GBP/USD 5min setups

I’m currently trading GBP/USD off the 5min intraday and will be posting trades here when I can. It’s 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 i’m usually able to monitor trades closely. I refer to higher TFs but I don’t 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. I’m usually flat by 6pm (UK).

Jan 2008 –Jan 2009 I traded a personal fund full-time after several years of ‘preparation’ – it was a terrible year, on all fronts. I’m 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.

Bullish through London Open today. PPI report due at 09:30, will wait for the dust to settle afterwards before getting on board.

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

Timaru69, thanks for stopping by and posting. I've yet to use tick volume in earnest.

...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.

LO near the round number and a 123 long building on the 1min currently..

Now short 5391, 1st tgt around Franky low (5365).