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.
Usually it would be that pertaining about premium and discount prices if we do speak or on trying out to look for those overbought and oversold on which these are considerable or the basic stuff on which you would be needing up to consider to look on but it would be recommended or suggested that you should be that trying out to put up or getting up some other indicators as well that you can make use along with this strategy. RSI divergence with having those hitting up some POI whether it would be having that kind of bounce or would be having that rejection. Actually it would be that still hard to make out some assurance about on hitting up the right approach yet the market price will be always that unpredictable on which no matter how good your analysis would be but still it wont be that enough for you to assure that you do be having that winning trade. The key on here is that you should be sticking into your strategy and not just that making those hopping style.
Cant be able to deny that when it comes on looking or seeking for strategy then we would be making that trial and error on which its a normal approach because market is never been that predictable. You would be needing up to adjust accordingly and would be needing up to make those analysis along way.