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….
Just got stopped out on this buy trade after such a strong move up off the BOR and the US open. I took the 10600 IKZ level as my support level but price wanted to pullback further.
My stop was based on the 2R being below the top of the IKZ@10669, SO, my bullish bias was correct, but this one didn’t work out.
After the losing trade I watched the PA and was SO close to taking the second setup which was a micro one compared to there first but was still valid.
As I was deciding price moved up and it would have gone on to be winner 🙁
So, very happy with calling the reversal zone of the current move down.
I’ve added the M5 chart that shows the Swing Low pattern – see wicks – that supported taking the above setup.
After a strong move down I took the first decent Reversal Buy FIBCON but it didn’t work out. It started well and I really liked the structure and context so right now I’d take it again.