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….
This video captures the earlier sell trade as follows:
00:00 – 05:27 Anticipates the sell setup.
05:28 – 10:50 Live trade.
10:51 – 13:48 Post trade analysis.
I did not intend to trade this morning on my first day back at my desk after 2 weeks away. However, I took a look at what happened at 8am at around 8:30, I then began to reason out using the Grid where the next areas of SUPCON and RESCON are.
Next thing I know I’ve identified a very interesting area of RESCON, it consisted of:
- D1 EQZ at 12283.7
- H1 EQZ at 12282.6
- H1 Bull Mid-Channel
- H1 Bear Mid-Channel
- D1 Golden Zone, phi=12303.7
I ended up videoing the setup and taking the trade, below are the before and after screenshots:
- D1 FIBCON, note the 61.8 level at 12303.7
- H1 Chart anticipating sell setup at RESCON.
- H1 Chart showing what happened next.
- M15 Chart anticipating sell setup at RESCON.
- M15 Chart showing what happened next.
Below is the Daily chart showing the higher timeframe FIBCON, note the 61.8 level at 12303.7, price reversed at precisely the D1 EQZ level at 12283.7 which was confluent with the Grid components listed above.
Below is the Hourly chart anticipating the sell setup at the H1 EQZ at 12282.6 AND the D1 EQZ level at 12283.7
Below is the Hourly chart showing what happened next.
Below is the 15 minute chart anticipating the sell setup at the H1 EQZ at 12282.6 AND the D1 EQZ level at 12283.7
Below is the 15 minute chart showing what happened next.
