I’m looking for long-term trends on the dailies only. I have 3 mandatory criteria and then up to 9 optionals. To take a trade on a trend, it must have all 3 mandatories plus at least 6 optionals.
The mandatories are (for an uptrend) -
20EMA > 50EMA
50EMA sloping upwards
50 > 200EMA
The optionals will depend on the detail of your particular strategy but I look at the following and award an additional 1 or 2 or 3 points per criterion if seen -
% of weekly closes, highs and lows above 50EMA in last 6mths
number of consecutive recent weekly closes above 50EMA
number of consecutive recent weekly bars completely above 50EMA
number of uptrends seen on other pair price charts for this base currency
number of recent consecutive weekly bars overlapped by most recent weekly bar (thinking of giving this a bit more emphasis with a “bonus point” if its very low).
The scoring idea allows me to quickly check the 20+ major pair charts plus some minors and exotics and quickly rank them so I can focus on the “best” - i.e. best for my strategy.
Initial stop would be at low of recent support zone. “Dynamic” stop kicks in if weakness shows in price against 20 and 5EMAs.
Ignore resistance levels.
I aim to add a duplicate long when entry is exceeded by initial stop distance (pips from entry to stop). And again and raise stop by same pips each time price rises by the initial stop distance. This is aggressive, I don’t wait for a new buy signal and don’t close earlier trades when doing it.
Entries are any suitable candle formation once the set-up points are in place.
All in all, its pretty objective and simple to run.