In this video I am discussing a trade on the AUDUSD, in the previous video I discussed a EURUSD trade that was against trend which generated a lot of email inquiries, a lot of people think I only trade with the trend. While this is true for the most part, sometimes I do take counter-trend trades on intra-day charts if they occur at a strong horizontal support or resistance line and a price action setup forms here, for beginners though, they should stick to the general trend direction.
In this video I discuss a perfect example of a breakout setup that occurred in the AUDUSD. A strong horizontal resistance level formed in the AUDUSD and then price broke above this level, we then got an inside bar setup just above this resistance after price broke above it. We need to be able to make at least 2 times our risk on any price action setup; the setup in this video provided at least 2 times our risk. The inside bar in this video formed in the direction of the dominant trend, I bought on stop just above the high of the mother bar, the mother bar is the bar preceding the inside bar that completely engulfs it. This video is an excellent example of how I make money with the inside bar strategy forex.
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