Oops Reversal Pattern Bullish

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 O in the 1st and 3rd columns are at the same level – followed by positive column reversal
2. Not more than 2 boxes in the 3rd column below the low of the 1st column – followed by positive column reversal
3. Not more than 2 boxes in the 3rd column from the low of 1st column – followed by positive column reversal

1st pattern shows price has taken support.

A second pattern shows a false bearish breakout; this could be a bear trap.

Price made a higher low in the third pattern.

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.