This reversal pattern can be found at the end of the trend if:
1. TL is broken.
2. PA failed to make HH ( for Sell ) or LL ( for Buy ).
3. BO of 2 ( confirmation that the trend is changed ).
This is a Price Action Strategy and for better understanding this you should check this strategy, too: Swings Trading ( Price Action Trading )
Lets see an example on the chart:
In our example, we have a retest of the BO of 2 level, but it doesn't happend all the time. That's why for proper trading this strategy, you can use only 1 pending order, Buy Stop/Sell Stop at the Break Out of 2.
SL can be @ 3, but also you can use a more relaxed SL, below 1 level.
For TP we project the same distance in pips, as between 1 and 2 level.
Best Regards,
^^_Lord_Ice_^^
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