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 was an early sell setup just after 7am. It had good structure and context with the key H1 EQZ@13430 in play.
It was looking good until the bulls were able to drive it back up.
Below is the pre 7am chart of the setup on the M5 chart.
11:27 M1 failed 5min MAB | Sell | -1.00R
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_15jan2020_1127_16736360_sell.png
I liked the confluence between the 5min, 15min, 1hour and 4 hour emas, and felt that price might test the area around the H1 EQZ (13430) and Open again.
However, the trade wasn’t with any trend and I was trading back down into keystructure making this low probability.
Hi Joel,
I can see your thinking however, this week price has been ranging and very choppy at times so whilst a setup looks decent structurally they are lower probability due to the context.