Oops Reversal pattern Bearish

Developed at Definedge.

Oops is a 4-column P&F reversal pattern. It is a combination of 3 price patterns as shown in the above image.

1. When the column of X in the 1st and 3rd column is at the same level – followed by negative column reversal
2. Not more than 2 boxes in the 3rd column above the high of the 1st column – followed by negative column reversal
3. Not more than 2 boxes higher than the high of the 1st column in the 3rd column – followed by negative column reversal

The first pattern indicates that price has turned from a resistance. Price made a lower high in the second pattern. The third pattern captures a false bullish breakout which could end up being a bull trap.

This pattern was introduced by Prashant Shah in his book on Relative Strength charts.

Click here to learn more about the pattern.

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.