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 an aggressive sell at Yes Low that was not a good value trade, the value setup was the PB to the Open. This had a great structure, context, and GZ.
I’m going through a mindset shift where I’m working to take trades rather than pass on them which is what I’m doing a lot right now only to see them go on to win. However, this was aggressive, and had I been at my desk I’d have taken the sell at the Open, like I did earlier after the first loser.
Off to the dentist now and out for the afternoon.
If the bulls can reach the PW High we have a decent RR zone as shown.
The break below Yes Low put me in sell mode so I took the PB to Yes Low, did not work out BUT I then took the PB to the Open as it had a great GZ.
Both trades I felt were good enough to take, my area of challenge right now is taking setups that qualify without reservation or hesitation.
It’s not easy taking another trade so soon after a loser but that’s the style of trading we do and we have to trust our edge to play out over a series of trades.
Yesterday there was no attempt by the bulls to test the PM High, instead, the bears took over pushing price below 12577, where it currently is.
I’ve left the two GZs marked up from last to see what effect they might have. The 12577 level is key, if the bulls are unable to push back above it then we might be headed lower.
Below is the H1 chart with a possible Bullish GZ? I’ve taken point A from the EQZ 50% midline@12133, it’s also possible to take it higher up at around the 12232 level which would mean the GZ is higher up.
If price sells off this GZ may come into play?
Ooops I did it again! I waited patiently for a Sell at the 12596 level where there had previously been selling pressure on both the lower and higher time frames and it was also confluent with the 61.8 FIB of the earlier bear move down. Price didn’t quite reach the level before it reversed and started to move back down so my entry wasn’t the best and it stopped short of my 2R target with the first attempt. I had moved my stop to reduce my risk but when price pushed back above 12577 I was in the process of moving my stop back to it’s original position thinking that maybe price would double top before trying to move back down and guess what, I was just tapped out and price moved back down through my 2R target… bummer!! It’s sooo frustrating to take a losing trade that should have been a winner! 🙁
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_08jul2020_1208_11668385_sell_FIBCON.png