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Daily Inside Bar Trading With Trendlines Forex Trading Strategy

Hello Forex Trader, in here I will show you a very simple trading system on how to trade the daily inside bar.

I call this the daily inside bar trading with trendlines forex strategy and it is a forex price action trading strategy.

But first, what is a daily inside bar?

Well, a daily inside bar is a candlestick that that forms under the shadow of the previous candlestick. Which simply means that the highs and lows of the daily inside bar are formed within the shadow of the previous candlestick.

Here are few examples of what inside day bars look like on the chart:

Daily Inside Bar Trading With Trendlines Forex Trading Strategy-price action trading strategy

As you can see, the daily inside day bars from within the shadows of the previous day’s high and low.

What Is The Importance Of Trading The Inside Day Bars?
Get ready for a spring…or breakout when you see an inside day bar on your chart. These are explosive price moves that can get you 100-300 pips easily.
So where are the two techniques for trading the inside day bar then? Well here they are:

1: Daily Inside Day Bar Multi-Timeframe Trading With Trendline Breakout
Here are the steps

#1: First, Identify the inside day bar:

Daily Inside Bar Trading With Trendlines Forex Trading Strategy-price action trading strategy

#2: Switch To A Smaller Timeframe (30 minutes of 1-hour timeframe) and see if there’s an opportunity to draw an upward trendline or a downward trendline based on the peaks and lows of that you find.

Daily Inside Bar Trading With Trendlines Forex Trading Strategy-price action trading strategy

#3: Wait And See if Price Breaks That Trendline

If price breaks that trendline and you see the 1hr or 30-minute candlestick close above/below it, you place a pending buy stop/sell stop order 2 pips above the high/low of the candlestick.
two options for stop-loss placement: 2 pips under the low/high of the breakout candlestick or 2 pips under previous swing low/swing high.

Daily Inside Bar Trading With Trendlines Forex Trading Strategy-price action trading strategy

#3: Set your profit targets between 100-200 pips and wait to see if the market can give you that

Daily Inside Bar Trading With Trendlines Forex Trading Strategy-price action trading strategy

Now, it can take 1 or 2 or even 3 days before you hit your take profit Target:

Daily Inside Bar Trading With Trendlines Forex Trading Strategy-price action trading strategy

 

Summary
inside bars are really easy to identify.
its a type of set and forget trading system
a less stress trading system
potential to make 100-400 pips profit in just a few days.
tight stop loss and if the trade goes as planned, the risk: reward can be mind-boggling

Source

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09 Jan 2019 10:55 am Posted by tamilforex

 
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