>But, there is also the probablity of the repeating events... flip a coint once, you have a 50/50 chance it will be heads. Flip it again, there is a 50/50 change it will be heads. Let's say it was heads 3 times in a row, what is the probability that it will be heads a fourth time?
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>Sure, there is still a 50/50 chance of heads on that fourth flip? However, the chance of 4 heads in a row is alot lower than three heads and a tail.

To expand on what David said, before you start flipping at all, the chance of 4 heads in a row is 1 in 16. After you've flipped 3 times and gotten heads, the chance of a streak of 4 heads is 1 in 2.

That's because with 3 heads already, there are only two possible distributions left, HHHH and HHHT. Each has a 50% chance.

Tamar