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 waited for price to break below the 12013 level (Magenta line) and entered a sell trade when price retraced back up to it. It took nearly 56 mins to play out which tells me it was a major battle zone like the earlier trade.
I decided to let the trade play out as there was a perfect measured move down to Yes High and the 12013 level had decent Role-Reversal, however the bears were unable to push any lower so it didn’t work out.
I’d take the trade again!
This shows the reversal setup that was in play, it was a noisy one but it shows clearly what price was trying to do after testing the 61.8 level from the earlier bull move up, see M15 chart below.
The trade was decent apart from context.
I took the sell FIBCON at the 12027 level but this one didn’t work out. The level was a battle zone as the trade lasted nearly 40 minutes until the bulls eventually pushed price higher.
I think I’d have passed on the trade had I cross-referenced it with the M15 chart as shown below.
See the up arrow, I sold into the Golden Zone produced by the earlier bull move up off Yes high/PW High + 11987, I forgot to factor in the Higher TF context 🙁
I had to leave my desk and came back to see that price had broken below the bottom of the range to produce a decent M1 Sell Micro-MAB.
I think I’d have taken this one, the Role-Reversal was excellent!
Back trading today after a week away…
At 7am price broke above the D1 EQZ@11987 and has remained short-term bullish and is currently in a range.
The only decent setups have been the two M5 MAB’s as shown. I passed on the first one just after 8am as it looked very bearish in real-time.
The second one was less bearish in real-time but I talked myself out of it 🙁
Both would have worked out and were were with the trend.
I got caught out with the same trade as yours at 12:39, and for the same reasons!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_04sep2019_1156_14989209_sell.png
What’s great is that we both saw the same setup, it was decent apart from the context, i.e. the GZ.