BTE Technically SpeakingBuyCanadian there are rules sub rules and exceptions to rules to make a full trading strategy. I gave you earlier an essential rule but there are the sub rules to let you know if to stay in a trade or to get out and whether to reverse position long or short.
These are technical indicators some of which I consider essential: 1) Intraday momentum (same as RSI for whatever periods this one shows RSI 70 and 30 clearly) 2) Bolenger Bands 3) Various reversal Indicators 4) Momo bands. Some platforms are better then others but for today I'll show my US trading platform think or swim. It is free with TD brokerage in case you want to use it but you can only trade US stocks with it so I have info from BTE USA listed.
As I said a general rule that almost always works is to buy/cover on oversold and sell/short on overbought when the sp price touches or breaks the outer bolenger band.
Here's the daily for BTE since March.
BUT you essentially asked what are the sub rules to get back is the first rule doesn't work? Well here look for the simple moving averages 50 and 20 period. What is their slope negative or positive? What are the Momo bands telling you to do (green stay long red stay short)? If the momo doesn't turn color then re-enter in the same direction or stay in position. That worked for BTE in Marchthe momo stayed green and the moving averages stayed positive all suggesting that the trend (bullish in this example) would continue.
Here's what BTE looked like yesterday with the TA's I use? Can you spot when to reverse position on the daily chart 5 min time period?
These are some of the rules/indicators worth using. It gets more complicated then this but these are good starters. While it might seem simple there is an art that has to be integrated with the science behind the charts. Some trades are no brainers some are not. Depends on how much risk you want to take.