Hey All,
Timon Weller here for forexreviews.info. Recently I started a thread here a couple of months ago on trading the weekly engulfing bars successfully at http://www.forexfactory.com/showthread.php?t=418199 and it got a lot of good feedback. Thanks everyone there. I hope I helped a lot of people there improve there trading..
However recently from my readers I got many questions on how to trade the 5 minute chart? In particular how to trade it profitably.. ? And is it possible..? Well it is..
First off, I wanted to say this is not my chart of choice ( I prefer h4, Daily and Weekly ) as there is so much noise on this chart, however because in one of my previous videos I had mentioned when I first started trading I traded the the 5 minute chart with Price Action and was profitable I was asked to explain how..?
I tried to explain in words and here is how I do it -
1. Look for significant candle - Engulfing
2. Place stop below previous candle entry.
3. Enter after significant engulfing candle..
4. Break even at whatever risk level entry risk is..
5. Take Profit at least at 1.5 to 1 risk or 2 to 1.. Meaning every successful trade has good risk reward.
6. Stay in when trade runs well by pulling stop along to just before previous candle close..
Above is a image of it in action on recent EURUSD 5 minute chart..
And here is a video to explain it even further -
Things to Ponder - What is interesting is that this 5 minute strategy is the same as my h4, daily or weekly strategy.. It just goes to show that this strategy if applied right works on any time frame..
If you have any questions on this simple strategy, let me know.
Regards,
Timon Weller
http://www.forexreviews.info
Timon Weller here for forexreviews.info. Recently I started a thread here a couple of months ago on trading the weekly engulfing bars successfully at http://www.forexfactory.com/showthread.php?t=418199 and it got a lot of good feedback. Thanks everyone there. I hope I helped a lot of people there improve there trading..
However recently from my readers I got many questions on how to trade the 5 minute chart? In particular how to trade it profitably.. ? And is it possible..? Well it is..
First off, I wanted to say this is not my chart of choice ( I prefer h4, Daily and Weekly ) as there is so much noise on this chart, however because in one of my previous videos I had mentioned when I first started trading I traded the the 5 minute chart with Price Action and was profitable I was asked to explain how..?
I tried to explain in words and here is how I do it -
1. Look for significant candle - Engulfing
2. Place stop below previous candle entry.
3. Enter after significant engulfing candle..
4. Break even at whatever risk level entry risk is..
5. Take Profit at least at 1.5 to 1 risk or 2 to 1.. Meaning every successful trade has good risk reward.
6. Stay in when trade runs well by pulling stop along to just before previous candle close..
Above is a image of it in action on recent EURUSD 5 minute chart..
And here is a video to explain it even further -
Inserted Video
Things to Ponder - What is interesting is that this 5 minute strategy is the same as my h4, daily or weekly strategy.. It just goes to show that this strategy if applied right works on any time frame..
If you have any questions on this simple strategy, let me know.
Regards,
Timon Weller
http://www.forexreviews.info