Tom's Simple 7 Strategy
Preparation of charts:
Install a 7 close price EMA.
Install a 50 close price EMA
If the 7 EMA is lower than the 50 EMA trade only the short opportunities for maximum risk/reward.
If the 7EMA is higher than the 50 EMA trade only the long opportunities for maximum risk/reward.
If the closed candles are above the 7 EMA trade long.
If the closed candles are below the 7 EMA trade short.
This is a trend-based strategy. The 50 EMA is there to indicate an increasing, decreasing or consolidation trend. I would not be interested in trading this strategy in a period of consolidation.
These instructions expect that you have basic trading experience and is not meant to teach or train you in trading or forex.
you can use this method on any timeframe, but since we are differentiating the positions above and below the 7 EMA that means you will have to monitor your trade constantly after you enter it.
Note: This method was left simple to allow people to use it as I basically set it forth, but also to allow you to adjust it to meet your needs and allow room for your new ideas based on it.
This strategy can be used to trade any market, stocks, futures, forex etc