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….
I sent out a Trade Setup Alert – see below – but failed to take it!
Whilst price was below the PW High and in the KeyZone I was hesitant, my mental battle is point 4 of the Traders Creed.
4. I act on my edges without reservation or hesitation.
I will overcome this !!
If price moves down to test the PW High we might see a REVFIB like yesterday. The zone highlighted has great RR.
I was out all yesterday afternoon so did not see this superb Micro-REVFIB when price moved down to test the PW High at 15:30
This is a great example of where we’d expect to see one due to the context, the RR was excellent when you look at it on the M30 or H1 charts, see the midline@12651
M5 MAB Sell from 12642 and a Role Reversal zone, +2.05R.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_07jul2020_0858_19345065_sell.png
Awesome entry, Well Done to get a 2R in such tight price action.
Well done Joel! I was waiting for a sell at the 12651 level with my stop covering PW High but when price was struggling to get there I also took the sell from 12642 but with a much more generous stop so I had to ride it out and eventually got my +2.02R.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_07jul2020_0857_11655886_sell_M5-MAB-Winner.png