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….
Four trades, all good setups, should have gotten more out of them.
I’m off to enjoy a walk down to the Quayside despite there being pretty strong winds. I’m up +1.33R off four trades, I’m happy as I followed my process on all of them and would take them all again, just get more out of them. Next time it could be 4R+ such are the fine margins.
Since I closed out price has been in a micro-range with the bottom being the Golden Zone of the A-B-C Buy FIBCON/MAB structure. It’s a great zone, look-left, that’s why I closed out.
More on the power of marking up the Outer-Inner FIBCON structures later 🙂
I got a good entry but was probably a bit generous with my stop as it meant the 2R was lower than I wanted. I ended up closing out for +1.18R due to the buy A-B-C at 11300 and the M5 MAB.
Over the last few days of intense A-B-C marking up I’ve been reminded of the Outer-Inner FIBCON structure that often explains why price ebbs and flows as it does.
Get in the habit of looking for them and watching closely what happens to price when it reaches them.
The M15 MAB 2R might still come in but on this occasion I decided to close out and watch….
Decent looking M15 Sell MAB at 11325 maybe???
Forgot to comment on the -0.46R loser, it was an M5 MAB that I liked enough to take.
I closed out when price struggled to move back down and thought maybe the M15 MAB is what’s really going on.
Glad I closed out this time as it would have been a 1R loser 🙂
I missed this one in real-time and selling into SUPCON requires a perfect entry where the 2R needs to be not lower than point B – the Low – but the Trade Tool makes it possible.
The projected M1 Micro-Channel added to the confluence at point C. These setups I’m marking up as part of the routine to focus me and wire in the habits and mindset.
Taking them is another thing…..
Note: I draw the Micro-Channels as and when they make sense and look good. When drawn accurately they can add to the setup.
This was better, I sold when price reached the 61.8 level@11325.7 as a Golden Zone often plays it part more than once, especially when a range forms and it’s functioning as the top of the range.
A better entry would have netted the full 2R and had I not closed out for +1.55R then the 2R would have come in anyway.
I’m pleased with both sell setups as they were each capable of 2R, must manage better!!
This was a decent 2R sell setup but I was NOT The Bear 🙁
My poor entry meant my stop was at the 61.8 level, where I should have entered!!
FOMO meant I chased price and missed out.
You said it all.
It was a decent sell setup indeed. I had my trade tool right on the 61.8 level but didn’t trust how price was behaving, specially after making a new lower low that looked like a double bottom…
The 11325.7 level is proving to be a RESCON area. Where will price have to go to be able to gain strength and break it? 11251 level?
Yes, the 11325 level has been the best sell place during this micro-range after the 8am spike down.
That’s why I took the second sell trade when it reached it.
A good read and some good trades this morning!
It makes me feel a lot better that you lost some money on that latest 5min MAB too, thanks.
Difference is, you were cutting the trade, whilst I was entering!
It was a generous Stop Loss, but I feel it was the logical place to put it if you wanted some key structure in front of it.
I felt like there was always a chance of a quick spike in price to touch the 61.8 Fib level + Bull Channel before it came back down.
Well played for the +1.18R, I should have closed out when you did for more of a profit, but still a good Would-Trade-Again trade!