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….
This trade worked out and is a great example of the fine margins we deal with. The price action just before 8am was key in the decision to take the trade.
The buy limit triggered and just like yesterday my stop was almost hit before price began to move up.
Price moved up strongly after 7am suggesting the bullish mood will continue, I was therefore looking for buy setups after 8am.
I considered two places to take point A from, the start of the bull spike at around 13190 or Yes High. Just before 8am price tested the 61.8 level (point A at Yes High) at 13236 so when the M5 MA was going to be confluent with the level on a retest I setup a custom M5 Buy Limit as shown above.