The Traxler Counterattack is a tactical response in the game of chess, specifically arising from the Italian Game. It occurs after the moves 1.e4 e5 2.Nf3 Nc6 3.Bc4 Bc5 4.Bxf7+. This counterattack is characterized by an aggressive play style, where Black sacrifices a pawn to create counterplay against White's exposed king. In the Traxler Counterattack, after 4...Ke7, Black aims to develop pieces rapidly and create threats against White's position. This opening can lead to complex and sharp positions, making it a popular choice among players looking for dynamic and unbalanced play.