A revisit of PCLN (Priceline Com Inc) today presents itself with another RSI buy opportunity off of the 5 minute chart. Here is what I see today:
As you can see in the chart above, the RSI fell down through 20 before attempting to bottom. A nice bounce up to the 468 level followed (where the shorts got to work again) as the RSI punched up through 60. The stock is currently hanging out at the 463 level.
This does not work cleanly every time (no trade setup does) but is a nice simple approach for those looking for such.