Can anyone point out any obvious flaws?
I see one main one. It needs back testing to find out the optimum risk reward. I picked 1:2 pretty randomly. But i guess it has to be above 1 to break even (inc fees). Maybe 1:1.5 might be better.Maybe 1:3 would be better. I simply don't know.

I accept it is very simple method - but does it even need to be any more complex? It seems to have a positive expectancy as far as i can see.

Is the above a viable trading strategy? I cant see why it wouldn't be. But i am a newbie only !