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 took a third losing sell trade which was FOMO for sure then took a fourth and moved my target down to just above the M5 KeyZone as it was a reasonable target for the bears if the were able to push price down.
I walked away and came back 30 minutes later to see it came in 🙂
I’m pleased the traders equation means I’m +0.65R in profit for the day but NOT pleased with my trading!
My read that price was probably going to move back down into the range was correct BUT FOMO kicked in!
When price looked like it was going to move back down into the range I took a sell trade. However, I didn’t have point A taken from the High, if so I’d have a better entry and possibly a 2R winner?
I took a second sell which had good structure and role-reversal but didn’t work out.
Buy trades are the better option as price has been in an uptrend for the last few days.
After price moved down to test the Open and the bottom of a KeyZone from the Higher TF@12188 I passed on the sell@PW/Yes High when price moved back up.
The reason for this is that trades in the lower/upper third of a range tend to be lower probability as price is moving back up or down into the range.
However, I was ready to take the M1 MAB buy setup but wanted price to test PW/Yes High only on this occasion the M1 MAB was enough. Easy afterwards but entering on the MAB with the stop below the PW/Yes High was the one to take!
I was a little fussy this time.
So, no trades so far today but close to taking a good buy setup and pleased I passed on the sell as mentioned above.
Below is the M15 chart showing the range mentioned.
So far today the two M1 Buy MABs have been the only salmon I’ve spotted but missed taking 🙁
A late start this morning, at 8:11 a decent M1 Buy MAB formed after the 8am A-B leg. It gave a perfect move back up to point B.
Nice winning trade to cover your losses. Shows the fine line between FOMO and a good trade, and a good example of trusting structure to maximise profits!
I have just marked up the 15min MAB that formed at the top of the keyzone.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_09sep2019_1210_xxxxxxxx_xxx.png
I had 2 trades today, 1 break even and one loser, fine margins for both of them, however no clear with trend trade that I would 100% take again.
The first was the 1hour MAB at 3pm, with the PW High in confluence. I should have given this trade some more room to move below the moving average before I entered the trade, and my stop was triggered before price moved back up.
The second one at 3:50pm was a bit unlucky as the profit target didn’t trigger.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_09sep2019_1552_15051990_sell.png
Such fine margins!
The sell was a good trade, SO close to 2R, must have 0.1 of a pip in it!
The buy trade wasn’t bad either, on another day that was a 2R winner.
A range day, a tough day to trade as there’s only been 65 pips range all day.
For me the two M1 Buy MABs were the best setups…..