How To Successfully Trade the 5 Minute Charts

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#514: How To Successfully Trade the 5 Minute Charts

In this video:

00:33 – Should I look to scalp the market?

01:20 – Any Pair and any Market and any Time frame chart

01:53 – Most people don’t know when to look or what to look for

02:33 – Only take Continuation patterns

03:07 – Examples of Continuation patterns

04:11 – It’s all about the strategy

04:22 – Blueberry Markets

05:02 – Masterclass and book a call to chat with us

Should you consider trading the five minute charts? It's a question I get asked very often. And just this week, one of our clients has posted some amazing five minute chart trades on our forum site, and I like to share details about that right now to help you. Let's get into it.

Hey there, traders. Andrew Mitchem here at the Forex Trading Coach with video on podcast number 514.

Should I look to scalp the market? 

Now quite often I get asked the question, Andrew, should I look at scalping? And scalping is trading shorter timeframe charts when you're generally in and out of the market relatively quickly and most of the time I say the people don't do it.

Stay away from anything from one hour charts and below because most of the time it consumes you. It's lots of noise, lots of whipsawing around and the price action. And unless you know what you're doing, it's probably going to eat you alive. It's probably not a great idea. And really it comes down to each to their own. You know, I much prefer personally the longer timeframe charts with the higher rewards risk looking less often. But we also have to acknowledge that not everybody wants to do that.

Any Pair and any Market and any Time frame chart

And the fantastic thing about my trading strategy is it can be applied to any currency pair, any market and any timeframe chart. Now, just this week, one of our clients, David, has posted for amazing five minute chart trades on our forum site. So David is only looking at his charts just three days a week and only for about an hour or so per day.

So it's really important that if you are to look at short a timeframe chart such as the five minute charts, you do not make this like all time consuming.

Most people don’t know when to look or what to look for 

The issue that a lot of people have is they don't know when to look, they don't know what to look for. And then because they're sat there looking, they kind of bring emotions in trades and they feel like, Oh, I'm here right now.

I have to find a trade. And that becomes quite a dangerous thing. It's like years and years ago when I started trading on dial up Internet and same thing. You finally got the Internet to work. And I thought, Right, I'm on ready to go now. Where's a trade? Let's make it happen. And of course, that's not the way to trade.

So you know, fast forward and luckily we don't have dial up any longer, but there's still the same kind of issues that you must get away from. The fact that just because you're there don't force a trade to happen.

Only take Continuation patterns  

So let's get back to David. What David has done very sensibly is he has chosen to only take continuation trade patterns.

So here at the Forex Trading Coach, we take reverse patterns and continuation patterns. Reversals are pretty cool. They look really good on the charts as being a big uptrend and then the we looking to sell or there's been a big downtrend. You're looking to buy. That's fine on the longer timeframe charts, but on the shorter time frame charts, a continuation pattern is a far safer, higher probability way of trading, and that's what David has chosen to do on the four trades that he's taken this week.

Examples of Continuation patterns

So as an example,