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’ve been away from desk this afternoon and just returned to see that price has sold off below the D1 EQZ Midline@12135.7 which was confluent with Yes Low.
Not easy to enter at the Yes Low level following the two bull candles but this is where we must trust the Grid!
It had good context and would have been a great trade.
Price eventually broke below the PW Low but I struggled to find an entry I really liked. The first M1 Sell MAB was too close to the Open.
I’ve marked up the second M1 Sell MAB which with hindsight is decent but I talked myself out of it as price was reversing off a perfect bounce off the D1 Bear Channel at 12222.0
Apart from context it was a good enough setup to take looking back.
The move backup off the PW Low offered a sell M1 MAB but the context was very poor.
Selling into key Grid structure at the 12283.0 level after testing the PW low was low probability.
Price is currently in a micro-range.
A clear break of the PW Low could offer a sell setup?
At 8am price moved down to test the D1 EQZ@12283.7 and the H1 EQZ@12282.6 which produced an M5 Buy MAB.
However, the spread was 1.6 and it was so close to the 8am open I passed even though it ticked a lot of the boxes.
At 08:03 the spread dropped to 0.8 but the value entry had passed.
I had a slightly different mark-up, but the same reasoning for passing on that M1 Sell MAB at 11:09.
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Hi Joel,
Always easy afterwards but it ticked all the boxes except context for me, next time 🙂