The Scallop Pattern identifies momentum reversal.
The pattern consists of two candles and the direction to trade is confirmed in the following candle.
An example trade is shown in the picture. s3.tradingview.com
A Stop Limit order is generally used to enter the long position.
This script is a combination of my overnight fakeout script and bollinger band color bars. It's designed to be used on CME/CBOT Equity Indexes during their GLOBEX session. It uses the built in Bollinger Band script and highlights bars that exceed the upper/lower bands during the overnight session.