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….
Real pleased with this one after missing the M5 MAB.
I used the M15 channels to guide me on getting a wee bit more out of this one.
I decided to sell down to the M5 Buy MAB, that worked out BUT I ended up missed the M5 Buy MAB!!
It had great context and structure but I’m pleased with the sell winner.
I’ve taken two sell REVFIBs, should have gotten more out of the first one, it nearly hit my 2R then reversed and I gave it all back 🙁
The second one was aggressive off the 12577 level.
I’ve left the GZ from yesterday to show how price reached the 50% level@12831 before selling off again. It was also the bear channel boundary.
I had to go out as price was topping out, a REVFIB took place, and once 12799 gave way it was all downhill with some decent sell setups during the afternoon session.
Joel!
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/bbqtrader/ge30.sb_M1_23sep2020_1125_xxxxxxxx_xxx_Loterry-winner-ticket-thrown-away.png
We had the best trade of the day and I didn’t let it play out!
Trust structure, trust structure!
Absolutely!!
It was a long term FIBCON, see the H1 chart, point A on PW LOW.
That should have told me to let it run as long as it needs to materialise in the M1 chart. Good lesson. Till the next trade.
I know! I was so annoyed when I saw where it went. Most annoying was that price didn’t actually touch my SL that I’d put above 12808 but I still got taken out!
I would have taken profits at 2R anyhow, rather than let it run for more.
REVFIB -1.00R Sell loser and a REVFIB +2.09R winner.
I missed the M5 MAB through hesitation, and because I was looking for a Sell opportunity. I would have exited the trade before 12670 had I been on it.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_24sep2020_1228_20314725_sell.png
I took the same level but later after the near DT with a smaller stop.
Well Done!
Just came back to see what happened with price, great trading guys! Bad timing for me to go!