GBPJPY Long on M5 after confluence of 6+ factors
First, we had to check for news. If there were important news in half-an-hour's time, the trade had to be skipped. Always check for news when trading the smaller / intraday time frames and do not trade 30 min before and after important news releases! Luckily, there wasn't any upcoming news.
The 200ema and the 60ema were pointing upwards and price action was above them. The trend was our friend. Avoid flat / choppy setups at all cost! We just had to wait for a bit more confirmation. The MACD had a bullish cross, the stochastic, too. The Laguerre indicator crossed 0.45 and was pointing upwards - a sure bullish confirmation. When price broke through the round number level 150.0000 with force and the next candle surpassed the high of that candle, we placed a fast long and scalped up to the next resistance level - the weekly pivot.
As you see, the confluence of many technical and price action indicators was needed for trading this lower time frame. In this case we needed over 6 (!!) bullish signals to line up in order to pull the trigger. The risk management was also impeccable - 2% of the account size, no more!
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Thank you and green pips to all of you!