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….
At 12:45 the EUR Red Flag News announcement came out and caused the bull spike.
This morning was a great example of the market going into a holding pattern (range) whilst waiting for a major news event to take place.
Note how price had enough energy to break through the area of RESCON that the 8am spike failed to, it briefly retraced as the zone turned to SUPCON (Role-Reversal)
Below is a reminder of what news event can move the DAX.
At 8am price spiked up to RESCON consisting of:
- Open
- Yes Low
- PM High
- H1 MAB
The H1 MAB meant our edge was in play but it’s very difficult to trade the 8am Open with price moving so fast.
This daily chart shows price oscillating around the midline@11545.9, this has resulted in a range bound session so far.
I almost got had a hattrick here, trading the move down into the GZ, the 1hour MAB/Daily Lo-Hi FibCon, and the 1min MAB that formed just after it!
I could’ve squeezed a but more out of the Daily Lo-Hi FibCon, but I’m happy with the profit I ended up with.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_07mar2019_1602_22259312_sell.png
Hi Joel,
I’ve just looked at the charts to see the action after the 12:45 news driven bull spike, a classic case of all the way up then all the way down.
Well done on taking the trades!!