When the market is volatile and/or the Directional Bias of the daily is sideways (in accumulation or distribution) I will rely on my Between the Greens (BTG) set up that uses Fibonacci-based exponential moving averages to gauge corrections in the (very) short-term trend.
Notice that the upper chart has the 34EMA Wave to confirm that the five-minute is indeed heading in a “twelve to two o’clock” or “four to six o’clock” trend. This is the first step because without a trend, the “trend-following” entry based on a correction is not valid!
The “Greens” are the 13 and 21 period EMAs on the close while the red moving averages are the 34 and 55 EMAs on the close. An entry is triggered when prices correct to the “zone” between the 13 and 21 period EMAs hence the entry is “Between the Greens”.
The reason I will turn to the very short-term time frame comes from a number of reasons. First of all remember that it is only for trends on the five-minute which is why starting with the 34EMA Wave in an up or downtrend is so important. Mainly however I prefer the five and 15-minute time frames when I am trading a pair that is moving sideways on the daily chart or if I am entering in a direction that counter the daily’s Directional Bias (e.g. shorting on a five when the daily is in an uptrend)
For more information on the Between the Greens entry and other entries I use, visit the InterbankFX You Tube channel.