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….
After being away from my desk and missing a few decent setups earlier I was pleased to spot this M1 sell MAB that worked out.
I did try for more profit but the PA at the 10319 level was supportive so when we got within 5 minutes of the US coming online at 14:30 I closed out for +2.18R.
So, after two losers yesterday I’m well pleased to have 2 winners today 🙂
At 8am price tested the D1 EQZ@10514 to produce a Double Top.
Once again the wicks were a great clue to what might happen next, in this case a move down.
I was SO close to selling at the 10514 level after 4 wicks but passed so when price moved back below the M1 channel I entered the sell trade. I trailed my stop as I felt there was more than 2R available which proved correct, I was eventually closed out for +3.41R.
I missed the sell at 10478 when price retraced as I left my desk for a break.
Must stay focussed and ‘In the Zone’ and flow with the Price Action, it’s getting closer each day 🙂
Great trade! Good way to start the day!
Hi Joel,
Yes, pleased with this trade. I took a break then had some phone calls to make only to then see how good the Price Action was afterwards.
Most notable was the Reversal FIBCON that sent price back above Yes Low.
This then produced an Inner FIBCON with point B at 10478 with a move back down to Yes Low for a possible 2R.
I’ve had two trades so far today, the first was a Buy loser at 12:06 which I thought could be a Reversal FibCon. The second was a +0.09R Sell FibCon at 14:26; I moved my Stop Loss to break even and got stopped out after price bounced off the confluence of the 1min and 5min moving averages, however I would have hit my 2R target had I left the stop loss alone!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_21apr2020_1426_18334011_sell.png
Been there done that lots of times 🙂
I keep telling myself “Trust structure, let it play out”
Just had another loser… I missed the best set-up with the 1min MAB confluent with the H4 boundary and D1 midline at 14:52 and ended up entering a lower-probability trade on the next pull back.
That M1 MAB with the D1 and H4 levels in play was the one to take!!!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_21apr2020_1500_18335727_buy.png