Here is what you need:
- EI 1H chart
- Stochastic (default settings)
After a long (even better, brief but violent) movement up and Stochastic is into the overbought area (officially 80 but I prefer 90 for this) take out a Short with a 10(0) pip take profit.
Reverse this for a Long, with Stoch reading 20 at most, preferably under 10.
The picture shows the kind of setup I am writing about - a sustained rise over several hours, with the last candle being larger than the average. I took the short at the top of the candle indicated by the vertical red line. You can see how soon after that the market began to fall again.
I don't use a stop loss and trade lot sizes to small the trade could go hundreds of pips into the red before causing anxiety. This has not happened yet.
The attached scripts will send the trades for you. I have included stoploss, magic number and trade comment inputs in case you want them; I do not use them. The 100 pip take profit setting reflects the fact that I trade this at e global, a 5 digit criminal. If yours is a 4 digit crim, then you need to change this to 10. Follow the link in my signature and learn how to edit your own script code if you cannot already do this. Customised scripts and ea's make life so much easier.
This is not a strategy to spend your time trading, sitting at the computer gazing at the screen. I suspect insanity would probably follow quite quickly. Every now and again, glance at the chart. When there is a setup, take it; when there isn't, find something else to do.
Most times, there are more than 10(0) pips on the table, so experiment. If anybody finds a combination of tp and sl that allows confident trading with larger lot sizes, please sing out.