Yes, that's perfectly possible, and using the "remember" trigger as you have correctly assumed.
If you're after the prices though, i.e. you want to compare the price that a selection had 5 secs ago with the current one, then simply use the conditions:
Selection's Back Price Dif over ... mins
Selection's Lay Price Dif over ... mins
Selection's Back Ticks Dif over ... mins
Selection's Lay Ticks Dif over ... mins
If it is about something else, then set a trigger to "remember" a set of selections under your chosen name, and set it to be executed "no more often than 5 sec". Make sure your market is also refreshed at 5 sec, to synchronise the refresh and the trigger.