Best Thread GBP/USD 5min setups

[ChowClown]

9th Dec GU London Breakout

...short breakout filled as per sheet below. I tweak the first scaleout (which isn't necessarily 50% these days) when weekly or monthly pivot values are in the vaccinity of the trades 1:1 level, so todays trade had the 1st scaleout at the monthly pivot, 5780 just 10 pips from the 1:1. I'll move stops to breakeven when a confirmed SbR switch prints and not before. Even if a full on pivot reversal occurs, the loss will at least have been reduced....just need to work on letting the winners run more, as always

Edit: 9:55 - stops to b/e now...some profit taken and now a free ride to do what it likes.

 

[ChowClown]

EU short 1

..also got a fill short earlier on EU (5M) too from 3280.6, initial sl 16.4 (1% risk) and all out for +12.1 pips (0.74% gain)..out around the weekly pivot and 138.2 fib extension.

 

[ChowClown]

Re: 9th Dec GU London Breakout

...short breakout filled as per sheet below. I tweak the first scaleout (which isn't necessarily 50% these days) when weekly or monthly pivot values are in the vaccinity of the trades 1:1 level, so todays trade had the 1st scaleout at the monthly pivot, 5780 just 10 pips from the 1:1. I'll move stops to breakeven when a confirmed SbR switch prints and not before. Even if a full on pivot reversal occurs, the loss will at least have been reduced....just need to work on letting the winners run more, as always

Edit: 9:55 - stops to b/e now...some profit taken and now a free ride to do what it likes.

Daily S1 @5698, if it gets there i'll exit remaining lots....ties in with ADR which is 50 odd away atm....mpc not far off though, so anything could happen and i may well exit before the announcement.

 

[ChowClown]

Re: 9th Dec GU London Breakout

Daily S1 @5698, if it gets there i'll exit remaining lots....ties in with ADR which is 50 odd away atm....mpc not far off though, so anything could happen and i may well exit before the announcement.

OK all out now @5750...8 mins before mpc, leaving me with the option of some 5min reversal trading on GU/EU, whichever has the cleanest PA post announcement. Adds 0.32% to the kitty.

 

[ChowClown]

EU 5min long

Took the break north for +18.3 and exited at the daily pivot. Sl 13 pips, 1% risk, so gain of 1.36%. That's 4.19% for the week so far, which will do for this week.

 

[ChowClown]

gift horse...

...couldn't resist the pattern, decided to short GU over EU this time. 1% risk, entry 5776.5, sl 5793, nervous 33% scaleout for +4 (and stops to b/e) and took remainder off at +31.4. +1.35%, wK: +5.54%....def no more now

 

[ChowClown]

A belated HNY!

Edging back into this year's trading slowly. Keeping it very simple, first setup for me today is on GU, the poor services data has generated an intraday reversal with a couple of shorting opportunities - i'll take either a support/resistance switch and/or a continuation entry.

Edit: added a couple of other short entry levels. SbR (horizontal) level now filled at 5489 and SbR TL entry filled @5512....

Edit: almost all scaled in now, this morning's supply being the key to this trade, hindsight being a wonderful thing etc....if this pans out, i'm targeting the 138.2 fib ext around 5428.

 

[ChowClown]

...all stops moved to 5495 now.

Edit:...stops to 5488.

 

[ChowClown]

GU long

My trading frequency this year will be reduced as I make more effort to wait for the better signals. I've also increased the risk per trade from last year's max of 1% to 2%. I am in a very happy place as far as trading is concerned now, with a consistently high win rate and a simple intraday approach.

Took a GU long earlier on the break of the 5min 123 that hit the earlier supply area for +18.5.

 

[ChowClown]

To help with the over-trading i was prone to last year, i now scan for setups on the 15min initially, across 6 pairs. So far this morning UC is the best contender for a short but a fair way to go yet.

Edit: short setup now void.

 

[ChowClown]

EU short

Currently short EU...doesn't look too promising atm, but won't fiddle with it. It will exit at either full 2% loss or profit.

 

[ChowClown]

GU short

Unable to trade yesterday and this is the first setup entered this morning on GU.

Entry: 6091.7 (SL: 6126)
Scaleout: 6075
TP: 6052

Edit: closed out for -8 15mins before US Manf PMI

 

[ChowClown]

EU long

...2nd trade today, EU long on momentum break targeting the RN which is also around a 138.2 fib extension from the 5min chart.

Edit: all out for +13.5

 

[ChowClown]

GU short setting up...

Depending on how the current 15min period shapes up at 16:45 close, i'm likely to be short GU...will edit later.

 

[bedsit]

Re: EU long

...2nd trade today, EU long on momentum break targeting the RN which is also around a 138.2 fib extension from the 5min chart.

Edit: all out for +13.5

Hi CC

Nice to see you post again.

I've noticed you use 138.2 extention. I've heard about it, but somehow never tested it.

What about 138.2? Is the success rate simillar for EU and GU to 1618 ext?

 

[ChowClown]

Re: EU long

Hi CC

Nice to see you post again.

I've noticed you use 138.2 extention. I've heard about it, but somehow never tested it.

What about 138.2? Is the success rate simillar for EU and GU to 1618 ext?

Hi Bedsit, over the years I have personally found the 138.2 a more reliable target area than the 161.8 (sorry no stats as such). High confluence zones generally take precedence though, so if the 161.8 is nestling amongst a round/psych number, a higher TF fib level/ext or a pivot, i'll aim for that zone and use the 138.2 enroute as a scaleout level.

 

[ChowClown]

Re: GU short setting up...

Depending on how the current 15min period shapes up at 16:45 close, i'm likely to be short GU...will edit later.

...short order now in at 6120...

Edit: filled and tgting the RN for now.

Edit: Took full loss (2%) on this one overnight.

 

[ChowClown]

EU & GU short

Short on both from a while ago, current 5min snapshot...

Edit:...about to get stopped and reversed on GU, i think..
Edit: ...yup, long now on both and targeting this morning's swing highs.

 

[ChowClown]

Re: EU & GU short

Edit: ...yup, long now on both and targeting this morning's swing highs.

GU stopped out and now reversed short tgting 45ish....still long EU.

 

[ChowClown]

Re: EU & GU short

GU stopped out and now reversed short tgting 45ish....still long EU.

EU now stopped out, reverse for shorts not quite setup yet.