Could someone please comment on my trading plan. I am trying to set up a plan that is suitable for swing trading. I am a beginner and in need of advice to fine tune my plan.
Trade on a Daily ( Swing Trader) 4 hour time frame and 30 minute timeframe
5 EMA applied to close
10 EMA applied to close
Stochastic ( 10,3,3)
MACD ( 26,12,9)
Stop Loss = 20 pips
Enter long if:
The 5 EMA crosses above the 10 EMA and both stochastic lines are heading up (do not enter if the stochastic lines are already in the overbought territory) and MACD fast line crosses above slow line
RSI is greater than 50; and Parabolic SAR is below the candlestick
Enter short if:
The 5 EMA crosses below the 10 EMA and both stochastic lines are heading down AND (do not enter if the stochastic lines are already in oversold territory)
RSI is less than 50
Parabolic SAR is above candlesticks
Exit when the 5 EMA crosses the 10 EMA in the opposite direction of your trade OR if RSI crosses back to 50 and Parabolic SAR gives exit signal.