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 the one trade today. As mentioned earlier, very pleased with the anticipation but need to keep working on the trade management side of things.
I’ve just returned to my desk after taking a break and take a look at what happened after.
Note how my original (lower) M1 Micro-Channel held price as it sold off, whilst I felt SO frustrated earlier I’m chilled out now after walking away, a smart decision as I felt my emotions might have led to poor trading decisions.
I’ll focus on the positives and how well I read the setup, it’s only a matter of time before I master this and instead of a small winner I’ll take multiple R from these setups 🙂
I anticipated this M5 Sell MAB perfectly but once again I trailed my stop too close and got stopped out by 0.1 pip!!!!
I should have kept it above the mid-line and micro-channel I’d copied from the lower one that added to the confleunce at 11378
After passing on the first retrace to this level at 11:01 I was totally The Bear and waited patiently for this sell M5 MAB only to end up with a tiddler of a winner 🙁
I didn’t move my target, 2R was just fine, just wished I’d not moved my freaking stop – again!!
After standing aside all morning due to the choppy, spikey rangy price action I was only going to take a Grade A setup which this was so pleased with that but not pleased at all with my trade management!!
A GZ M1 Sell Micro-MAB did form at the PW Low but I passed due to context, it of course then went on to be a winner 🙂
Structurally it was decent but the Lower-Low was more like the bottom of the current range so lacked the energy of a trend.
Perfect entry level!!
Were you trailing with amount of pips or with lock-in profit levels?
Neither, I trailed it manually which made it even more frustrating when a few pips higher it would have been protected by structure.
We’ve talked about this a few times before and I go and do this !!!!
This frustration will be transmuted into some serious progress 🙂