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 the very strong sell-off at 8am I waited for a sell setup but price kept on going down until it reached a zone of SUPCON at the PW Low and the D1 Mid-line@12135. Last week this provided the floor before price moved back up strongly on the 25th Sep.
I marked up a possible M1 MAB as shown above but talked myself out of it due to the context. It would have been a winner, see below.
This is the challenge in real-time, and recently my bias towards reasons why not to take trades has resulted in me passing on winners, am I being TOO fussy?
I’m reminded of the phrase “Loss of opportunity is preferable to loss of capital”.
I did have this early sell setup marked up before 7am but the 7am candle was too fast and not really a good trade to try and take due to the power of the energy injected at the open.
However, at 07:03 another chance to enter was offered but I’d left my desk for a few minutes and missed it, I’m not sure I’d have taken it but it did confirm the Golden Zone was accurately marked up. Also the spread at 1.5 pips would have been almost the height of the GZ so not great value at that point in the session.