Price action? or use of indicators?
This is also a good strategy. But I prefer overbought and oversold market. I use RSI, BB to know both. I use indicators definitely but you need to have experience with the indicators and not just follow them blindly.
The Overbought and Oversold strategy works fine if you understand it properly. It works best when used with price action and other indicators for extra confirmation. Traders who use indicators like the RSI, MACD, or EMA alone will be prone to poor trading decisions because they can be very inaccurate alone.
If there is anything I have noticed from the replies, it is that it is not many persons that actually trade the market.