GOLD - Another Double Inside bar pattern, order levels indicated
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
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- 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
**
- A sell stop order would be set a few pips below the low of the 1st inside bar
- A stop loss would then be set just above the 1st inside bars high
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
**
- 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
**
- A sell stop order would be set a few pips below the low of the 1st inside bar
- A stop loss would then be set just above the 1st inside bars high
THIS IS NOT A TRADE CALL