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 not trading today due to preparations for family visiting over the weekend but I’ve just taken a look at the charts to see what happened at the 8am Open and noticed an early very fast moving but structurally very good GZ M1 Micro-MAB.
The Golden Zone had great Role-Reversal structure (look-left) and if spotted and taken would have resulted in a very short trade if going for 2R.
As I’m typing price has moved on down into an area of SUPCON and the bears look like they’re targeting the PW High which is just below a D1 Bull Mid-Channel.
The screenshot below shows this.
Note how price failed to hold above the D1 Bull Channel AND the D1 EQZ at 12577.5, “What cannot go up must go down.”
This shows how the Price Action Grid can help to guide our reasoning processes
