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 missed the sell at the PW High and came back to my desk to see it would have been a great freaking trade!!!
When price broke below the Open I entered (a wee bit of FOMO in play) a sell to catch the move back down into the range. I decided it track price down but ended up getting stopped out for the 2R after price briefly reached +6R before retracing.
I’d marked up the wrong GZ and should have kept my stop above the structure marked up. I’ve learned alot this morning, some decent price action.
At 8am price spike around and made trading a decent M5 Sell MAB tricky, that’s why we avoid being in a trade at this time.
At 7am price immediately moved up to test the 11722 level which was also an M15 MAB, 2R in a few seconds!!
These are very rare, haven’t seen one of these for a long long time but it was perfect if you’d been sat ready having anticipated this at the 7am open.
A couple of potential trades, oscillating around the 11796 level which I picked out at the beginning of last week and haven’t moved since.
If the 5min ema was closer to the 61.8 on the second trade, I would have entered the trade, but I haven’t felt confident on my read of the market recently so chose to sit back and watch.
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Good analysis, the first screenshot I’ve also got marked up though initially I didn’t use the correct point A so the GZ was lower and affected my trailing stop which happened to be on my 2R level. It was a great sell that ticked all the boxes, it’s a bit mad that’s where I got stopped out – my own fault 🙂 – must mark things up better!
I’m really enjoying focussing on the dynamic horizontal structure only, both for the M1/M5 and the M15/M30/H1 charts. This works well with the equidistant H1 & D1 structure. I can see trade setups that regularly have more than 2R based on structure.