It has been a while since I have done one of these posts so I thought I would pick one from the chart review today and have decided on $BSX (Boston Scientific).
For those that may be new to this series of posts, let me give a quick overview:
- This approach uses RSI to signal a buy or sell entry
- The signals trigger on a touch at RSI 30 or 70
- No other indicators, moving averages, trend lines etc are used as this is a mechanical approach
- Once entered, use your own stop management/exit rules
I bring you the Daily chart of $BSX:
The Blue boxes show the long entries that could have/could be made and the Green boxes show the RSI signal trigger point. One additional thing I will note here is that price is outside the lower Bollinger Band so traders that use that signal will show up here as well.