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….
As mentioned earlier, price need to break clearly below Yes Low to offer a sell setup, at 10:11 it did this so I watched very closely.
I was initially looking for a pullback to Yes Low once a LL was formed but price kept going on down after the first LL at 11956, I then cross referenced with the higher TF chart where I had a KeyZone marked up from several days ago.
This provided guidance to a valid level for the Micro-FIBCON 61.8 level at 11595 (top of the zone), see below. It also gave me guidance as to where to move the target (bottom of the zone) for a little more profit!
Another great example of “Being The Bear” and patiently waiting for a Juicy Salmon to come along 🙂
Below is the H1 chart showing the KeyZone mentioned , look-left to the 5-7th August to see why this zone provided key guidance for the sell setup.
Another great example of using all timeframes to trade!
Price has been in a range so far this morning so only minnows have been sighted 🙂
The Micro-FIBCON above is an example of this and was probably the best setup so far. Price needs to break cleanly below Yes Low for a sell setup, the Price Action is making it a tough morning so far!