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….
13:42
Excellent Buy REVFIB off Low
After a choppy start at 8 am I worked on other stuff as for the next few days, it’s the Jackson Hole Symposium in the US where the PTB are expected to decide key policy details. Traders often wait to see what happens before committing.
However, I’ve just taken a look at the PA to see that a great Buy REVFIB formed after the current Low was set. It had the textbook low probability M1 Sell MAB but no M5 sell MAB this time.
It had great structure and context.
06:55
Will price test the PM High?
A bullish day yesterday has set the stage for a test of the PM High maybe?
The PM High at 13317 is the 50% midline of the EQZ, if tested expect some action. Maybe a sell REVFIB and/or maybe push on up to 13465?