GBP/USD 5min setups

This is a discussion on GBP/USD 5min setups within the Trading Journals forums, part of the Reception category; Iím currently trading GBP/USD off the 5min intraday and will be posting trades here when I can. Itís a simple ...

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Old Sep 9, 2010, 4:56pm   #1
Joined Apr 2003
GBP/USD 5min setups

Iím currently trading GBP/USD off the 5min intraday and will be posting trades here when I can. Itís a simple price action based approach hinging on the London and New York open. My job demands sitting at a PC most of the day, so iím usually able to monitor trades closely. I refer to higher TFs but I donít factor the information into this approach, as it simply follows the intraday flow with no trades held overnight. I tried taking higher TF info into consideration but it created more frustration and worse results. Iím usually flat by 6pm (UK).

Jan 2008 ĖJan 2009 I traded a personal fund full-time after several years of Ďpreparationí Ė it was a terrible year, on all fronts. Iím now more battle hardened with better discipline and other failings in check. Not an uncommon experience within a trading journey, I know.

Today has seen a short from the London open setup and 2 long trades from the NY open, the last one exiting at the Frankfurt resistance (5475). From tomorrow I will post charts of each setup as they appear, whenever possible.

Thanks for reading and good trading.
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Old Sep 10, 2010, 8:45am   #2
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Re: GBP/USD 5min setups

ChowClown started this thread Bullish through London Open today. PPI report due at 09:30, will wait for the dust to settle afterwards before getting on board.
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Old Sep 10, 2010, 9:51am   #3
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Re: GBP/USD 5min setups

ChowClown started this thread Long set up pending entry.
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Old Sep 10, 2010, 10:15am   #4
 
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Re: GBP/USD 5min setups

Quote:
Originally Posted by ChowClown View Post
Long set up pending entry.
Hi

Interested in your posts, I try and use price and tick volume for my setups and generally look at 5 min, 15 min & 4 hr timeframes

I target 20 pips , but may (if I can get near the screen) look at bigger swing moves

Here is my Cable trade from this morning (before work) , I trailed it for 19 pips


entry on the crosshairs
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Old Sep 10, 2010, 10:49am   #5
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Re: GBP/USD 5min setups

ChowClown started this thread Timaru69, thanks for stopping by and posting. I've yet to use tick volume in earnest.
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Old Sep 10, 2010, 1:04pm   #6
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Re: GBP/USD 5min setups

ChowClown started this thread ...long orders cancelled for now, price action toppy here and as we're nearing NY open i'd rather wait to see what direction they take it.

Edit: 13:45 - will be looking to short a confirmed break below LO or a confirmed break long of the NY open...sitting on hands again for now.
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Last edited by ChowClown; Sep 10, 2010 at 1:46pm.
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Old Sep 10, 2010, 1:59pm   #7
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Re: GBP/USD 5min setups

ChowClown started this thread LO near the round number and a 123 long building on the 1min currently..
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