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….
Not a good day results wise BUT I’ve had a master-class in FIBCON’s and MAB’s after going back to basics.
I started with a great trade (see below) just after 7am then got greedy and saw +3R become -1.13R, the efffect of which meant I missed a decent buy trade to ride up the bull move just after 8am. One poor decision led to another….
This period of drawdown since last Thursday has been quite the tonic to go deeper into the Price Action and the Price Action Grid.
It captures almost all the key decision points and today I sat and just watched and called the moves. Of course the trades I took didn’t work out, those I passed on or missed did!!
I’m too tired just now to journal what I hope will be a milestone day for me, I’m thinking I might do a video instead of blog each trade, I want to capture what I feel I’ve learned today.
In summary, the BEST MABs and FIBCONs form within Grid structure, mark up in real-time the A-B-C pattern as per the trading plan, something I’d stopped doing BUT it’s vital to utilise the Grid correctly.
More later….
Below is the great GZ M1 Sell MAB I got a perfect entry on, I then got greedy going for 5R+ and giving it all back. There is a pattern here that I’ve got to sort, this is happening all too often.
Ouch, that hurts.
However, the real problem would be not knowing what to change to reverse this situation. Go back to the basics, you are simply the best at this!!
I have a calendar in the studio. Want to know the message for this month? “Smooth seas never made good sailors”.
No two days are the same! (I am using your whole repertoire today!) Enjoy today’s session!