The beginning of the game will be to ensure Navarran independence by allying with strong allies, preferably with France. The rest of the time on Continental Europe would be to grab enough provinces to be able to provide for making colonies without going into debt.
The beginning is similar to the colonial strategy. However, the strategy runs with with more luck and can be much harder, given the random factor of the game. Alliances with France and possibly Portugal are a must and striking the weak neighbors in the Iberia are a must. Once a solid foothold is made, preferably getting Aragon's provinces to stop France's usual goal of conquering the world.