Simple 5 / 8 moving average crossover

I've been using a strategy for a few months now. It's easy and I follow the rules to the letter. It's certainly not the Holy Grail, but it's brought me some nice gains over the past few months.

I use the 5 EMA and 8 EMA crossover on the daily chart. For the stop loss, I use the previous day's low or high (depending on whether we are short or short). Alternatively, if the distance is too close or too far and the risk/reward ratio is too low, I would draw Fibonacci lines on the daily chart and trend lines to try to identify important support and resistance points and place stops at those points. I always prioritize points where the market has previously rebounded. I usually place my stop loss above or below these points.

I've used it with the following currency pairs: NZD/JPY, GBP/JPY and GBP/USD. In the past, it worked best on these pairings.

For take profit, I track it, usually 50 pips on nzd/jpy, 100 pips on GBP/JPY, and 50 pips on GBP. It likes trending markets but doesn't work well in range markets, but when I use strategic stops and price targets, when the market ranges, the losses are very small and sometimes even small profits. On the bright side, it has followed and adapted to some good trends. I did the first part of a major spread trade on GBP/JPY and NZD/JPY and got some really, really good points, making some nice gains on net while not taking too much risk. I received a sell signal on GBP/USD but was stopped out at +2 pips.