Tony, I hope you don�t mind, but I�ve bulleted your questions to CC to add emphasis to their relevance.
Forget about the 60sma for a minute & look again at what you inferred in your comments? What essentially were you asking confirmation of?!
I�m sure you (& other like minded observers) are more than well aware of the powerful message behind the 60sma technique. The Captain has certainly made reference to it in a couple of his posts.
For those who still don�t quite �get it� :
You�re attempting to trigger entries in line with any obvious directional flows, being orchestrated via the 4&1 hour timeframes. The template timeframe in this instance, being the 5min (for ease of use).
If the 60sma was invisible from the charts, you�d essentially be looking for higher high/higher low steps in an uptrend�..lower high/lower low steps in a downtrend. If you�re a �trend trader� then you�d maybe require to witness at least 2/3 of these occurances to tempt your taste buds?
Of course, your criteria might differ slightly from the entry/exit levels displayed by the 60sma, but the generics are exactly the same.
The inclusion of the 60sma is merely a comfort blanket to this process..a guide if you like.
If you scroll back over your charts & observe your (intended) entry, partial profit booking & exit points, up & down the price chart, you�ll notice that these pit stops generally fall into line with natural price reversal or pullback tendancies on those higher timeframe chart references.
As with any type of (potential) trend entry, we have absolutely no idea as to how the trade will develop, if at all.
The only definite event we�re certain of, is our risk portion of the trade (our stop-loss level & position size ratio�s). The rest is down to experience/familiarity with our instrument(s) & the skills we possess regarding trade management.
Nevertheless, this strategy is a very cool addition to the Forum & highlights the important concept of �keeping things simple & uncluttered� both in technical observation & trade implementation.