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….
Above is a great example of what’s called a ‘Bear Trap’.
Price has been in a range with the bottom of the Golden Low-High zone and the Open being the bottom of the range. Price broke briefly below the bottom of the range drawing in sellers before reversing back up.
This is called a classic ‘Bear Trap’ and experienced traders will be looking to buy the move back up into the range.
This video shows the sell at RESCON anticipated earlier in the blog. The setup was good and I was pleased with my trade entry.
I lost -0.54R due to reducing my risk when the trade was at +1R. I kept my stop above the Grid components that formed the area of RESCON.
This was one of those trades that didn’t work out but I’d take it again!
I took the sell at the previously identified area of RESCON. Despite it being a loser I’d take the trade again.
At +1R I reduced my risk whilst still protecting my stop with the Grid RESCON components, that worked out to be a good call as I’d have taken the full 1R.
After the move down then up to form the current Low and High price has been stuck in a range around the Open.
We must Be The Bear and avoid getting drawn into poor setups!!
If price moves up to test Yes High there’s an area of RESCON just below it.
From the quietness of yesterday to today’s wilderness. What is not to love?
I liked (and sold at) the 12376.1 level (mid 5min equidistant zone). My bad habit of placing the Stop Loss on profit rather than behind resistance levels took me off what it was an easy 5R trade. Working hard on bad habits, a lot to improve!
That was decent sell you took, it was supported by a keyzone I’ve got on my hourly chart.