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The NOT double top buy pattern is a potential bullish swing breakout pattern. It shows that the price is in the column of ‘X’, but the double top buy pattern has not yet been triggered. It is a 3-column pattern.
It can help you identify stocks in which a double top buy pattern might be triggered. Potential or probable double top buy pattern candidates can be identified using this pattern so that trades can be planned accordingly.
It also shows that the bullish breakout has not yet been confirmed, so it is a bearish signal as well. It is not necessary that candidates in this pattern have the 1st and 3rd column ‘X’s at the same level.
This pattern can be plotted on the chart by adding it from the Add study menu in TradePoint & Patterns in 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.