In this case:
- New Daily High - Yes go to 2
- Did this bar test the High of the last bar - yes for 2 mins
- Has price returned to the open of the current bar? - yes - take the trade short
Point 2 is something I've been wondering about - in your view is the test only that it has gone higher from open to high, regardless of how long that took? i.e. it could be seconds?