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….
Price did test Yes Low and provided a great buy REVFIB followed by a not great M5 Sell MAB.
I then chased price instead of Being The Bear and waiting for a PB into the GZ at 12708 AND the M15 bull mid-channel.
I moved my stop to just below the channel and look how close I was to staying the in the trade 🙁 FOMO – Poor trade to end of but overall a good start to October.
As I’m typing price is testing 12799 again, if it gives then I’ll regret closing out for +0.52R but it was struggling.
I liked the buy setup, the GZ and RR was excellent.
When price sold off to the buy REVFIB GZ I decided to set a buy limit just below it on the 12743 midline due to the recent precision price had interacted with it – look left – got it perfect this time 🙂
We are starting to really leverage the Grid Guys!!
I settled for the 2R rather than try to get more, that’s been a mixed bag for me recently. Better build the bank unless it’s the top of a channel for example and structure suggests it may go back down into the channel.
After watching price find support between 12790-12799 I took the buy REVFIB after the M5 Sell MAB. I didn’t fancy the M5 MAB but really liked the PB to 12799 so marked it up ready.
I entered using the TradeTool and ended up with my faster trade so far 🙂
I used the M30/H1 charts to see how strong the 12799 level is to support the decision.
We are currently between Yes Low and 12946ish. Let’s see what the first day of the month brings?
What a timing for the entry level of that reversal! Amazing trade, well done.
4 trades today, 2 winners and 2 losers.
The first M5 MAB Sell loser was a bad trade, and I shouldn’t have been selling after that double bottom. I’m pleased with the 2 winners this afternoon, making up for the morning losers.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_01oct2020_1534_xxxxxxxx_xxx.png
The traders equation means you’re up 2R; good trading 🙂