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 REVFIB that didn’t work out so decided to stop for the day and enjoy the earlier sell trade!
After taking a -1.39R loser on the M1 Sell MAB I reassessed things and reentered based on the M5 Sell MAB AND the M15 channels – see below.
I moved my stop on the M1 MAB to cover the M5 MAB and M15 Channels; look what happened!!
After a few minutes, I noticed the structure was still holding so I reentered and reasoned that if I’m right the bears might target Yes Low and the bottom of the M15 bull channel so I moved my target down to below Yes Low and above the bottom of the bull channel.
I then walked away for over half an hour and came back to see it playing out, I adjusted my stop and walked away again.
I’d also reasoned that the EQZ 50% midline was also a possible target, that played out to the pip!!
When I reentered I didn’t feel any negative emotions even after only just being stopped out, once I’d decided it was a move down the channel to provide multiple R it felt worth the risk.
Below is the M15 chart with channels to show why I reentered. Over the last few weeks I’ve been learning how to make the most of the M15 channels, they are seriously helpful
So, finally, a dream trade to end the week 🙂 🙂
This sell had the following going for it:
- GZ
- M1 MAB
- 12633 midline
- M15 bull channel midline
- RR
I’d take it again even though it didn’t work out, we keep playing the probabilities game.
Yesterday price found support at the 12577 level and after testing it again around 20:30 it climbed back up during the overnight session.
Wow, I like this little example of what your future will be 🙂
It is time 🙂