Best Thread GBP/USD 5min setups

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ChowClown

Well-known member
Apr 23, 2003
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#1
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.
 

ChowClown

Well-known member
Apr 23, 2003
2,732
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#2
Bullish through London Open today. PPI report due at 09:30, will wait for the dust to settle afterwards before getting on board.
 

timaru69

Active member
May 25, 2004
226
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#4
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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ChowClown

Well-known member
Apr 23, 2003
2,732
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#6
...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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JDTRADER

Well-known member
Jan 18, 2009
1,462
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#10
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.
Good Luck

I use 1m/5m/15m for intraday
 

ChowClown

Well-known member
Apr 23, 2003
2,732
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#11
Hi LF, sl @ 5416 atm.
...5min 123 long building around LO now. Will stop and reverse on any break up to test the NY open.

Edit: 15:30 another break lower from consolidation.

Edit: 15:37 PA too sluggish here now for me. Closing at b/e.
 
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ChowClown

Well-known member
Apr 23, 2003
2,732
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#13
another attempt from the LO level, long setting up..

Edit: 16:50 - will be leaving the office in 15. Orders cancelled. A b/e day today. Until Monday morning.
 

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ChowClown

Well-known member
Apr 23, 2003
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#14
I've just entered long 5484 with a stop and reverse at 5447. Will let price take me out on 5min reversal pattern. No major cable news today.

Edit: 08:54 - hmm, 2b reversal perhaps, will stick to the plan though.
Edit: 09:31 - 123 short building now below LO, so stop & reverse likely to kick in soon.
Edit: 10:36 - ...stopped and reversed short from 5447, 1st target is 5420.
Edit: 11:02 - 1st scale out filled at 5420 and other stops now at 5467.
Edit: 11:37 - 2nd scale out filled at 5402, other stops @ b/e +2 (5445).
Edit: 12:44 - stops now at 5413. I have a client meeting this afternoon and won't be able to monitor further. In case not stopped out, have set final exits at 5355 from a higher TF TL.
 
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ChowClown

Well-known member
Apr 23, 2003
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#15
Late start this morning, will wait for price clues around some TLs I have marked up before getting in. Price currently above London open, but price action does not support 5min longs atm, will wait for a better move to jump on the back of. NB US CPI at 13:30.

Yesterday's tally -11.
 

ChowClown

Well-known member
Apr 23, 2003
2,732
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#16
...now short from 5397, a bit too early though, should have waited for a close below 5400 ideally. 1st tgt London open, 5370. SL currently 5427.

Edit: 14:32 - stopped out, now flat waiting for next setup.

Edit: 18:06 - unable to take a long setup this afternoon because of work, what a move to miss :)
 

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ChowClown

Well-known member
Apr 23, 2003
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#17
Quite a bit of news likely to affect cable today, so need to bear these times in mind: just had 09:30, next is 11:30, 13:30 and 15:30...looking for a pullback to short atm.
 

ChowClown

Well-known member
Apr 23, 2003
2,732
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#18
...short from 5498, sl last swing high (5min) 5525, 5470 ish 1st target.

Edit: 10:52 - came close to being stopped out, now testing the round number, for the resistance/support switch scenario. My max loss is currently 1% and I regularly get stopped out between 0.5%-1%.

Edit: 11:06 - moved stops to 5513.

Edit: 11:37 - stopped (-0.5%). -1.9% for the week so far.
 

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ChowClown

Well-known member
Apr 23, 2003
2,732
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#19
...in long now, 5533, sl currently 5505, will begin to move stops up as and when support develops.

Edit: 12:36 - stops now 5520.
Edit: 13:15 - stops now 5541.
Edit: 13:25 - stopped. (+0.27%, wk -1.63%).
 

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ChowClown

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Apr 23, 2003
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#20
Looking for short entry now...edit(15:17), long bias once again..15:30 news soon not heavy though.
 
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