Failed Breakout (FBO): 5 Min as Signal Bar and Entry Bar

This is continuing a discussion from Brooks Price Action forum:

http://www.brookspriceaction.com/viewtopic.php?t=1459

This is post 1 of 2. In this post I will show how I recognize the Buyer / Seller Failure (FBO) on the 5 minute, use the 5 minute Signal Bar, and a 5 minute Entry Bar.

The following post will include implementing the 50 tick for Entry to enter during the formation of the 5 Minute Signal Bar.

This strategy is less advanced than the 50 tick addition, but if strictly trading the 5 minute, your stop may be at uncomfortable levels because you're waiting for the 5 minute to close. However, its systematic and there is little questioning of the setups.