5M EUR/USD discussion

Hi, Lets have a discussion on this topic on 5Mins chart EU day trading. Average how many trade daily? How many pips for stop loss and target price? Finally what is the sensible RR ratio? Myself 2-3 trade during london and NY overlap session. Stop loss about 20pips target about 20-30 pips. Target RR 1-1.5. What about yours?

Hi Limcheese,
I am surprised that there have been no responses to your post yet. I think the 5M TF is a good one especially for Newbies mainly because the SL can be within a close comfort zone on a small account balance.

I agree with you that SL and TL could be somewhere in the 15-30 pip range.

Regarding the number of trades, I think that depends very much on how much one wants to be close to one’s PC! However I have found the London session the easiest to find follow-through on starts whereas the NY session seems to die very early these days!!!

I don’t think that one can really talk about “trends” on a 5M TF but there IS a price movement follow-through that continues long enough to trade - i.e. 15-30 pips.

What trading setup do you use?

I make about two-three trades per day. SL and TP vary generally between 10-15 pips, but I usually wait for secondary economic announcements to come out and trade on them. This way I don’t need to get in with the crowd on the larger events where it’s too volatile for my taste.

I agree there aren’t real trends per-se on a 5M, but there are certain levels that act is support and resistance.

Tks for replying.

I use 1 hr fibo level, 5 mins RSI divergence.

What is the RR in 5 mins chart like?