It should be Monday, Wednesday, and Friday. Yes, you add 5 lbs each workout. When this stalls, you would take a light squatting session on Wednesday and focus on your deadlift as your big lift Wednesday. Something like this...
Monday-
Squat: 5x5
Bench: 5x5
BB Row: 5x5
Pullups: 3x10
Wednesday-
Deadlift: 5x5
Press: 5x5
Chins: 5x5
Light Squat: 3x5
Friday-
Squat: 5x5
Bench: 5x5
BB Row: 5x5
Pullup: 5x5
That is when you need to take a light day for better recovery.