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 decided to stop for the day but later on did spot a sell setup that had good structure at the D1 EQZ@12873
After taking a break I came back to see that price had moved back above the key level of 12900, I anticipated a buy setup and took the trade at the level.
I really liked the setup, however I should have let price come into the GZ but this week I’ve been too fussy at times and missed out on a few winners so ended up with my 2R target being well above point B.
This was one where I should have walked away and let it play out as I closed out for a small loser when price retraced to the 12900 level after going into profit. I was still affected emotionally by the earlier losers and did not want 4 in a row but instead I ended up missing out on a 2R winner as 2 minutes later it would have come in.
This is why trading is such a challenge and we want to be honest about that!!
The setup was the best of the ones I took yet I failed to TRUST Great Structure…..
This next trade was not in the plan, I broke my rules and allowed FOMO to take control 🙁
When I was stopped out and price came back down to the 12847 level FOMO kicked in, the result was another loser.
Time to leave my desk as I felt my emotional state shifting from controlled and disciplined to reactive!
I then took the M5 sell MAB which was also decent but the low was in and price was coming back up.
I did not move my stop but the gap took me out for -1.36R 🙁
The 12847 level was the top of an H4 KeyZone and supported the sell setup but not this time, price was coming back up.
Three straight losers follow 🙁
After missing the earlier sell setup I took the M1 MAB after the retrace from the session Low at the H1 EQZ@12793, it was decent and included Yes Low with good Role-Reversal. I did move my stop a small amount so it was protected by structure as I felt it was justified.
However, it did not work out but overall the only thing going against it was price was coming up off the low after a strong sell-off.
At 9:04 a huge sell-off took place which eventually reached Yes High and offered a possible M1 Sell MAB setup. I was ready to enter but price did not come up into the GZ and meet the MA.
I wanted the best entry to get 2R at Yes Low but missed out on this one. It was a decent setup but I wanted it to be perfect 🙁
I was considering the buy setup on a retrace to the Open but it didn’t pull back far enough for me before it moved on back up.
For me that was the only decent setup, since then it’s been a bit wild so I passed on the M1 MAB that followed when price came back down off Yes High. That proved a good call.
We need to let things settle down, it’s all a bit choppy!
How do you do being a bear that hasn’t eaten for a year?! Do I need to say that I traded very low value entries today? 🙂
Very aggressive movements this morning, I was missing this!
Time to go soon, have a nice day!
Hey Alex,
Good to hear from you 🙂
Yes, you chose a very spikey choppy day to join back in, did you manage to grab a snack?