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….
The Reversal Micro-FIBCON went on to offer a great M5 Sell MAB. If point A is taken from the PW Low the setup is perfect. I’ve just come back to my desk to see this and would have taken this as it ticks all the boxes.
Today is a great reminder of how it’s so vital to be patient during a strong move where we’d have to ‘bend’ our rules to find an entry. I was close to entering a sell earlier on but was waiting for an A-B-C that was clear etc.
‘Being The Bear’ paid off with a great 2R winner plus I almost took the CT Buy trade as mentioned earlier on.
The M5 Sell MAB just mentioned is another example…
This shows the multiple R that was available on my earlier sell trade. Price continued on down through the H1 EQZ, out the other side and found support at the D1 EQZ-Midline@12135.7
After such a bearish session so far I reasoned that maybe price will pause at the key Grid structure and offer a Counter-Trend buy trade.
I marked it up and was waiting for the perfect entry on the 61.8 level but was too fussy on this occasion and missed out.
Below is what happened and this was one of those CT trades that would have worked out and had great structure and context.
After not finding a decent entry to enter the move down I anticipated this one well in advance.
I entered just below the M5 MAB due to the Grid structure at 12283 where both the D1 and H1 EQZs were confluent. It was a great setup, the only thing I’d do differently is move the profit target as the bearish momentum was strong. I considered it but talked myself out of it…..
After not trading since late May I guess I wanted a nice clean 2R winner 🙂