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 switched to buy mode when price broke clearly above Yes High. The 61.8 level was perfectly confluent with it for a buy setup with decent Role-Reversal AND it would be with the bullish trend!
I had to leave my desk so used a Buy Limit as shown, however, price reached the 50% level and moved back up.
I have to switch to other projects so will cancel the buy limit. This morning I seemed to see only TOR sell setups.
I’ve just taken my second sell loser, both trades were trading micro-structure at the top of a range, however, the bullish momentum has gone against me.
This second trade had a poor entry due to a bit of FOMO, however, it would still have failed had I got a better entry at 12470.
Price had creeped up to Yes High after a strong move up off the key level@12435, a level overlaid from the M15/H1 timeframe, the M15 chart below shows why I was looking to see if it would be the Top of a Range at:
- Yes High
- The H1 EQZ Midline@12473
- Top of a M15-H1 KeyZone
I was trading into a bull move but the plan was – if right – to trade price back down into the range for more than 2R.
See below how precise the top of the range@Yes High is.
I took the first sell setup when price reached a possible to TOR at the key level of 12435, see M15 chart above.
If correct I was looking for more than 2R on the way back down into the range, not this time though as the bulls continue to be in control.