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….
12:45
M5 Sell MAB Loser, -1.18R
I then took the M5 Sell MAB but it didn’t work out. The PW Low and the M5 MAB were confluent with the GZ but this one didn’t work out.
Coming up off the session low was maybe a reason to pass on it but that’s the only reason I might have talked myself out of it.
12:37
M1 Sell MAB Winner, +1.28R
The sell salmon swam by so I took but should have got at least 2R if not more. A decent setup once price broke below the D1 EQZ@11398, price continued on down to the H1 EQZ@11261 so it was a tasty one but at least I caught it and took a good bite!
10:42
Possible Sell Setup?
If price breaks below Yes Low and targets the PW Low maybe we’ll see a sell salmon 🙂
10:36
Bottom Of Range Aggressive Buy?
The bears finally reasserted themselves and targeted Yes Low+Open. It was an aggressive buy for range traders.
The PW low is now in sight, maybe a sell setup will form?
09:16
GZ M1 Sell MB Loser, -0.65R
Since the open price has been ranging, this is expected after yesterdays HUGE sell off as the market digests the move.
Things did settle down a bit and I took the M1 MAB sell setup as the Role-Reversal was good, best seen on the M5 chart. However, the context of a ranging market meant it was probably more a minnow than a salmon – easy afterwards – but I like it enough to take it.
I’m pleased that I didn’t chase price afterwards, been there – done that!