Here is an Example of a Pin Bar that is followed by a consecutive Pin Bar that is also an Inside Bar. This type of price behavior just adds to my weight of evidence style of trading. When this type of price action happens it denotes that there is an increased probability that this will be a high probability trade and has a higher probability of being successful. Here is a chart of the price action.
What are the entry triggers for this trade:
- Pin Bar Formation
- Consecutive Pin Bar formation
- Inside Bar formation
- Rejection of the Central Pivot Point (significant support level)
- Major round number level 1.3800(significant support level)
This is what I refer to as my weight of evidence, I need multiple confirming factors that indicate a high probability trade. This trade went on to reach the R1 profit target four hours later. There was also plenty more profit potential if a trailing stop was utilized on a part of the position.
These trading opportunities occur all the time and in all the currency pairs, it is just a mattter of waiting for the best setups.