I think that if you are going to use TP and SL levels on an index such as the DJI then it is much better to set them with a percentage rather than a fixed pip amount because as the DJI price increases over time so does the average range of each candle so you are far more likely to stay in tune with the market as it moves forward.

As ever I am sceptical of the 5 minute time frame due to the lack of backtest data available. I only have 100k bars so let’s hope someone with 200k can come along and give us an OOS test.