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….
14:32
GZ M1 MAB But Loser, -0.80R
I should have stayed in sell mode and sold the move back up to the D1 Bear mid-channel.
Instead I took the GZ M1 Buy MAB on the retrace back to the H1 EQZ level at 12154.6, not a good call.
14:24
Sell Breakout, +4.42R Winner
After waiting for price to reach the Golden High-Low zone for a sell I took a sell after price moved back down.
I trailed my stop and once again pushed for more profit as it felt very bearish and if price pushed down through the PM Low it could go much lower. It was a good trade and I was stopped out for +4.42R.
The BIG lesson for me today has been not to be greedy and use structure to close out respectable profits.
I should have closed out at Yes Low!!!
14:09
Two trades taken at Bull Channel
These two trades were taken at the H1 bull channel, one loser, one winner.
When price broke through taking me out for -0.87R I re-entered with a sell trade on the retrace. Once again, I pushed for more profit instead of being happy with 2R and was over 4R in profit at one stage.
I trailed my stop and was taken out for +0.99R
10:44
Top of Range Sell Winner +0.80R
I took a sell when price moved back up to the top of the range. I was a bit late and once again I trailed my stop too closely.
I did this by eye BUT if I’d been using the the FIBCON as shown to guide me I would have not got stopped out. This is a great example of using the FIBCON structure to be more precise when trailing the stop.
10:38
GZ M1 Buy MAB Loser +1.06R
This was not a high quality trade, compared to the first two, Would-not take-again!
It was mid-range but was off the top of the Golden Low-High zone.
10:20
Buy off SUPCON Winner +0.23R
Took buy trade off area of SUPCON:
- H1 Bull channel
- H1 Bear Mid-Channel
- H1 EQZ Mil-line at 12218.6
- M5 EQZ Mid-Line at 12217.4
- Monthly MAB
- 61.8 level from M15 chart
I got a poor entry, my 2R should have been just above Yes Close. Once again I trailed my stop as often the move back up an area of SUPCON like this can be strong.
As shown, once again I trailed my stop too closely and only got +0.23R.
The setup was excellent, I’d reasoned it out well in advance, a 100% WTA.
10:10
Early Golden Low-High Buy Winner +0.71R
Price gapped up at 7am then sold off quickly down to Yes Close and the Open. This was the bottom of the current Golden Low-High zone so took a buy trade.
I should have taken the 2R but was trailing my stop in case the move backup out of the zone had bullish momentum.
I was stopped out for +0.71R, a good trade, the better option was to settle for 2R.