Does a simple RSI mean reversion strategy work on US large caps?

We want to buy oversold pullbacks inside established uptrends and get out quickly if the trend breaks. Enter long when the 14 period RSI closes below 30 and the current close is still above the 200 day simple moving average. For every new entry, measure the 14 period ATR on the signal bar and place a protective stop 1.2 ATR below the entry price. Size the position so that hitting that stop loses exactly 1 percent of account equity. Round down to a whole number of shares. Take profit at 2R. That is two times the distance between the entry and the stop, placed above the entry (so roughly 2.4 ATR above entry). If the 14 period RSI closes back above 70 before either level is hit, exit at the next open. If the position has been held for 30 trading days without resolving, exit at the next open as well. Long only. One open position per ticker at a time. No leverage and no pyramiding.