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….
When price failed to hold above the 10600 level and the channel boundary I took the Micro-FIBCON sell setup and moved my target down to above the H4 EQZ@10538.
I also added two equidistant channels to guide where price might target.
This is another great example of how the Price Action Grid guides us in identifying high-value setups that we can take using the Trade Tool with precision whilst controlling our risk.
At 7 am when the spread dropped from 5.0 pips to 1.5 pips I took this buy setup. The confluence at point C was:
- 10600 level.
- 61.8 Level.
- Top of the channel.
- Good Role-Reversal on the M15 chart.
Price moved down to the bottom of the channel so this one didn’t work out but it ticked enough boxes for me to take it.