Simple Reversal Spotting Trades (MA/Elli)

This is a very simple form of spotting trend reversals and trading them.

Indicators used:

14SMA
Elliott wave oscillator (arrow)

Currency pair - GBP/CHF (you can choose your favorite)
Timeframe - Works well with 4H

rule:

Input length:
When the price is below the 14 SMA, enter the long position when you see the upward blue arrow.

Enter short:

When the price is above the 14 SMA, when you see the downward red arrow, go short immediately.

Note: It is recommended to wait for the candle to close. Avoid trading when the price/arrow is close to the 14 SMA.

I've illustrated a sample transaction in the snapshot below:



I can't stress the exit strategy enough; I'm working on the same thing. It is recommended to trade this technique in conjunction with support/resistance. This technique is for educational purposes only; use your own additional logic for trading.

PS: Elliott_Wave_Oscillator - Arrow indicator does not belong to me.