This strategy is applied to 1 Hour charts and uses a 47 and 99 EMA , Elders Powers Length of 10, a percent ATR of 14 with an EMA smoothing type, and a Stop Loss of 1% from entry price and Take Profit of 2% from entry price.
It looks at ATR for longs if the ATR value is less than the lowest ATR value in the last 20 periods. It looks for ATR shorts if the ATR value is greater than the higher ATR value in the last 20 periods. By using Elder Bull and Bear Power, it calculates the TPI and considers a long if Bull count is greater than Bear count – shorts if Bear count is less than Bull count.
It will also look for longs if the 47 EMA is greater than the 99 EMA and both the last close price and the close price two candles ago is greater than the 99 EMA . It will look for shorts if the 47 EMA is less than the 99 EMA and both the last close price and the close price two candles ago is less than the 99 EMA .
All of the above long or short conditions must be true at the same time to take a position.