Is there a name for this chart pattern?

I see this pattern more times then anyother pattern and im wondering if this is called something.

 

Yes. It's called "clusterfuck."

 

spike and ledge

 

Simply the exploration of price to find fair value. Looks like 1.405 is about the middle of the range.

 

If that is first bar of the day, it is realigning itself with what has happened over night, stops by uneducated being hit right on the open causing the market to continue beyond whatever true price should be often causes markets to scream hard and fast in one direction. If no news has come out for this, it often becomes a reversion to the mean and selling calls or Call Credit Spreads are attractive.

 

It looks like its setting up a bullish wedge

 

yeah that what i thought as well

 

So if it doesnt hit new highs then bearish.

 

Often times will hit new highs to run the stops and retrace back, can't tell though how far. And it new highs are made on less volume, would tell me market coming back down. I love steep markets on one minute charts for scalps. Often times see extended bar then new high/low on small bar, then looking for reversal of a breakout for $100.

 

Yes, "HFT delight".