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Philakone 55 EMA Swing Trading Strategy - Dusty

Same Strategy as Philakone with one difference
Rules for Buying
EMA 8 > EMA 13 > EMA 21 & EMA is crossing up on EMA 55
Or
EMA 8 > EMA 13 > EMA 21 & Price closes above EMA 89 = as second confirmation
Rules for Selling are opposite
EMA 8 < EMA 13 < EMA 21 & EMA is crossing down on EMA 55
Or
EMA 8 < EMA 13 < EMA 21 & Price closes below EMA 89 = as second confirmation
Stop Loss = Last major low or the nearest bottom if you are uncomfortable with that.
One other rule I follow is if the chart is in a squeeze meaning all the EMAs are really close to each other (almost all touching)
No matter what position I am in I bail and wait for the next signal. The 89 ema is a pretty good indication on which way a chart is getting ready to move. If the 89 ema is slopping down during these times it is a pretty good indication that the chart will move down, but it is too risky.
I would not use this indicator by itself. I like to use RSI along with it. Watch for W's and M's. When the price is falling you want to see the RSI form a W where the second bottom is higher than the first while the chart looks like it is still falling. This is a good indication for a scalp buy. The opposite is true for an M. You want the chart to be going up and the RSI to form an M where the second peak is lower. Once the second peak forms it is a good indication to Scalp sell.
Rules for Buying
EMA 8 > EMA 13 > EMA 21 & EMA is crossing up on EMA 55
Or
EMA 8 > EMA 13 > EMA 21 & Price closes above EMA 89 = as second confirmation
Rules for Selling are opposite
EMA 8 < EMA 13 < EMA 21 & EMA is crossing down on EMA 55
Or
EMA 8 < EMA 13 < EMA 21 & Price closes below EMA 89 = as second confirmation
Stop Loss = Last major low or the nearest bottom if you are uncomfortable with that.
One other rule I follow is if the chart is in a squeeze meaning all the EMAs are really close to each other (almost all touching)
No matter what position I am in I bail and wait for the next signal. The 89 ema is a pretty good indication on which way a chart is getting ready to move. If the 89 ema is slopping down during these times it is a pretty good indication that the chart will move down, but it is too risky.
I would not use this indicator by itself. I like to use RSI along with it. Watch for W's and M's. When the price is falling you want to see the RSI form a W where the second bottom is higher than the first while the chart looks like it is still falling. This is a good indication for a scalp buy. The opposite is true for an M. You want the chart to be going up and the RSI to form an M where the second peak is lower. Once the second peak forms it is a good indication to Scalp sell.
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