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 really enjoyed today!!
My best day so far this month, I followed the plan and was The Bear…
Passed on a few good setups and would take those I did again 🙂
I missed the sell when price moved back up to the D1 EQZ@11397.8 but ended up taking the sell at 11377.0 which was structurally a good setup, just didn’t work out so I closed out for -0.51R
I allowed myself one more trade if there was a good setup.
I passed on the M1 MAB but I took the GZ M5 MAB after price made a low at the D1 EQZ Mid-line@11251.0 but should have used the custom sell limit order to filter price spikes.
I entered a little early with the Trade Tool and there was a wee bit of FOMO which a limit order can help to avoid?
I was wary of price coming up off the low after a major sell-off but still went for it but this one did not work out. Structurally it looked good on the M5 and M15 charts with the 61.8 level at 11325.7, it just didn’t work out.
However, I followed my process and maybe skilled use of the custom limit order order might have kept me out, not sure??
After the sell off that I was almost on – One Day I Will 🙂 – I took the M1 MAB at the D1 Bear Channel. I closed out once it looked like it wanted to go higher.
I’ve been waiting for the M5 MAB at the H1 Bull Channel@11380 but it’s taken ages and I didn’t like price action so passed on it when it eventually took place, because I passed it would have been a winner 🙂
I said to myself this morning “I want a 5R day” and have just done that 🙂
However, I knew I needed 1.35R to get there and ended up closing out when there was no need to when seconds later the 2R came in!!
I also missed a great GZ M1+M5 Sell MAB that soon followed once price got going after breaking below the 11435.6 level (an M15 KeyZone). After “Being The Bear” for so long I only got +1.34R from a potential 4R+ sequence of two sell trades.
However, I’ve had best day this month so far! I’ve felt “In The Zone” and anticipated each trade for four winners 🙂
The break below the PW Low and the H1 Bear Channel setup a decent M1+M5 sell Micro-MAB on the retrace back up to the PW Low.
My 2R was at the Open and has just come in but I closed out due to it being such a tight range and was happy with anything over 1R due to the context.
I used a custom sell limit that triggered straight away as there was no spike. The 11388.8-11397.9 zone is a major battle ground just now and if price breaks below it might move down quickly.
The retrace back up to the Open looked good on the M5 and M15 charts and it started well but after yesterday I knew the bulls could step in so I trailed my stop once it had moved below 11388.8, this proved a good call.
Price then moved up to the M5 EQZ Mid-line@11423.7 AND the 50% level of the current Lo-Hi zone, look at this level on the M5 chart on full screen to see the previous price interactions with this level. It was also the 61.8 level when point A is taken from the H1 EQZ Mid-line@11452.8 as shown below.
Had to leave my desk and missed the sell FIBCON at the D1 Bull Channel and H1 Bull Mid-Channel when the H1 Buy MAB sent price back up.
A great example of how one trade can roll into another when you’re in the zone…
When the 2nd M5 Buy MAB was only able to produce a Lower-High at 11484.4 I sold the break of the:
- D1 Bull Channel
- H1 Bull Mid-Channel
- M1 Micro-Channel
My 2R was just above the PW Low and H1 Bear Channel so I walked away to let it play out. I returned 10 mins later just as price was about to hit my target.
This was a break-out trade based on the reasons given, this one worked out 🙂
I passed on a decent GZ M5 MAB just after 8am!!!
It was structurally good and definately falls into the category of those where we only need to be right 40%-50% of the time.
This is a mindset and consistency thing I’ve got to work on as I did the same thing yesterday at 7:14am with a good M1 Sell MAB at the PW Low. I then took a poor trade where I chased price and moved my stop.
Depending on what you read trading is 80% mindset no matter what style you gravitate to, I need to work on mine as not taking these good setups will ultimately skew the traders equation.
Missed it too!! Great trade it was, perfect setup. Didn’t trust the London open volatility…
Great day Phill!
Imagine if you’d held onto that last one…!
SO close to my best day so far….