Philosophy of this system
to take on trending movements, and especially not to be labor intensive, when the prices move over the 34EMA its been said that the price is reversing, so im catching those medium term movements.
I like this because its not intensive, it usually requires less then 1hr per day (sometimes 5Mins). it works off the 1hr chart, this system seems to trigger on a weekly or fortnightly basis.
on the 1 hr and daily chart, place a 5 EMA / 34 EMA. Add a RSI and Stoch and MACD. (All default settings).
Entries and Exits
The Daily chart is used as a directional filter. when the 5 EMA is above the 34 EMA, then only seek Long trades, when the 5 EMA is below the 34 EMA, only seek Short trades.
On the 1hr Chart watch for a crossover of the 5 EMA over the 34 EMA (in the direction of the daily filter). Place a open order 20 pips past the close of the candle. (above if Long and below if Short).
Stop Loss and PT
the Stop Loss goes at the previous Trough in a long, Peek in a short. The PT goes to the previous Peek in a long, and Trough in a short. I also include a Trailing stop at the same size as the SL.