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 was ready to sell after price failed to hold the session high but did not get the retrace I was after.
However, Grid structure (Yes High + D1 EQZ@13167) was the – aggressive – entry point and if you’d intended to ride the move back down the range it would have been a cracker of a ride all the way down to Yes Low.
I considered the M1 MAB above the Open but it was the middle of the range and I was after a retrace to about the 13155 level, bottom the the KZ above.
I took the M5 Buy MAB just after 8am, once again it would have been a 2R winner had I not closed out when price was struggling to get above the top of the KZ.
The confluence in play was :
- The Open
- 61.8 level
- Bottom of KZ
- M5 MA
- RR
Price came back down and then went on to hit my target but I’m pleased with a +1.48R early winner as I have to stop trading around 10:30 this morning.
Price is still in the range after Monday’s bull move up to the D1 EQZ@13167 and I’m favoring buy trades which is why I took this one.
However, note how close I was to being stopped out, it could not have been closer and I didn’t move my stop!