip setup @1355 GMT, due to a courier delivery, so i rushed the final setup lucky it worked.
Not trading on since I missed it.

Here is the DealMap, we show all trades here:

+23% on account,
Messy Awful trading, anyway I'm up +33pips , too ashamed to show the Chart entries, however all trades in image.

The pip Gxd is looking after me.... At least my winners are bigger than losers,
I got confused about my system entry and had 4 losses in a row for 1 setup,
but now have made# New rules to adapt to the situation. I should have just not entered.