Just did a bit of a review over the past 8 weeks.
Found that I did better buying near bottoms or breakouts near bottoms than on breakouts at highs.
Was talking to a few traders and they highlighted to me a few things.
Hence some additions to the trading rules for myself
1) Look at the 200 day moving average. If it is sloping down, long term trend is down. If it is sloping up, long term trend is up. When buying or shorting breakouts near highs or lows respectively it must have the 200 MA in the same direction.
2) Look at the 25 and 50 day moving average for short to intermediate term trends. Trade according to this shorter term trend direction. However if the 200 MA direction is opposite to the 50 MA, then do not trade on breakouts up or down. Instead buy or short on dips or rebounds respectively.
3) As the 25 and 50 MA start to move in the opposite direction to the 200 MA and are starting to converge, use of RSI is sensible.
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