Or Bollinger Bands...; it works because it's ranging. Are you adjusting to the current phase or is this your standard approach?
BB i tried to death over complicated, standard aproach, no counter the 12s direction trades. I use a envelope 6 0.02 aswell but only really counts in very fast markets.
I have a stop of -6 and a target of +9 ... I shouldn't have taken that trade there ... I realised it a bit after I did it so quickly moved my stop to be ...