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’ve got to go switch to outdoor projects as thw weather is good but here’s a quick look at the session so far.
I’ve not taken any trades but was very close to taking the GZ M1 Sell FIBCON at 08:24
Price is contining to range but the M1+M5 MAB above offered a decent sell setup.
The GZ M1 Sell FIBCON below was the best looking one and I was SO close to entering but talked myself out of it due to the H1 Bull Channel. The M5 EQZ@12315.4 was great Role-Reversal.
The M5 Buy MAB below was the first A-B-C setup of the session that qualified. I passed due to the H1 Bull Channel being so close.
A winning trade was possible but the move up was the B-C leg of the following Sell FIBCON just mentioned.
The daily chart shows price testing the key level of 12400 (magenta line) which is taken from the weekly chart.
I’ve marked up a Golden Zone which may come into play if price fails to hold above the D1 EQZ@12283.7, if so it could move down to the D1 EQZ-Midline@12135.7, just above the Golden Zone which also contains the Daily MA.
A clear break back below the 12283.7 level may offer sell setups?