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….
The earlier anticipated sell didn’t play out but another did 🙂
Once the H1 EQZ level at 11899.9 broke then I marked up the Golden Zone and found a 61.8 perfectly confluent. I waited patinetly and was rewarded with a +3.09R winner.
I was tempted to ride price lower but have to leave my desk so wanted to be out of the trade.
Below is the hourly chart, note the H1 EQZ level at 11899.3, superb Role-Reversal structure that supported taking the trade.
If price was to move lower I’ve marked up a possible sell setup at the 11900 level with point B at the PM Low ???
I took the M5 MAB and this time did not touch anything!!
I was 0.1 pip from being stopped out but it worked out and went on to be a +2R winner 🙂
Ouch!!!
I really liked this sell setup and got a great entry with my stop just above the M5 EQZ Mid-line at 11952.8 but when price moved up to test it I closed out!!!!
My stop was perfect, did not let it play out 🙁
Price then reversed and has gone on to reach the 2R target 🙁
Good setup, good anticipation, POOR trade management.
The Golden Zone had decent confluence supporting the sell trade:
- H1 Bear Channel
- H1 Bull Mid-Channel
- M5 EQZ at 11945
- M15 KeyZone (not shown)
That’s the mind playing its usual games!
Why close a trade for -0.7R instead of letting it take -1R, only 0.3R away?
Anyway, good trade overall. What do you think about locking in profit to breakeven level when your trade goes more than 1R on your favour?
Exactly!!!
Why not let the trade play out for the full 1R loss and trust structure instead of closing out as I did. It was an impulse that came from nowhere it seemed!!
I’d be telling someone else exactly that and here I am re-acting to a wee bull spike.
However, I’m very pleased with the anticipation and overall setup. I’m also VERY pleased I took the subsequent GZ M5 MAB for a 2R winner 🙂
Regarding locking in profit at 1R, a good idea but let Grid structure show you where best to move it.