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 just sat down after being out this afternoon and spotted a great sell setup.
Price has sold off all day forming a session low at 12160.0, from there price retraced up to the H1 Bear Channel. The RESCON consisted of:
- H1 Bear Channel
- 61.8 level at 12245.4 (after trying a few options if point A is taken from Yes Low its a perfect fit)
- M5 Bull and Bear Channel intersection (not shown).
- Great Role-Reversal structure
A great sell setup, wish I’d been at my desk.
Once again note how the Grid channels channel price!!
I’ve just taken a screenshot – below – of the M5 chart to show how cool this setup was and how it supports trade reasoning and decision making 🙂
This 9 minute video is of the sell trade taken earlier.
00:00 – 03:42 Anticipates the sell setup.
03:43 – 06:45 Live trade.
06:46 – 09:23 Post trade analysis.
This sell trade setup was very similar to the one I videoed last week where the Open formed part of the Golden Zone.
At 7am the European traders drove price up above the H1 Bull Channel, just after 8am price moved up to form the session High before selling off strongly back down below the H1 Bull Channel.
There was a very aggressive sell trade possible when price spiked below the H1 Channel and Yes High, see screenshot below.
I waited for a clear break below the D1 Bull channel and the Open. It eventually came when price moved down the the PW Low. I entered a sell trade as shown when price retraced back up to the Open and D1 channel.
The Golden Zone formed perfectly between the Open and the D1 Bull Channel and the earlier LL at the Open provided excellent Role-Reversal support for the trade.
This was an excellent setup and worth wating patiently for.
The screenshot below shows the aggressive sell trade mentioned above, the strength of the bear candle supported a move lower with Yes High and the H1 Bull Channel acting as high-speed Role-Reversal structure.
Great stuff Mr Phi.!
I wish I had the crystal ball to let you know in advance that you were at the beginning of a long lasting down trend! You did well taking profit there, +2R is a great start of the month!