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….
After just missing the earlier M1 Buy MAB I marked up the following FIBCON that resulted from the HH – point B that it produced. My stop ended up being just above the 12350 level and was tested twice before price moved up.
I moved my target based on the bullish trend up to the next M5 KeyZone and closed out for +4.09R profit. This was a trade of fine margins that on this occasion worked out for me. The Role-Reversal structure at the previous HH was key in my decision to take the trade.
On another day I’d have gotten the entry I wanted on the earlier M1 Buy MAB but that’s trading. However, points B and C of it became points C and A respectively of the next buy setup which shows how we must be patient and wait for a setup to come to us.
At 8am price moved up briefly to the H1 KeyZone@12350 before moving back down to find support in the M5 KeyZone above Yes High. When price moved up strongly and broke above 12350 I marked up the M1 Buy MAB.
The Role-Reversal was excellent between 12337-12340 but price failed to come into the GZ and moved up strongly off the 12342 level, this level was the top of the wicks that formed the GZ – Look-Left.
I really liked the setup and was poised ready to enter, it felt like a juicy salmon had swum tantalisingly close to my strike zone before quickly moving out of reach!
I’m pleased that I anticipated the setup, I’m pleased I waited patiently for a value entry, I’m pleased that I didn’t chase price when it failed to reach my trade entry level.