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….
Should have been at least breakeven had I not been JUST stopped out on the second trade.
The market has continued to move on up…..
This is more like it!!
Despite trailing my stop too close and ONLY just being taken out for little more than break-even I’m very happy with this trade, even though as I type the 2R would have come in.
I marked this up well in advance and waited patiently for the best entry, I got that but was too generous with my stop. I liked everything about it and unlike some of the trades over the last few days I had that all important feeling of:
- I cannot talk myself out of this
- Win or lose I’d take this again
It was with the current order-flow that favours buy trades and structurally it was a great 61.8 FIBCON at the H1 Bull Channel.
So yes, I’m a little frustrated to have just been stopped out but totally enjoyed the process of anticipation and trade entry. I recently watched a video on 20 habits of wealthy traders, number one was:
“They are enormously patient with winning trades and enormously impatient with losing trades.”
So that can mean don’t trail your stop too close, give them time to play out and breathe! I guess after a few losers it might have affected my not wanting to take another one.
Either way, despite price moving on up as I type I’m happy to end the day with my price action read and having a Green entry on the Trade Console 🙂
After a very slow morning session price eventually reached the area of RESCON@11700, however, I was NOT The Bear and FOMO kicked in 🙁
The result was I moved my stop to protect it but it did not work out – AGAIN!!
After a good start to October I’ve dipped since last Thursday onwards, after the sell off on Wednesday I’ve struggled to follow my plan and rules, this has resulted in increasing my risk on a few trades and skewing the traders equation.
This was a good sell setup even if price continues on up and would have resulted in a loser, so long as I’d Been The Bear and got a great entry etc. I’d be happy that I’d followed my plan. Time to regroup and learn what I can….
Pleased with the anticipation of the setup but did not trade it well at all.
I am NOT in the Zone at all!!
The 11700 level has been sold aggressively twice last week, see chart. It will be interesting to see what happens if price reaches it.
The D1 EQZ@11693.8 is a major level….
Where is Mr. Phi?! This is not the one I’ve met!
It hurts that -1.98R but it is a very cheap reminder of what may happen when you move your stop loss. Trust me, I paid a lot more and sometimes I forgot what I learnt so you are still in a good place! 🙂
Call Mr. Phi back please, he will bring back a winning streak for you.
Mr Phi finally showed up late afternoon, great setup, just trailed my stop too close and missed out on a 2R winner 🙂
It was great to have that feeling of win or lose I ‘d take it everytime, that’s been missing over the last few trades.
Welcome back Mr. Phi!