I have hear of this strategy a lot before but never actually backtested and tried using it. I noticed that XAU/USD (15 minute timeframe). has a lot of them and they actually work most of the time. It practically happens almost every hour. This is a very simple “strategy” that actually sort of works. If you look at the charts and look for these tops/bottoms you can see that the market almost always changes direction!
I guess you have to manage the risk and keep the sl tight and tp pretty big. It also doesnt really work in Tokyo and early London sessions.