Top End Sweep is a YardCharts market reversal bearish pattern comparable to an imaginary right-angled triangle. It is made up of two sides that meet at a 90° angle, which are linked by a hypotenuse. In Yard's technical analysis we make the following associations:
A stop loss is advisable within a certain percentage point above the blue line, depending on how deep is the triangle and the trader's risk appetite. In any case should the market rise back above the last bounce high, a stop loss is paramount as this means the market has failed the pattern. Below are shown 3 real Top End Sweeps found by Yard Chats in the recent past (Nasdaq and NYSE markets), which have successfully performed shortly after the day of the buy alarm. That means the market in the particular stock, without first hitting the stop placed 10% below the entry point, has fallen, from the entry point, as far as twice the size of the short side.
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