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….
Not great as I’m getting drawn into trades that do not conform to the MAB or FIBCON setup!!
It’s time to change that!!
I took a poor quality buy trade after the break above the Open, not great but closed out for a small winner.
I then waited patiently for the retrace back up to the 11377 level and missed the sell entry due to speed of the spike as I was using the Trade Tool.
I keep forgetting to use the custom sell limit as it would have been perfect and resulted in a quick 2R or more if I moved the target down to the 11354 level.
I got away with chasing price on this occasion for a nice 2R winner!!
Note to self: Start using the custom limit orders !!!
The only valid setup was the last one as price retraced backup to the 11377 level.
The first trade I chased price, broke my rules!!!