Trying to trade overbought and oversold zones with CCI while using tight stop loss, immediately after indicator reaches the zone, is one of the most terrible forex strategies ever. However, sometimes it is possible to reverse some of the losing forex strategies and turn them into winners. This is one of them.

Strategy is based on assumption that once the overbought oversold zone is reached, price will not reverse immediately. For CCI to reach either of those zones substantial price momentum is necessary. We will use this momentum to enter in the direction of CCI extreme.
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We will buy immediately after indicator surpasses 100 zone and sell immediately after it falls below -100.
Either one of those events can mark beginning of a new trend, this forex strategy however goes for a single candle of profit.
Used forex indicators
CCI (commodity channel index) period 14.
Forex strategy rules:
Apply indicator in 15 minutes timeframe of any major currency pair.
BUY:

CCI will cross 100 line upwards, entering into the overbought zone. Simultaneously to CCI crossing the 100 line, bullish candle will be drawn and closed. This is usually strong upwards candle. We will enter the trade immediately on its close. Meanwhile, CCI cannot fall back below 100 zone.
Stop loss is placed one pip below the low of a candle.
Take profit: We wait for first bullish candle to close in profit, we exit the position.
SELL:

CCI will cross -100 line downwards, entering into the oversold zone. Simultaneously to CCI crossing the -100 line, bearish candle will be drawn and closed. This is usually strong downwards candle. We will enter the trade immediately on its close. Meanwhile, CCI cannot rise back above - 100 zone.
Stop loss is placed one pip above the high a candle.
Take profit: We wait for first bearish candle to close in profit, we exit the position.
Notes: Strategy uses relatively narrow profit target that was established as most suitable with back testing. It is possible to widen it according to other rules according to trader discretion.
Signal reset: We can take more than one signal at the time. Before taking another trade make sure that CCI moved out of overbought/oversold zone for at least two closed candles.