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, I liked it but it did not work out.
My initial setup was based on the M5 Sell MAB producing the B-C PB leg down to the GZ. However, the M1 MAB sent price up to the Open before the PB.
Maybe that Price Action negated the strength of this particular setup in that the bullish energy had run out at the Open?
Will note this and watch closely in the future.
I’m glad that I passed on the early REVFIB just after 8 am due to the context. I marked up the Outer and Inner FIBCONs, their GZs show the miro-range price has ended up in so far today.
The Outer FIBCON (magenta) has its 61.8 level@12608, this was the bottom of a Bullish GZ and you can see how precise the level is. We must learn to get more out of the Price Action Grid along with any GZs and this is a great example of considering buy trades at the BOR.
Also, this last week the price action has highlighted just how important it is to mark up the GZs on the Daily, Hourly, and Intraday time frames as part of a daily routine.
Had I used to them this week to guide me in my decision making I would have passed on a few losing trades.
Below is the GZ is shown on the M15 chart, note how the wicks show the bullish energy along with the Role-Reversal ones from earlier.
Whilst the sell REVFIB that formed just after 8 am had decent structure I passed due to the context.
Specifically that there’s a bullish momentum in the market from yesterday, things were very choppy.
Yesterday the bulls drove price up from the 12281 EQZ level up to test the PW High just above the upper EQZ level at 12577.
With the US on holiday today things might be quiet but who knows?
Let’s see if there’s any follow-through, if not we may just go sideways digesting the move up OR maybe the bears will drive price down??
We will trade accordingly.