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’m not able to trade this afternoon but am checking in on the price action and have just noticed this great example of a Reversal FIBCON off the session low.
This is a superb example of how the existing chart structure that’s been overlaid has captured the A-B-C reversal FIBCON pattern. After this mornings strong sell-off price has reversed up of the Low offering a buy setup as shown.
Also note how the bottom of the KeyZone (see down arrow) precisely rejected the current move up. These KeyZones and levels were defined weeks ago and have been projected into the future and locked into position by the Trade Controller.
Members are welcome to download and use this accurately defined Grid structure so we can share and support each other more effectively in our trading 🙂
After a strong sell off which offered no safe entry based on our rules price eventually retraced up to the key level at 12177 to offer a micro sell setup back down to the top of the KeyZone.
I was not at my desk to consider this but it was valid using the Trade Tool on the M1 chart. I’ve used the M5 chart as the setup is much clearer. If point A was taken from the bottom of the higher KeyZone at 12203 the Golden Zone fitted well BUT we don’t force-fit things, the setup was based on the existing horizontal Grid structure which had decent Role-Reversal.
The earlier sell setup developed into a “Double Sell Multiple ‘R’ Golden Zone” which is covered in a separate video. It’s core structure is made up of an Outer-FIBCON and an Inner-FIBCON.
I passed on the M5 sell MAB just after the 8am open when price retraced back up to the Open. It would have worked out but I felt price might want to test the PM High so decided to stand aside.
This zone at the Open has since held price after failing to move above. The next key level is Yes Low if the bears can take control.
This structure turned into something we’ve called a “Double Sell Multiple ‘R’ Golden Zone”, see post above.