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 took the buy setup when price pulled back to the bottom of the channel and the IKZ@10319, I put my stop below Yes Low and just got away with it.
I left the 2R target where it was due to the resistance at 10354, however, not long after price moved up strongly to the top of the channel, typical 🙂
Just after 7am price retraced to offer a buy FIBCON and Measured-Move up to produce the top of a short-term channel.
At 8am price moved down to confirm the channel which was confluent with the top of an intraday KeyZone.
I’ve put channels aside for a while to focus on maximizing the power of horizontal structure, now it’s time to revisit them so they compliment the price action structure we use.
To be clear:
- The Primary structure is Horizontal.
- The Secondary structure is Sloping and when accurately identified can add enormously powerful confluence to our setups. See below for examples from yesterday.
From yesterday,
Above shows a buy FIBCON back up into the channel. This took place after the US open drove price up off the lows. See blog entry below for the earlier example of this channel in play.
From yesterday,
Above shows a sell Micro-FIBCON back down into the channel after price failed to hold above Yes High.
See below for what the channel looked like on the M5 chart.
