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’ve just come back to my desk after a few hours away to see that price had continued up to Yes High but eventually broke back below the D1 EQZ@11104.0 AND the D1 Bull Channel.
This was MUST TAKE Grade A trade, it has great structure and great context.,
It’s very similar to the live sell trade I videoed on Tuesday.
A short video, how neat if most mornings befroe 10am offered a +2R winner 🙂
This buy trade was not an ABC pattern as such but the bull spike that closed above the H1 Bear Channel got my attention after a very choppy opening.
This was very fast moving but I reasoned that the strength of the bull spike had released some energy that would play out, most probably in more upside.
The H1 Bear Channel has been clearly in play as seen on the M5 and M15 charts so I decided to enter on a pullback to the channel. It worked out and due to a gap that this time went in my favour resulted in a +2.39R.
I’m done for the day as I have travel to Scotland later for 10 days, I will be back trading on Monday so no trading tomorrow.
Good result to end the week!
Have a safe journey north. Have they seen any snow yet?
Two days ago they had decent downfalls, I think it’s since melted 🙁
Great trade!! Well spotted!
It’s amazing to see the “magic” of role reversals… Once you found the structure and mark it, it is just waiting till price get there to rebound!
Enjoy Scotland!