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….
Reversal FIBCONs are the dogs!
By specializing in them it’s possible to take high probability setups trade after trade after trade.
The very BEST ones involve the M5 MA to form at point B.
There are variations on this theme depending on the context.
I’ve just marked up the Reversal FIBCON back up through Yes High.
Crystal clear now but in real-time I did not see it.
It was text book in that the M5 MAB – point B – sent price back down, the Role-Reversal was good.
Real pleased with this one after two losing trades.
I could not see a decent Reversal FIBCON in real-time – easy afterwards – but I’d identified the M15 Sell MAB at the top of the IKZ@10389, it had decent Role-Reversal on the M5 chart so I entered at the level using the Trade Tool.
I left the 2R target alone and after what seemed an age it came in before moving back up.
A challenging day, the clearest – buy – setup for me I missed due to being a bit fussy at 08:32 so very close to a profitable day. However, the traders equation means I’m break-even on the day 🙂
After price broke below Yes High I took the M1 sell MAB setup, it ticked all the boxes except that price was coming up off the low of the move down.
The Role-Reversal was very good but after 10 minutes the bulls drove it higher.
That’s two losing trades today, both had good structure.
After missing the earlier buy setup at the 10389 level I took the M5 Buy MAB as shown. This one ticked all the boxes but did not work out.