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….
After Monday’s huge sell-off we had a move back above 12577 and are currently at the EQZ 50% midline@12725. I’ve marked up a GZ with the D1 channels and the 12873 levels confluent.
This is a potential event zone?
Also, summer is officially over 🙁
Setup for a potential reversal back down?
I’ll be waiting for a clear sign of reversal on the M1 before getting into any trade.
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-0.99R loser, M1/M5 MAB Sell at 12799.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_23sep2020_1127_20297928_sell.png
Similar idea, I just locked in profit as I thought that if price would be willing to go back above the 12799 level, crossing both M1 and M5 moving averages, I would rather be out of the trade. It was a -0.14R form me, just didn’t work out.
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I think I was a bit unlucky with this one. Price didn’t get above 12808 but I was still stopped out, price has since gone in my direction, almost at +2R.
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