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 used a Sell Limit to enter this trade and was pleased with the overall setup. The only think going against this trade was it was a sell trade in a bullish envrionment but it ticked enough boxes for me.
It took 51 minutes to play out but eventually resulted in a loser.
If price reaches the PW High there maybe a sell FIBCON?
- Point A is taken from the High/PM High
- Point B is taken from the H1 EQZ@13558
- The GZ has the PW High in the middle of it.
- The 61.8 level is perfectly confluent with the H-KZ@13607
- The top of the IKZ is confluent with the D1 EQZ Midline@13610
The H-KZ@13607 might act as Role-Reversal for this setup, see the M5/M15 charts.
I passed on the M1 Sell MAB due to the context, a good call. I then entered a sell FIBCON as shown with point A taken from the PW High and point B from the H1 EQZ@13558, this setup was much better value but I was still wary of the context so once price went into a micro-range I closed out for a small winner.
Price continued on up to the PM High and then reversed back down. I was anticipating a Reversal FIBCON and entered a sell trade using the Trade Tool but the better option would have been to use a Custom Sell Limit order to filter spikes.
A gap up meant I took a 1.29R loser, I entered another sell trade for a 2R winner. Price then continued on down all the way to the H1 EQZ@13558, the Reversal FIBCON did not structurally play out on this occasion.
After yesterday’s range day price began moving up late in the session. In the overnight market it’s continued on up to make new high’s.
Will it be able to hold these and continue OR fail to hold and move back down?