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….
Wow!!!
What an opening, at 8am price sold off strongly down to the area of SUPCON as anticipated. I was waiting to see if it would test the D1 Bear Channel or the PW Low.
I decided to wait for a buy setup if the SUPCON reversed price. It certainly reversed price but no setup as the bull spike up to the H1 Bull Channel was untradable!!
The move back down has left me thinking that it’s best to stand aside and wait for things to settle down as the current price action is not tradable or clear at all.
Below is the updated H1 chart showing how price reached the area of SUPCON and reversed. It then stormed up to the H1 Bull Channel at 12300 to produce an H1 MAB then came all the way back down.
If price sells off and gets below Yes Low there is an area of SUPCON at the D1 Bear Channel.
I’m back!
What a great call that SUPCON! I wasn’t ready to trade, but I hope you were able to make some profit out of it!
Yes, it sure did hold but I talked myself out of entering in case price wanted to test the PW Low.
A mad opening, see my blog update at 8:29
Great to have to you back!!!
Also, no DAX tomorrow, German Holiday.