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….
A great M1 Buy Micro-MAB at 13:42, it had:
- Great Structure & Context.
- Great Role-Reversal.
- Channel in play – note the Role-Reversal.
Also, note the channels from earlier in play.
I’ve been busy on other projects since the losing trade earlier but I did take a quick look at the price action and overlaid a few more equidistant channels and note where price set the high after the move up.
A great example of how price moves between them very precisely.
I took the buy trade using the Trade Tool but this one didn’t work out.
Structurally it was very similar to one I passed on recently which went on to be a winner so I took the trade as it ticked enough boxes and falls into the 50% that don’t go on to be winners.
Until price breaks below the H4 EQZ@10711 the bulls are in control and may well push price up to test the PW High?
I arrived at my desk just before 9am to see the following Price Action. I marked up the M1 bull channels along with the M1+M5 buy MAB that formed when price broke above the Open.
The bulls then took control and drove price up to the H4 EQZ@10711 to then set the high at 10749. I reasoned that price might want to test the PW High so I marked up the M1 MAB buy set up based on a retrace to Yes High. It had good Role-Reversal as it was also the earlier session High.