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….
After the M1 MAB loser I marked up the M15+H1 sell MAB setup where the 61.8 level was confluent with the Open and the key level at 12847.
My entry this time was perfect using the Trade Tool and it immediately went into profit but failed to get below the top of the lower KeyZone so I closed out for a small winner.
When price broke below the BOR I took an aggressive M1 Sell MAB that didn’t work out.
I did not get a good entry which meant my 2R was just above the PW High however, it didn’t work out.
Note To Self: Wait for a clear breakout of the range, pass on this type of micro sell structure.
I took the M5+M15 Sell MAB and looked to get more than 2R out of it if price moved down to test the PW High. I trailed my stop and was closed out for a +1.11R winner.
It proved to be the BOR so taking the 2R would have been the smart option however, I’m pleased with the setup as I got a great entry and the GZ was clearly where the battle took place after the LL@12837.
I was too aggressive going for more than the 2R as shown by the M15 chart which shows the BOR range structure.
