A nice “live forex trade” using simple price action trading strategies. I demonstrate the Inside Bar & Pin Bar ‘Combo’ Strategy, trading with the current short term momentum.
Video Synopsis – Inside bar + pin bar combo setup
This video demonstrates an hourly inside bar / pin bar combo setup that formed with the hourly trend. There was a nice formation at the 1.3300 level that had confluence with the existing marketing momentum and previous horizontal level. There was an obvious rejection in the 2 candles discussed in the video, these candles gave us our price action signal.
My stop was placed just above the high of the tail of the rejection bar at 1.3300. This trade proceeded to make around 5-times risk, my stop was very tight due to it being on the hourly time frame. I talked about “mental stop losses” in this video as well. I had a 100 pip stop on this trade but you could have had a 50 pip stop which would have dramatically increased your risk reward.
The pin bar / inside bar combo strategy can be very effective, it is usually more effective on the daily charts than on the hourly but sometimes you do get a very good pin bar / inside bar combo like the one discussed in this video.