Ignition of hydrogen and oxygen in the "third limit" is theoretically investigated in the stagnation point flow with activation energy asymptotics. With the steady-state approximations of H, OH, O and HO$_2$, a two-step reduced kinetic mechanism is derived for the regime lower than the crossover temperature T$_{c}$ at which the rates of production and consumption of all radicals are equal. Appropriate scaling of Damkohler number successfully provides the explicit relationship between pressure, temperature and strain rate at ignition. It is shown that, compared with those for the counterflow, ignition temperatures for the stagnation point flow are considerably increased with increasing the system pressure. This is because ignition in the "third limit" is characterized by the production of reduction of $H_2O$$_2$, which is reduced by wall effect. Strain rate substantially affects ignition temperature because key reaction rates of $H_2O$$_2$ are comparably with its transport rate, while the mixture temperature and the hydrogen composition do not significantly affect ignition temperature.e.