This Intraday strategy but we do analysis One day before the trade. We analyse EOD 1 day chart and select Stock for next day to trade.
Indicator: RSI Period 2 (Modify it) & Moving Average 100
Rule: If Stock is trading above SMA 100 Look for RSI oversold and take a buy next day on intraday.
OR
If Stock is trading Below SMA 100 Look for RSI overbought and take a buy next day on intraday.
In the above image in Hindustan Unilever I have marked the signals on RSI and next day as you can see it had given bearish candle.
But next day don’t enter directly. Switch to 15 min and wait until it gives Shooting star Or Red Marubozu Candlestick on 15 min time frame if Previous day EOD was below 100 MA and RSI P-2 was Overbought and vice versa for Bullish EOD setup.
As you can see in below image on 28 September 2023 it confirmed in 15 min for intraday Trade.
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