Inside bar Forex trading strategy
Inside bars are probably one of the best price action setups to trade Forex with. This is due to the fact that they are a high-chance Forex trading strategy.
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They provide traders with a nice risk-reward ratio for the simple reason that they require smaller stop-losses compared to other setups. Many traders find inside bar Forex trading on the daily chart time frame, and in powerful trending markets, offers good opportunities. Inside bar is a series of bars contained within the range of the concrete foregoing bar, often referred to as the ‘mother bar’. What the inside bar ought to have is a higher low and a lower high than the preceding or mother bar. If on a smaller frame of time, like a 1 hour chart, then a daily chart inside bar for Forex will, from time to time, form a triangular pattern.
You should also note that as the inside bar setup is very similar to the nature of a potential breakout signal, it is recommended by professional traders to solely enter an inside bar on the breakout of the preceding bar’s high or low. For instance, if you are aiming to purchase, you should place a purchase on the stop entry only above the mother bar high. Conversely, if you are aiming to sell, you should place a sell on the stop entry precisely below the mother bar low. This strategy presents a signal to Forex traders that a continuation or a reversal is about to occur. An inside bar identifies a time of consolidation or indecisiveness. In addition, inside bars commonly occur as the Forex market consolidates itself, following a large directional movement. They may also take place at turning points in the market, as well as at main decision points, like major support or resistance levels.
They frequently provide traders with a low-risk place to join a trade, or a logical exit point. When it comes to turning point signals and continuation signals, they can be used in both scenarios, however, the continuation signals are more reliable and much easier for beginner traders to master. As for inside bar Forex indicator reversal signals, or turning-points, it is better to approach this once you have solid experience in the Forex market.
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