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….
Just spotted this decent GZ M1 Micro-MAB that formed around Grid structure.
After a move up off the low price reached an area of RESCON I’d anticipated would cause price to at least reverse temporarily.
I sold at the Daily Bear Mid-Channel and closed out for +1.58R as price looked like it would move back up off the M5 EQZ level at 12368.3
This video shows the two sell trades
00:00 – 05:13 Live Sell Trade 1.
05:14 – 11:18 Live Sell Trade 2
After price made a Lower-low I took the sell FIBCON at the 50% level.
Really pleased with the setup, should have waited a few seconds to get the full 2R but I was happy with +1.70R 🙂
After selling off strongly I sold the first decent retrace. Point A was taken from Yes Close to produce the Golden Zone.
After observing the 61.8 level hold price I entered a sell trade. At +1R I reduced my risk, however price moved back up off the micro-keyzone resulting in a -0.22R loss.
The only reason for not taking the trade was due to it coming off the session low. The next and higher value sell setup is if price moves on up to Yes Close and the Open which is a 61.8 level (12376.6) when point is taken from the Daily Bull Channel, see below.
