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’ve been away for a few hours and came back to see an H1 MAB just after the US came online. Price reversed exactly at the 61.8 level and the H1 MA (short black line).
I’ve place the Trade Tool to show the ideal entry with the stop covering the H1 Bear channel and the PW/Yes Low.
I took a poor buy trade after price moved back up into M1 micro-channel. It looked good to start with but should ahve closed out when the doji’s formed.
A classic case of hanging on when it was time to close out. It was really the top of a range where you should “Sell High, Buy Low”.
I took the M5 MAB right at the bottom of the Golden High-Low zone at 12356.0 BUT the value setup was the M15 MAB below it.
It’s one of those situations we’ve talked about where it’s better to take the higher value trade when two possible setups are forming.
In this case the M5 MAB or the M15 MAB. I’d alos failed to update some key structure that woild od caused me to pass on the M5 MAB, easy now of course!
If point A is taken from the M5 EQZ mid-line at 12323.2 then the 61.8 level at 12345.5 was perfectly confluent with the M15 MA. I’d also not projected the keyzone from earlier.
After a bearish start to the week price has moved up off the lows. At 7am price gapped up to the Daily Golden High-Low zone and has ranged since.
Just after 8am a decent GZ M1 Buy FIBCON at 12323.8 formed. It was confluent with the H1 Bull Channel and the M1 EQZ mid-line at 12323.2. I did not have this marked up, should have!
Price then failed to hold above the Daily Golden High-Low zone.
Price is trapped between the Daily bear and Hourly bull channel boundaries.
It will be interesting to see it breaking any of those levels. Don’t know where it will go, but the 4hr EMA looks quite attractive if price retraces from Friday’s big drop.
Short day for me, finishing soon, wish you all a good day!
The 1hr MA also looks interesting but price may push right on up to the open?