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 passed on an M1 Buy MAB due to the context – a range.
However, everything else was OK, the A-B leg was clear and it had good Role-Reversal.
I waited patiently for price to reach my entry point at the 61.8 level@12041 after passing on the M5 MAB.
It started well and I moved my stop to BE when price moved back below the H1 EQ@12027, soon after I was taken out for BE.
It had good structure with good Role-Reversal at the earlier LL, just did not work out. Price was coming up off the session low at the D1 EQZ@11987 but had moved up to offer enough value to take the sell trade.
Just after 8am price failed to test the High and then sold off strongly to produce a sell FIBCON as shown.
I was close to selling at the 61.8 level@12084 but passed.
Note the Inner-FIBCON and how price moved back down to precisely its 61.8 level@12053