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….
This major battle zone has to be resolved and until it is it’s best to stand aside.
We must “Be The Bear” and see if a juicy swims by this afternoon…
The D1 and H1 EQZ’s are play with the Open and Yes Low….
After setting the low price moved back up to the H1 midline@13111 to offer an M5 sell MAB. This setup had great confluence:
- The 13111 level.
- 61.8 level.
- M5 MAB
- Great Role-Reversal which was fresh in my mind from the first trade.
I had a good entry with my stop well above the KZ which was important as price poked up through the GZ a few times. Eventually it moved down so I moved my target and trailed my stop just in case the bears were going to target the bottom of the H1 EQZ@13048, I got a 2R winner 🙂
The H1 chart – see earlier post – played a role in supporting the sell setup.
It’s been a bearish feeling after yesterday’s sell off from the highs so I was looking for sell setups. At 8am price moved down to just above the H1 Mid-line@13111.
I marked up the M1 Sell MAB with the GZ above it, when price failed to get back above the PW Low I took the sell trade a little later than ideal but having missed so many trades by waiting for the perfect setup I reasoned it was worth it.
I moved my target down based on the H1 chart – see below – and trailed my stop to end up with a decent winner 🙂
The H1 chart below shows that if price broke below the H1 Midline@13111 then it might move down into the lower half of the H1 EQZ.
