What do you think of my timeframe strategy?

I want to be doing intraday trades and I read a lot of traders like the hourly TF for finding trades and then they use 15m for fine tuning entry/exit.
But I think hourly is not short enough for me, I want to trade during the market overlapping hours when there is more power in the market for strong trend movements and I believe 5m TF will be the best for me.

So My plan is to first look at general direction market is moving on the daily TF.. if its up or down trend.
Then look at hourly TF and draw trend lines, patterns, S&R and a 200 SMA that I will use as an additional S&R.

First rule would be that hourly and daily TF has to be trending same direction for me to take a trade on the 5m TF.
Second is that I don't trade against the trend.

First I was thinking to use the 1m TF to finetune entry and exit after finding a trade on the 5m TF but I changed my mind about that.. I will not go lower than the 5m TF.

My plan is to use moving averages on the 5m timeframe.. will be using the floor trader method by using a 9 and 18 MA.

I also want to use RSI 14 I think for checking for divergences and overbought/oversold but I'm not sure what TF to use it on.. Which TF do you suggest I place the RSI on and why? 5m or 15m?

I will use a monthly pivot on daily TF and weekly + daily pivot on hourly TF and daily pivot on 5m TF..
But I am not sure if I like using pivot on eur/usd since it's a trending pair.. what do you think?

Why don't you test your strategy in several pairs and post charts in here. They we can evaluate.

Success in the forex market mainly depends on the trading strategy you are using on your trading. So, make sure that your strategy is very pofitbale.

If your stop loss is large and your take profit is little, then yes, sure, find a very profitable strategy (if you are desire to be on a never ending hunt).
But when your stop loss is small, then the larger your take profit is, the less "accurate" your strategy has to be...

For example, you can have a 35% winning strategy and still win if your stop loss is say 30 pips with a take profit of 90 pips (1:3 RR).
In this case, out of 100 trades, for example, 35 will have won and 65 will have lost.
35 profitable * 90 pips TP = +3,150 pips
65 losing * 30 pips SL = -1,950 pips
Total P/L: +1,200 pips

Very nice explanation!
But yes it is important to find the balance between stop loss and profit

Forex market is the riskiest market in the world. You can lose all your money in a second. SO make a good strategy to save your money and make profit from this market.