This strategy will use RSI to enter trades with the prevailing trend instead of looking for trades that bets on mean reversion.
In essence, we will be buying when its Overbought and sell when its Oversold.
Set RSI (9) on with 40-60 overbought oversold lines.
When a bar closes with RSI above 60, we will go long at the open of the subsequent bar.
We will have our stop loss at the low of the past 10 days and trail as such.
We will also exit when a bar closes with RSI below 40. In which, we will have stopped and reversed our position to go short.
We will do the opposite and go short when RSI goes below 40 and place our stops at the 10 day high.