The Momentum Elder
Indicators:
Key conditions: the timeframe should be at least H1.
BUY conditions (all conditions must be met): closing above EMA (19) and Momentum crosses the 100 level from below to above.
SELL conditions (all conditions must be met): closing below EMA (19) and Momentum crosses the 100 level from above to below.
Exit criteria: exit the trade when the Momentum line turns or crosses the 100 level.
Exercise:
Open a chart with a timeframe of H1 or higher. apply the EMA indicator with a period of 19 using the close price. Add the Momentum indicator with settings (18, close, 100).
Look for a BUY signal when the price closes above the EMA (19) and the Momentum indicator crosses above the 100 level from below. Enter a long position on the next bar and set a stop-loss below the recent swing low. monitor the trade and exit when the Momentum line turns direction or crosses below the 100 level.
Repeat the process for a SELL signal by identifying a close below the EMA (19) and a Momentum crossover below the 100 level.
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