We tested on GBPUSD using the 5M Chart a traded in the direction of the 15M chart the results were mixed but overall more winning trades then losses. Traders must close trade when signal reverses.
Chart Timeframes : 5M minimum and follow 15M for main trend
Target Pips : 5M 15 pips, 15M 20 pips.
Pairs : Works on any pair tested on GBPUSD
Trading Times : Tokyo Open, London open and New York open is the best time to open the trades,
Exits : The exit should be based on the indicators and major support and resistance areas
Metatrader Version : 4
We tested and found that trading in the direction of the higher timeframe is the best way to filter out pullbacks and false signals. Trading against the trend is reduced when following the next higher timeframe.
So when trading the 5M Chart, follow the direction of the 15M Chart.