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 been able to trade this afternoon but had I then this M5 Buy MAB would have been considered where point A was taken from the D1 EQZ@12873, another great example of the Price Action Grid.
I was on a call between 1-2pm and came back to see that price spiked down after the US Open. It briefly closed below the D1 EQZ@12873 before moving back up.
The M1 Micro-MAB was tough to trade but the retrace to the 12873 level was followed by a spike down before the move back up.
I marked up the Daily Golden Zone and anticipated an H1 sell MAB in the middle of the GZ. It was also confluent with the H1 EQZ@12920 and the bottom of the KeyZone.
I closed out when price found support at the 12914 level, this proved a good call as price was slowly coming back up through the current range.
I really liked the M1 Sell MAB, the 12906 level was excellent RoleRev on the M15/M30 charts. I used the Trade Tool and got the perfect entry.
I moved my stop when +1R was reached but was stopped out by 0.4 of a pip only to see it go on and be a 2R winner 🙁
A great example of fine margins, it failed to close out for 2R due to the spread then reversed up to take me out by 0.4 of a pip only for it to then move back down and be a winner!
This was a must take trade, I liked everything about it. Maybe next time I won’t be so generous with my stop as the entry level was very precise.
I took the M1 Buy Micro-MAB just after 8am, it started well so I moved my stop to just below the Open once it had gone +1R in profit. I was then immediately stopped out due to the bear candle!
The trade was a ‘must take’ and I’m pleased with my trade management.
Great M1 Micro-MAB! Your stop loss level and therefore your take profit point definitely played a big role on that trade.
The hourly MAB was a bit risky, excellent closing the trade once it bounced on the 12914 level.