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….
17:19
Today’s Video
15:36
M15 Sell FIBCON B.E., +0.05R
After getting a great entry on the M15 sell FIBCON I allowed my emotions to affect me due to the 3 losers earlier. I closed out as soon as price moved back up to my entry instead of letting it play out.
I know why!
I did not want to have 4 losers on the trot and robbed myself of a 2R winner.
This is a classic issue for traders, next time remind myself that the outcome of each trade is statistically independant of all those before and after – easier said than done!
Below is the M15 chart setup, the role-reversal is excellent!
14:43
M1 Sell MAB Loser, -1.11R
I took another sell M1 MAB but did not pick the correct point A as shown by the screenshot below.
Either way it would have been tough to get 2R out of it.
13:48
M1 Buy Limit FIBCON Loser, -1.06R
I decided to use a Buy Limit order to enter on the retrace when price made a HH. This is a custom order to filter spikes so whilst price has come into the orders zone it has not yet triggered.
The zone then triggered when price moved back up as the order is now functioning as a buy stop. I liked the Role-Reversal structure and that it was a buy trade this time but it didn’t work out.
10:12
M1 Sell FIBCON Loser, -1.05R
Whilst it was a C.T trade I took the sell setup at the PW High. It was also confluent with the H1 EQZ@12290 and the 61.8 level.
The M5 Sell MAB at the top of the KeyZone proved to be the best sell setup out of the two.