This is an indicator, ideally for use with the 15M charts, will mark out both buy and sell signals based on Fractal Convergence. If based on the direction and layout of the EMA (8/20 from 60 min) it determines the market to be sell biased it will look for a higher low fractal to the preceding low fractal. For a Buy biased market it will look for a lower high fractal to the preceding high fractal. The indicator will mark out the entry, stop-loss, and take profit, based on the convergence it sees. You should manage your risk as per your trading plan. A further extension to this Indicator is the ability to look for confluence with the higher timeframe i.e. H4(240M). With this it will require the EMAs for the 1 hour and 4 hour to be pointing in the right direction before looking for fractal convergence.
There is a balance to be met, and a decision to be made around whether to seek confluence with HTFs or not. In some market conditions waiting will mean fewer opportunities, but at the same time, it is supposed to be a higher probability move. At the same time if you are looking for higher risk to reward opportunities you will want to be looking to get in as soon after the crossover as possible. This will "likely" give you the run up to when the higher timeframe catches up (but not always).
As with any indicator it carries the risk that it may not always work in all conditions. One should test it out and be comfortable with the likeliness of the indicator use resulting in a loss as well as a win.
To further help you get in on those early entries the indicator has an alert condition that can alert you to the first signal after the EMA cross. Please use trader discretion when deciding to take this first signal i.e. presence of horizontal, trend and direction, any fundamentals (eg. avoid trading within 2 hours of news).
One might choose to incorporate other indicators to help in decision making. One such idea would be to combine it with pivot points and maybe using them for advanced stop loss placement, or ATR for deciding if the stop placement is too close for current market conditions, Stochastic for determining if there is likely going to be a pull back(overbought/oversold), RSI to determine if the market is in an established trend (above/below 50 and inside 70/30 respectively). Lots can be done - but it is just an idea and you must decide if the entry looks good for you and you are comfortable with the risk.
There is a balance to be met, and a decision to be made around whether to seek confluence with HTFs or not. In some market conditions waiting will mean fewer opportunities, but at the same time, it is supposed to be a higher probability move. At the same time if you are looking for higher risk to reward opportunities you will want to be looking to get in as soon after the crossover as possible. This will "likely" give you the run up to when the higher timeframe catches up (but not always).
As with any indicator it carries the risk that it may not always work in all conditions. One should test it out and be comfortable with the likeliness of the indicator use resulting in a loss as well as a win.
To further help you get in on those early entries the indicator has an alert condition that can alert you to the first signal after the EMA cross. Please use trader discretion when deciding to take this first signal i.e. presence of horizontal, trend and direction, any fundamentals (eg. avoid trading within 2 hours of news).
One might choose to incorporate other indicators to help in decision making. One such idea would be to combine it with pivot points and maybe using them for advanced stop loss placement, or ATR for deciding if the stop placement is too close for current market conditions, Stochastic for determining if there is likely going to be a pull back(overbought/oversold), RSI to determine if the market is in an established trend (above/below 50 and inside 70/30 respectively). Lots can be done - but it is just an idea and you must decide if the entry looks good for you and you are comfortable with the risk.