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….
13:53
Today’s Video
10:23
Range
This screenshot of the M15 chart shows the current range price in after yesterdays bull move up to the D1 EQZ@13167
09:57
M5 Buy Winner, +1.41R
Best trade for me so far today!
I’d marked this one up well in advance and whilst it was in the top 3rd of the current range I really liked the setup. Point A was clear at the bottom of the KZ and the GZ was confluent with the M5 MA and decent RR.
When price was struggling I closed out as on range days it can move back down very quickly. However, 2 minutes later the 2R would have come in. That’s two trades that would have both been 2R winners had I not trailed my stop or closed out early.
Overall, very happy with this setup and execution 🙂
09:11
M1 Buy Winner, +0.36
This shows the correct point A and therefore the GZ. Taking the M1 Buy MAB was not the FIBCON setup.
I entered a buy trade and managed to get the same 2R target but was stopped out after trailing my stop for a small winner.
Price has since gone on to hit the 2R target 🙁
NOTE: As per the trading plan, when there are two possible entries take the second – higher value – one!
09:08
M1 Buy MAB Loser, -0.98
I was favoring buy trades so when price began to move up into the range I took the M1 Buy MAB. It has decent confluence but at the top of the KZ but point A turned out to be at the Double-Bottom. See next post.
08:41
Low Prob M5 Sell MAB@BOR
For the same reason I passed on the M5 Sell MAB, this one would not have worked out.
08:24
Low Prob M1 Sell MAB@BOR
I passed on this M1 Sell MAB as price was finding support at the BOR. It was also a sell trade which is C.T. in the bullish environment
This one would have worked out.