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Low poles are bullish patterns with four columns.
1 – Double bottom sell pattern
2 – More than 5 boxes after a double bottom sell pattern
3 – more than 50% retracement of the entire previous column of ‘O’
There was a strong bearish breakout in this pattern and the price moved in the bears’ favor. However, there was strong demand at the lower level that resulted in a deep retracement. Bulls managed to bounce back with a large number of Xs.
Low pole is a traditional P&F pattern.
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This pattern can be plotted on the chart by adding it from the study menu in TradePoint & RZone. The pattern is also available in the system builder section. By combining this pattern with other patterns and indicators, you can create your own trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.