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 am SO not in the Zone this morning!!
I talked myself out of this sell setup that was good enough to take despite price bouncing off the current lows at the D1 EQZ@11104
The probability of a Double-Bottom is HIGH under these circumstances yet I was too cautious, it had :
- H4 EQZ Midline@11143
- GZ when point A is taken from the Open.
- Channel Boundary
- Double-Bottom potential
structural support going for it yet I passed.
Time to switch to there projects as at lunchtime some big economic announcements are due so things might slow down after the early sell-off.
I’ll console myself in the fact that I’ve managed my emotions and not chased price, broke my rules, etc. and ended up with losers due to indiscipline 🙂
I’ll regroup ready for the next time, the DAX is a river full of juicy salmon!!
My bullish bias has robbed me of two great sell trades so far 🙁
This next one was just after 8 am and it was a potential 5R as shown. I was SO close to entering the trade as the structural support for taking it was excellent:
- Yes High
- The M5 MAB
- The H4 EQZ@11230
- The M30 EQZ@11230
- Great Role-Reversal – see M5 Chart from the earlier blog entry.
- Channel boundary in play
- The level had shown it was currently resistance from 7 am
I’m also aware that it’s the last day of the month and I’m wanting to protect my results as I’m in profit.
I talked myself out of this sell setup as I was biased to buy trades but it turned out to be a great example of how if we follow our rules and trust the Price Action Grid some baby salmon swim by!
It had the following going for it:
- Break below H4 EQZ+M30 EQZ@11230
- GZ confluent with Role-Reversal – see M5 chart below.
- Break below Yes High
- Break below Micro-Channel.
With good timing a 2R was possible before price moved back up. This type of setup is a quick in and out and don’t be greedy, point B should be the target then closeout.
Using the Trade Tool and the Grid we can consider taking these types of micro-setups whilst controlling risk.
I am the hulk. what colour am i?
Green!!
we like to green
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