I took nine trades today, which is alot. Sadly, I finished slightly below breakeven (transaction costs consumed the nominal profit I made today).
I added the M1 chart and the Momentum(5) indicator to help manage my trades. I'm still using the M5 chart to measure the trend and identify key price levels.
I'm also experimenting with daily pivot points. I'm not a big believer in pivot points, but I know that professional traders do use them.
Below is a snapshot of the 8th trade I took. This was on the USDJPY and the M5 chart showed an uptrend (however, the H1 chart was much more neutral).
The move up had slowed down for awhile, and I saw a pinbar form at a half-decent location (it formed at the 50% retracement level of the most recent upswing). When I saw that price was having great difficulty breaking lower, I entered a buy limit order and got a good price.
Price moved in my favour shortly after. I used the M1 chart to trail my stop loss, moving it just below the low of the second most recent candle on the chart. As soon as price stalled, my trailed stop loss got hit and I exited at 1R profit.
However, price resumed moving in my favour, and would've hit my 3R profit target.
This stop loss might've been way too tight. The M1 chart shows greater detail than the M5 chart, so trailing a stop loss using the swing points on the M1 chart might strike a good balance between tightness and accuracy.