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….
First blog for a while, we’ve been busy on other projects plus the BTC s/w has been updated so I’ve been trading on demo.
The last few weeks have been pretty wild due to the Coronavirus effect, huge volatility and sell offs.
This morning the spread went from 5 pips overnight ot 8.5 pips at 7am, never seen this before. However, I’d spotted a setup just after 7am, marked it up and took the trade.
The only reason I took the trade was because I was on a demo account otherwise I’d have passed. However, it worked out as shown. I was over-generous with my stop and should have had my 2R target at or below point B.
Price had to move 157.65 pips to reach my target and it did – before 8am, these truly are unprecedented times just now.
I have been trading on demo at times during this period and what stands out is how the A-B-C pattern we trade scales accordingly and is therefore in play as normal. The obvious difference is the pips moved compared to normal but the structure of the setup remains the same.
This is Pure Price Action in play…..