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….
My first trade for December is a loser BUT in answer to the question:
“Can I see the A-B-C with Excellent Role-Reversal?”
my answer was Yes!!
The 61.8 level at 11228 was confluent with:
- H1 Bull Channel
- H1 Bear Mid-Channel
- H4 KeyZone Level
I reasoned this was in in the category of those that are good enough to take and we only need to be right 50% of the time.
I followed my process, I did not chase price, I anticipated it well in advance, I got the exact entry I wanted.
After the gap up at 7am a GZ M1 Buy FIBCON formed but at present the spread is 2.2 between 7am-8am so it’s not a trade I’d take.
However, this one would have worked out if the 2R target was at or below the 11217.5 level.