Jeffrey Kennedy from Elliot Wave International shared the PopGun Bar Pattern. He meant it as a way to find impulse waves for Elliot wave  traders.

To trade the Popgun bar pattern, you must know what is an inside bar and an outside bar. (see attached screenshot)

An insidebar  is one that is completely engulfed by the bar before it. It represents a contraction in range and a pause in directional trading activity.

An outside bar is one that completely engulfs the bar before it. It shows strength in both directions. Depending on the context, it is a sign of strength or a precursor to erratic movements.

The Popgun bar pattern consists of an inside bar followed by an outside bar.

Trading Rules – Popgun Bar Pattern

Long Trading Setup

1. An inside bar
2. An outside bar that closed higher than it opened
3. Buy on close of outside bar

Short Trading Setup

1. An inside bar
2. An outside bar that closed lower than it opened
3. Sell on close of outside bar

(In my opinion, if you want you can also trade the just direct reversal of the second outside. Maybe take profit with first close after second outside.)

In this way you have to go long direct after a red candle and you have to go direct short on green candle. Possible to close the trade with close of reversal candle.)

// PopGun Indikator
// coded by JohnScher
 
//for the graphics
PIP = 10*pipsize
LIN = 3
 
//percentrange = Support or Resistance in Percent og the Range High-Low = 25% default
//percentrange = 25 // default
Support = (High-Low)*percentrange/100
Resistance = (High-Low)*percentrange/100
 
 
//indicator PopGun
PG = High[2]>High[1] and Low[2]<Low[1] and High>High[1] and Low<Low[1]
 
// the second outside candle
PGLong = PG and Close>open // greencandle = long , as rerversal short
PGShort = PG and Close<Open //redcandle = short, as reversal long


// timewindow to show the popgun
// tstart = 080000 fefautl
// tend = 220000

IF time >= tstart  and time <= tend  then
 
IF PGLong Then
  rL=250
  gL=0
  bL=0
  DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
  DRAWSEGMENT(barindex,LOW-SUPPORT,barindex+LIN, LOW-SUPPORT )coloured(rL,gL,bL)
  // to trade as reversal red candle = Long
  rs=0
  gs=0
  bs=250
  DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
  DRAWSEGMENT(barindex,High+Resistance,barindex+LIN, High+Resistance )coloured(rs,gs,bs)
Endif
 
IF PGShort then
  rS=0
  gS=0
  bS=250
  DRAWARROWDOWN(barindex,HIGH+PIP)coloured(rs,gs,bs)
  DRAWSEGMENT(barindex,High+Resistance,barindex+LIN, High+Resistance )coloured(rs,gs,bs)
  // to trade as reversal red candle = Long
  rL=250
  gL=0
  bL=0
  DRAWARROWUP(barindex,LOW-PIP)coloured(rL,gL,bL)
  DRAWSEGMENT(barindex,LOW-SUPPORT,barindex+LIN, LOW-SUPPORT )coloured(rL,gL,bL)
 
ENDIF
 
 
ENDIF
return

until then

JohnScher