Here is what I do when I'm pressed for time. Super Easy:
1) Open an 8 hour chart.
2) Apply a slow stochastics technical indicator to the chart. Parameters are 14,3,8; thats K,D, and K slowing respectively.
Note: if you don't know how to use Slow Stochastics go here to learn.
3) When the market is overbought. You place a sell stop order 3 pips below the low of the previous bar. Stop is placed 4 pips + the spread above the high of the previous bar. Limit is at your discretion.
4) Oversold would be just the opposite of overbought.
5) Hint: Look at the weekly chart first to get some idea of what the longer term trend is. It's ok to take counter trend trades, keep in mind that they usually tend to be much smaller moves than trades that are going with the trend. Always wait for price to turn before entering a trade.
Hope this helps.
1) Open an 8 hour chart.
2) Apply a slow stochastics technical indicator to the chart. Parameters are 14,3,8; thats K,D, and K slowing respectively.
Note: if you don't know how to use Slow Stochastics go here to learn.
3) When the market is overbought. You place a sell stop order 3 pips below the low of the previous bar. Stop is placed 4 pips + the spread above the high of the previous bar. Limit is at your discretion.
4) Oversold would be just the opposite of overbought.
5) Hint: Look at the weekly chart first to get some idea of what the longer term trend is. It's ok to take counter trend trades, keep in mind that they usually tend to be much smaller moves than trades that are going with the trend. Always wait for price to turn before entering a trade.
Hope this helps.