GOLD - Double Inside Bar BUY strategy with Order + SL levels
DOUBLE INSIDE BAR STRATEGY
- This price action forms when two consecutive bars close within both the high and low of the previous candle
- 1st bar known as the "mother bar"
- 2nd bar forms within the high and low set by the "mother bar"
- 3rd bar forms within the high and low of the initial inside bar before it
- Price action indicates low volatility in the market + consolidation
- Double inside bar breakouts tend to be much larger on average when compared to the conventional single inside bar trade
*** EXTREMELY bullish trend prior to this price action forming gives bias to an upside breakout
- Typically, a buy stop order would be set a few pips above the high of the 1st inside bar
- A Stop loss would then be set just below the 1st inside bars low
*** If price were to start moving south, then the same would apply but the other way round, so a SELL stop would be set below the low of the 1st inside bar, with the SL being set above the high of the 1st inside bar
THIS IS NOT A TRADE CALL.
- This price action forms when two consecutive bars close within both the high and low of the previous candle
- 1st bar known as the "mother bar"
- 2nd bar forms within the high and low set by the "mother bar"
- 3rd bar forms within the high and low of the initial inside bar before it
- Price action indicates low volatility in the market + consolidation
- Double inside bar breakouts tend to be much larger on average when compared to the conventional single inside bar trade
*** EXTREMELY bullish trend prior to this price action forming gives bias to an upside breakout
- Typically, a buy stop order would be set a few pips above the high of the 1st inside bar
- A Stop loss would then be set just below the 1st inside bars low
*** If price were to start moving south, then the same would apply but the other way round, so a SELL stop would be set below the low of the 1st inside bar, with the SL being set above the high of the 1st inside bar
THIS IS NOT A TRADE CALL.