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….
A Counter-Trend M5 MAB sell setup formed after price made the session low just above the D1 Bear Channel. I successfully ignored FOMO and decided it was only worth taking if price reached the M5 MA at the M5 EQZ@11431.5
I used a custom sell limit order and was almost stopped out before the bears managed to drive price back below the Open.
However, due to the context of coming up off the D1 Bear Channel I closed out once the M1 MAB looked like it would push price back up, it proved a good call and resulted in small +0.70R winner.
+1.88R winner
Confluence of the 1min ema, 1hour ema, bottom of the M5 EQZ and ‘Look Left’ Role Reversal gave me enough confidence to take this sell trade.
I love to see price conforming exactly to the Fib tool, look how it turned right at the 61.8 level!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_21feb2019_1224_22120347_sell.png
Hi Joel,
I was away from my desk when this setup happened, well done on the precision and timing it took to get the winner!!
A decent Micro-Setup that you could only consider with the Trade Tool!!
I’m looking at it now on my chart and it was a decent setup, the only thing that might have been an issue is the context on being so close to the D1 Bear Channel / Low but well done on the read and getting out with a decent winner.