5m intraday -> from €500 to..

Hey there,

in this journal I want to continue that famous 5m Phil Nel trading approach - someone remembers it?

I start with a €500 account, let's see where it goes. I usually go for 1.5:1 r/r, so a SL of 8 and a TP of 12. Traded pairs are GBP/USD and EUR/USD. Initial risk is 2% per trade.

Start is today. I won't have time every day and not always will be opportunity but I use stop buy and stop sell orders and will post them on my twitter account before trades are entered: https://twitter.com/krautfx

Good morning! First to give you an overview what I look for, here's an example from yesterday:



1) Basically I look for setups where trends seem to start, all 3 MAs should move along and spread out nicely.
2) In that case I wait for a retracement into the zone between EMA 10 and 21.
3) As soon as it's entered, I start using stop orders above (for up trend) or below (for downtrend) the last high/low to enter the trade in case it continues the trend
4) As soon as the price closes on the other side of the SMA 50, the setup is invalid.


3 trades yesterday, 2 BE one loss:

#1
EUR/USD Stop Sell at 1.10939, 10:15 filled at 1.10936 (slippage 0.3 pips)
SL: 1.11016 / TP: 1.10816
Spread: 1.0 - 1.4 pips
Max minus: 2.6 pips
Max plus: 8.6 pips

Result: Stopped out at BE 11:04 at 1.10937 (slippage 0.1 pips)
-0.1 pips / -0.13
Duration: 49min
Comment: Stop at BE was good because it would had been a loss otherwise



#2
GBP/USD Stop Buy at 1.29616, 13:53 filled at 1.29616 (slippage 0.0 pips)
SL: 1.29536 / TP: 1.29736
Spread: 1.5 - 2.1 pips
Max minus: 3.2 pips
Max plus: 7.4 pips

Result: Stopped out at BE 14:28 at 1.29616 (slippage 0.0 pips)
0.0 pips / -0.01
Duration: 35min
Comment: Stop at BE was good because it would had been a loss otherwise



#3
EUR/USD Stop Buy at 1.11202, 14:49 filled at 1.11202 (slippage 0.0 pips)
SL: 1.11122 / TP: 1.11322
Spread: 1.0 - 1.2 pips
Max minus: -/-
Max plus: 3.2 pips

Result: Stopped out 15:06 at 1.11122 (slippage 0.0 pips)
-8.0 pips / -10.01
Duration: 17min
Comment: