My 5 Min Trading Learning Process & Thoughts

A chart for you LJ.

See how it turns out

Ignore my trades btw.
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TL + PPZ ..oh and a PB

Thats bad LJ.

You missed something.....
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Another one.

Switch to Daily and you'll be happy.lol
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I'm in the first AJ (lower one)...but not liking the fact that gold broke above it's TL, fib, PPZ confluence earlier though

What did I miss...new LL and LH?

BRN 1.35

Mark, Still trading?

Yep...just had an extended break over Easter from the 5min timeframe.

Will be starting looking at my 5 min chart again in about an hour or so

Here are my current charts...both 15min and 5min.

On the 5min there was a great trade IMO earlier...the pin bar marked was essentailly a breajout, pullback and PA...slam dunk setups.

Right didn't trade yesterday as the wife had the day off too so had couldn't spend all day in front of my computer. Started late today as not feeling too well and thus wanted a lie in...but luckily I got some good pips today.

I have also added the 50SMA to my charts and removed floor trader pivots.

Ignore the sell on the chart this is something else on higher timframe.

Increased account by 15.55% today (risking approx 1% per trade)

Hi,

I have a question. How do you manage your sl's when you're adding to your positions.

I normally put them above the last peak / valley. For example if I am going short on a break of a LL valley formed then the stop will go 2 pips above the last peak / LH formed.

If the market is fast moving and there is no obvious peak / valley or S/R then I will use a nominal 10pip SL

Won't be trading 5min today... interest rate day and I need to focus on my JPY crosses on longer timeframes.

I'm out for today too. Day trip to Madison

Hope you had a fun day

I traded all morning mainly on JPY...didnt quite get as many pips as I wanted but account still grows...spend a few hours in the afternoon going for a run, I'd rather be drinking beer in the sunshine but need to shed some fat for the beach in summer lol.

As i said I didn't trade this timeframe today but I did an analysis of how I would have traded...I kow it's always easy in retrospect to analyse.

I've been thinking about this time frame during the course of today and I'm not hvaing as much time as I wanted to dedicate to 'reserching' and analysing trading on this time frame.

From my limited experience you need to be completely focussed and 'in the zone' to trade the lower time frame and I struggle to do this when I'm busy on the 1H, 4H time frames like today I had lots of trades (see my other journal) and personally I feel you need to be able to 'feel' the market and just watch it continuoulsy on the time frame.

I've basically been applying the same techniques that I use on the high time frames (price action, breakouts, S/R and trading the trend) to this timeframe and my main obervations are as follows:

1. These techniques defintely hold true.

2. S/R are broken more easily and are not as powerfull...I haven't used S/R formed from the lower time frame much just higher time frame S/R.

3.You nearly always get a half decent trend each day on EU - playing part of this trend grabs you the main pips for the day and makes up for any losses - even on bad days I only lost a few % compared to a really good day where you can make very high returns.

4. You have to trade with the utmost confidence...price moves fast, things can be choppy and HH, HL etc can get blurred...buit sticking to princples of playing breaks of HH,HL etc and price action like pin bars outside bars, divergence etc will and does work on this timeframe...but you will suffer losses and they occur quickly. There is no time to recover or dwell...you need maximum confidence in your method and just keep applying it in the knowledge that over the course of a week you will make decent returns.

The only way this can be achieved is by practice and chart time and back trading.

I remember RyanMCD saying that he printed of years of charts or soemthing and studied them...that is impressive and exactly how you would expect soemone who wants to be a successful trader as a full time business to behave...imagine how much confidence he has having studied charts over and over again, now look at some of his trades...from what I've seen he makes very high returns day in day out ans has a huge amount of confidence...this is such an important part of this timeframe IMO the psychology and stress involved in trading on a quicker lower timeframe...normally if I have 3-4 losses in a row they can occur over a couple of days...on this timeframe they can occur in 20minutes - do you have the confidence to suffer those losses can continues tradin your method as if nothing had happened...not sure I could, but I've not had enough chart time on thimeframe yet.

5. Patience is even more important on this timeframe than higher ones IMO...lots of potential trading setups...price bars complete very quickly..but being patient and picking only the setups that conform with your plan is key to this timeframe...I could imagine if you lost your way and let you emotions get in the way you cuold blow a big part of your acount very quckly on this timeframe

Well, that was a bit random buy it's my thoughts so far on this time frame. I will continue trading this timeframe...maybe 2-3 times per week...I'll continue with my small Oanda account...will also add couple more MA's that from what I've seen (Phil Nel) that work well in a trend as pullbacks.

Anyway..I will be trading this timeframe again tomorrow

Didn't trade on Friday... bit wary on Friday's as can get some erratic price action and after the quick move up half way through the day that was enough to convince me it was not prudent to trade the 5min timeframe for the rest of the day.

This is a great setup IMO...SL now @ BE...can it go all the way down and close the gap...perhaps that wishful thinking, but this is the same setup that occurs on higher time frames...breakout and restest of old support.

A good day today - no losers!

I decided to take my fractal S/R indicator off my chart - nothing wrong with it but I was finding it hard to draw Tl's and find patterns as my chart was too clustered. There were some nice triangles and TL's today which made trading much easier...not a big trend basically a downtrend with a decent pullback before gently drifting down again.

Having reviewed some previous trades and charts I'd noticed that on this timeframe you obviously get a lot of noise and can have pullbacks to the trend which go further that the previous peak. I've been doing some analysis of past charts with the 50SMA together with 10 and 21 EMA's (as Phil Nell uses in his 5min system) and find that using these as potential SL areas , S/R or just bearing these in mind when trading can help. This acutually helped keep me in a trade as show in the attached chart as price was trading well away from it's 50SMA and will tend to pullback to it after a while and test it as resistance - was also a fib retracement too.