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….
Since Monday price has been in a range as shown by the Doji type candles, we are therefore in range mode.
+2R REVFIB winner from Yes. Low into a breakeven M5 MAB.
I was a bit unsure about the M5 MAB, as it was a Sell trade at the bottom of a potential range, and was a bit worried about giving back after the 2R winner, so tightened my SL to breakeven quickly.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_07aug2020_1047_19746245_sell.png
Hi Joel, earler on I took a look and saw that Yes Low was being tested and reasoned that a buy REVFIB was on the cards due to the range plays.
I’ve just seen your post, great buy REVFIB trade!!
One of the buy REVFIB (advanced) rules we’ve seen is this:
1) If the M1 MAB sends price down expect a DB and therefore the STOP must cover this.
Which is what you did 🙂
2) If the low probability M1 Buy MAB happens and fails to send price back down then the M5 sell MAB is the one that we expect to send price back down to the REVFIB GZ for a buy.
Wow! Great trade Joel!
Amazing how I missed that one by being thinking on the sell trade I took when price reversed on your point B!
I exited BE, but I could have taking something out of it and kept thinking of that instead of watching ahead!
Excellent, well done!