Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our trading edge and how we use the hybrid Blackbox Trade Controller for MT4.
Use the comments section below to post questions and read what others are saying.
Remember to:
- Follow your trading plan.
- Practice visualization techniques.
- Review and journal your trades at the end of each session.
- And above all else Be The Bear….
I’m going to stop trading and switch roles to get some software updates done.
That last GZ M5 MAB was a Slippery-Juicy-Salmon and whilst it got away I’d take it again. I anticipated it at least 20 minutes in advance and could not talk myself out of it.
When I entered I had that feeling of “Whatever happens I’d take it again.” That’s key so very happy 🙂
The GZ M5 MAB I waited patiently for, it was a Salmon but a tricky one due to the spike up through the MA.
I just got stopped out then re-entered as shown. It all got a bit messy, I closed out when I should have left it alone and got 2R 🙁
So, it’s a 100% WTA 🙂
My execution was close to perfect but was just stopped out. Well done anyone profited from this Juicy but slippery Salmon!!
After the bear spike down price formed a good GZ M1 FIBCON when point A is taken from the hourly EQZ level at 12556.2, this is where the breakout started.
I talked myself out of it and was watching the M5 MAB, higher up. However, the 5 min chart below shows the same setup and structually it was clear that a sell at the 61.8 level at 12526.0 which was also confluent with the bottom of the M1 EQZ at 12527.0 was a good call with price moving back down the PW Low.
It’s been very bearish so far and when price failed to move back above the Daily EQZ level of 12577.5 I took a sell trade.
This was not a FIBCON BUT after watching the price action and the break below the M1 Micro-Channel I’d drawn I instinctively felt it was going lower.
However, I held off because I felt I was selling low, into support etc. At the moment I sold price spiked down resulting in the slippage shown. My trade size ended up being 0.6 thus pushing out my 2R.
Once again, fine margins and this trade was rare for me as it was not a FIBCON. Still it was a decent winner, I closed out early missing out on the 2R that would have come in.
Price is currently testing the PW Low……..
The juicy salmon knocked both of us out! Mine was worse, the spike up over the M5 took me out for -1.36R.
Guess what? I entered again as well. Took profit at the same place, +0.91R. Down overall, but at least reduced the loss.
How funny 🙂 🙂
But how cool we both:
1) Anticipated the same Juicy Salmon
2) Got stopped out. It was a Slippery one 🙂
3) Re-entered and recovered some profit.
This is a sign of progress, it was a particularly tricky, slippery salmon BUT a great call and a 100% “Would Take Again”.