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 didn’t trade Friday but just before heading out around 09:20 I took a quick look at the charts to see the screenshot above. After 8am price moved up to test – guess what – the 12350 level then moved back down.
Note how price interacted with Grid structure to produce a perfect measured move.
At 8am price moved down to the key level at 12350, at 08:16 an M1 Sell MAB formed which I passed on due to the context as price had found support at the 12350 level.
I marked up the Buy FIBCON that followed which was decent but passed again and it was another good call as the spike back down to 12350 would have resulted in a quick loser.
It’s currently choppy, lacking direction and tough to read so unless a very clear move forms such as a break below 12350 I’ll stand aside today as I have to finish at 10:00 to attend meetings this afternoon.
This is “Being The Bear” and some days there’s just no decent fish swimming by, at best minnows but they’re tough to catch!