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….
Today’s video below. I had to switch to other projects after the sell trade closed out but there’s been a few decent A-B-C sell setups since.
Somehow the video was shot in the wrong resolution but it’s watchable.
At the London open price moved up strongly to the top of the current range it’s in, see screenshot below. I was close to taking an M1 MAB buy but it didn’t pullback to the MA so I passed.
I was looking for a sell on the way back down to the H1 EQZ@11772 but no setup formed. When price broke firmly through this level I took the Micro-FIBCON Sell where the GZ was confluent with the Open@11750, my stop was generous so my target was right on the session Low.
It took a while but got there in the end, the Low is often a target for the bears in this context so it worked out 🙂
Below is a screenshot from the M15 chart showing the current range between the D1 EQZ@11693 and the D1 EQZ-Midline@11840, if price had reached Yes High I might have considered a sell at the level based on what happened on Friday – Look Left!
Good trade for the +2R!
I didn’t consider the trade at the time, but should have as I had the 11744 level marked up as a level to watch, marked up from previous price action!
Here’s my mark up of the morning sessions action.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_12aug2019_1130_xxxxxxxx_xxx.png
Hi Joel,
You’ve marked up some great zones, I had to switch to other projects after my 2R came in but there’s been at least 2-3 decent sell setups since.