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….
It all looks a bit noisy but I’ve marked up a great M5 Sell MAB after a bear spike price down into the KeyZone/Range. I came back to my desk to see this sell setup but was just too late to take it 🙁
However, it had the following:
- Great structure.
- Great Context.
- A perfect Measured Move.
- Perfect Outer-Inner FIBCON structure.
It was an ideal setup to use a custom Sell Limit Order that filters price spikes at Price Action Grid intersections where the energy can be very high.
I’m really pleased with this one for the following reasons.
I anticipated it the buy setup after price has found support at the bottom of a Higher TF KeyZone (12088) – see M15 chart below. It took about 45 minutes to find support before the price action indicated that the bulls would try and move price back up into the zone.
I was anticipating a Reversal FIBCON which did form but was so fast as to be untradable but point C on that became point A for the buy setup.
I did consider going for more profit but decided to take the 2R and build my bank after a few losers yesterday.
I’m finding the focus purely on horizontal structure very helpful and when cross-referencing with the higher TF’s it’s very powerful.
Below is the M15 chart showing the bottom of the KeyZone@12090, it is also the Golden Zone from the bull move up. Yesterday I missed a similar zone and took a loser – not today 🙂
