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 took the M5 Buy MAB at the retrace to 11772 with my stop well below Yes High.
Price spiked down at the level showing how much pressure had built up. This was a case for using the ‘Custom Buy Limit’ order that switched from a buy limit to a buy stop and helps to protect against price spiking through the level only to reverse.
If the High is the top of the range which it could well be then this buy trade comes into the category of low probability as it’s in the top third of the range as price comes back down into it.
After waiting for a buy setup I talked myself out of the first decent pullback that had structure due to the M5 Buy MAB not far below.
Price has since gone on to the TOR above Yes High.