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 not traded since this morning but I’ve just taken a look at the afternoon session and spotted a decent M1 Sell FIBCON that formed around 14:50
It’s been a range day since the early move up to set the session high but this was a good setup after price failed to hold above Yes High – again.
The A-B leg was nice and clear.
Note the excellent Role-Reversal at the 61.8 level@12078.82, it was precisely where price reversed. If you’re ‘Being The Bear’ this was worth taking.
I took the next M1 sell MAB but did not work out.
Price was range bound and was coming up off the bottom of the range.
I took the M1 Sell MAB and moved my stop once price moved back below Yes High. I probably would have been stopped out for the full 1R but should have not micro-manged it.
A good setup, decent A-B-C…