Here is a very good KISS (keep it simple!) system for traders who are limited on the amount of time they can spend in front of the charts trading - people who can perhaps make one trade a day.
The system uses the 200 period EMA and multiple time frames (MTF). You are basically looking for a trend reversal the shortest time frame.
The 200 period EMA is possibly the most powerful tool to use in technical analysis and trading systems. It is the definitive mark or 'line in the sand' dividing the bulls and the bears.
This system uses example the 4 hour, 1 hour and 15 minute time frames.
Buy set up: Price is above the 200 EMA on the 4 hour and 1 hour. It moves from below to above the 200 ema on the 15 minute chart. When it rises a couple of pips above the previous reaction high, this is the trigger (buying the breakout)
Sell set up is the inverse.
Many technical indicators such as RSI and stochastics are telling you basically the same thing - it's better to use one indicator across 3 time frames than to use multiple indicators on one time frame.
With regard to stop losses and profit targets I use previous reaction lows and highs.