Following the trend is easy on M5 but lots of moves blow up in smoke. Tonight was great between 6pm to 8.30pm then the market died. And I mean just died, no movement anywhere on any one of my charts.
Price action then just retraces to take out your stop loss or just sits there. I was up 95 pips on 6 trades then everything ran out of steam. Most just when backwards slowly.
So up 95 pips then I close most for only a profit of 35 pips. So London Session trading tonight on my pairs was a low to break even session. I endeavour to get all my open trades to break even after 25 pips for safety. This almost guarantees half will get stopped out for Zero.
My game plan is to open around five to six positions a night if possible on my list of 20 trading pairs ( I won't trade EURGBP / AUDCAD on M5 ) and play the numbers game that one or two will probably run hard, three will fail for a small loss or no loss. Of course if there is no setup then I open nothing.
The odds on getting at least one big 100 - 150 pip win a night ( 3 or 4 trades in basket ) is good for three to four nights a week but I may need the New York session tonight to give me a good win.
Monday & Tuesday Night were great, tonight so far lousy. The reality is we only need just five good charts a week from a possible 100. There were 7 great charts between Monday & Tuesday nights.
My role in trading M5 is to only concentrate on protecting Equity, not counting pips.
Its just like Poker, I don't know if I have a winning card in my hand till the game is played.
