What it means
The name comes from Raschke and Connors' 1995 setup that faded failed 20-day breakouts.
In practice
The setup trades against a breakout that fails. Price pushes above a well-known high, triggering buy stops and drawing in breakout buyers, then falls back below the level. The trapped buyers' exits help drive the move down.
Traders enter after price closes back inside and structure shifts on a lower timeframe, with the stop above the high of the failed run.
What to watch for
It is a trade against the most recent move, so it fails badly when the breakout is real. It works best into a higher-timeframe level and in the direction of the larger bias.