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 came in to see the ideal Juicy Salmon in the form of sell REVFIB off the High.
This is Perfect, this is a Must take trade !!
I set a buy limit at 12808, just below the GZ due to previous recent structure. I did a similar thing last week and it worked out.
So did this though I did try for more profit I locked in 2R as soon as I could.
As I type the bulls are pushing higher after the brief PB that took me out.
I really like the buy setup, I had a bullish bias as mentioned earlier, it would have been nice to have stayed on this one but I did not want to give back the 2R.
Will I regret closing out?
I used a sell limit as I had to leave my desk, it triggered, very happy with that.
After what happened earlier I decide to close out once price bounced up.
Maybe looking at the bounce off the Daily Bear channel got into my head as I’ve seen price move up strongly of these levels when they’re in play.
I’ve also marked up the possible GZ based on yesterdays move. That also affected my decision to close out?
See screenshot below.
We got the anticipated break and PB so I took the sell but only ended up with +0.48R, as I type price is coming back down – is this another case of trailing my stop too tight?
Answer: Yes – the 2R would have just come in!!
If at some point we see new lows breaking below the KeyZone shown then a PB to it we might get a decent sell setup?
After a choppy start yesterday morning price eventually moved up to the 12873 level, overnight we’ve had a PB.