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….
Another range day between the Daily EQZ-Midline@13315 and the Hourly EQZ-Midline@13239 where price went all the way down after 8am then all the way back up. I was unable to find a setup that allowed me to take a trade until price moved all the way back up to Yes High.
I reasoned it was a high probability that price would stall and reverse so I entered at Yes High which was confluent with the D1 EQZ Midline@13315 and used a generous stop in case price wanted to spike through a little to the top of the KZ at 13321 which on this occasion it didn’t.
Based on the price action last week I moved my target down into the range and after 01:48 minutes I was closed out for a +2.65R winner.
I had to sit on my hands and trust structure whilst the M1+M5 buy MABs sent price back up. 13300 was the key level that had to break before the bears were able to send price down.
The M15 Buy MAB offered no support but the H1 Buy MAB was enough to stop price going any lower – for now.
Below is the M5 chart showing the price action at 8am with the Daily Golden Low-High zone overlaid.
