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….
Not a good end to the day!!!
After failing to take advantage of the early bull move up which was followed by the huge sell-off I took a C.T. buy trade that didn’t work out then had a dose of FOMO and I chased price.
The result of that was a -1.76R loser..
Today was a day that could have been my best day to date but missing the early buy trades then missing the Double-top sell FIBCON meant I got caught up in the end of the move later in the afternoon.
I talked myself out of this M1 sell Micro-MAB as price was testing the D1 EQZ midline@13020 after the exhaustive type spike at 3pm.
However, the bears are still in control and this one would have worked out!
Price did fail to hold above the PW High after forming a Double-Top, there was a very bearish piece of Price Action at the DT that I did not see in real-time but I’ve marked up the early sell opportunity.
When price broke below the Open I took an agressive sell and ended up closing out for a small winner but had I not touched it the 2R would have come in.
When the M1 Sell Micro-MAB formed I took it and trailed my stop due to the 13200 level holding firm. I got stopped out only for price to have gone on for the 2R – again 🙁
See the M5 chart below for the Double-Top – Note the interaction with the KeyZones.
After not taking any trades on the bull move up off the Open after 8am I was anticipating that price might struggle to hold above the PW High as this may well be the top of the current range on the daily chart.
The 61.8 level was perfectly confluent with the PW High.
The setup had alot going for it except it was sell trade in a bullish mood, this one didn’t work out.
Below are the two buy setups I failed to take, the first one – the M5 MAB – I over-thought, the second one at Yes High I was – once again – too fussy!
Being too fussy has become a clear pattern of behaviour in my trading as I’ve documented over the last few weeks.
