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….
When price failed to hold above Yes High I waited for a sell REVFIB but it never came. However, when I looked at the KZ on the H1 chart (same as yesterday) I sold the break back below the EQZ 50% midline@12725 as the PA was so bearish.
This was not an A-B-C setup but more an instinctive one based on the H1 chart as shown below.
I took the M1 Buy MAB on the PB to Yes High but closed out when price struggled to move back above Yes High for -0.27R.
I was trading a DT but not this time 🙂
Yesterday produced a doji and stayed above 12577, today’s the bulls remain in control.
Breakeven M5 MAB Sell trade.
So close to getting 2R on that first bearish move after entry!
Maybe I should have taken small profits earlier, but patience and giving the market room to move paid off yesterday, and I felt comfortable doing so with my SL at breakeven.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_06aug2020_1010_19720720_sell.png
Hi Joel, I’ve seen your post. I like it, good RR at the entry point, if your stop had been just a wee bit lower the 2R would have come in.
Not a lot of setups so far but you picked the best one since price came back down below 12725
Look at PA now, should have left that damn stop loss alone!
Trusting structure and letting trades play out is such a challenge!
-1.00R failed M5 MAB + Open Buy trade.
I liked the ABC structure and confluence with the Open and 12614 which had shown support and resistance earlier in the day, but this trade didnt work out.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_06aug2020_1425_19728637_buy.png
Just taken a look at the PA and it’s behaving like a range day/play. The FIBCONs you’ve marked up as price was coming up off the Low would confirm this.
As you note, the M5 Buy MAB at the Open had a lot going for it.