HOD Pump and Dump To LOD Set UpI have been backtesting a setup on the 15 minute chart where price grinds/spikes higher and engulfs at the High of Day only to dump down to the Low of Day.
I notice there are three variations of this pattern
It blows through the Low of day and makes a substantial lower low
It just barely takes out the Low of day
It comes just shy of the Low of day and DOES NOT take it out