JLS - My system is not a Day Trading system.
The 60 min RSI(6) is not being used as a sole indicator for making a trade in my system, it is used as a tool to trigger a trade.
My primary indicator is the EMA 11(high) also called the Upper Trend line (UTL) on the Daily, Weekly & Monthly
-If the Daily, Weekly & Monthly are all in Phase II, the 60 min RSI(6) 40 level is used to enter a position to continue to follow the upward trend.
-If the Daily, Weekly or Monthly are in a Phase I, the 60 min RSI(6) 30 level is used to enter positions in a down trend oversold condition for ST to MT gains
The Weekly EMA 11(high) is my primary tool I use for selling in a Bull Market, the Daily EMA 11 (high) would be used in a Bear market.
On my Daily, Weekly & Monthly charts I use the MACD (12,26,9) as a secondary indicator, along with PPO(3,8,4), RSI(14), and CCI(24). The PPO to me is an early warning indicator, it will normally make a bull/bear crossing before the EMA 3/8 or MACD. However, it is not an indicator by itself to make trading decisions. I would say my most important indicator is the Monthly EMA 3/8, in my system it determines the major direction of the market.
JMHO, Lindy
"Buy low, Sell high, stay with your system. If your system breaks fix it."