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’ve spent the afternoon updating The Blackbox Community page with the video footage I shot this morning. Do take a look, it’s been a while since I did a video and trying to trade live when not very practiced at it is challenging but I’m happy with it and we can get better at this.
I’ve just taken a look at the charts and spotted an AWESOME FIBCON pattern that I’ve seen before but not captured or in time to trade. Next time I want to trade it because it’s a freakingly high probability setup 🙂 🙂
The session’s current Golden Low-High is displayed automatically and I’ve added a magenta coloured FIB tool to clarify it’s reference points from the High and Low.
Note the recent Inner FIBCON where point A is taken from the Daily EQZ KeyZone level at 12577.5. It’s point B (HH) formed at Yes Close/Open. Note where it’s 38.2-61.8 (blue FIB tool) zone is!
It’s perfectly confluent with the Golden Low-High zone!!
I’ve put an arrow to show where two amazing BUY point C’s formed, the confluence was:
- 61.8 level of the Golden Low-High Zone.
- 61.8 level of the recent (inner) FIBCON.
- Hourly Bear Mid-Channel
- Top of the 5 min EQZ.
This was an A+++ Buy Setup that caused price to move up to Yes Close/Open…
We’re going deeper into the Fibonacci code that’s at the heart of Price Action, let’s keep going 🙂 🙂
I have been videoing again and did a much better job today 🙂
I took the Golden High-Low Sell, took a -0.59R loser but a WTA for sure. Trying to video and talk at the same time does affect timing etc. but pleased with the footage.
I then took a great GZ M5 MAB with video off so I could concentrate then videoed it after that, a nice +2.16R winner 🙂
The screenshot shows them both, I’ll now edit the videos for use on the The Blackbox Community page.
NFP in just over two hours, be careful!!
There’s a possible H1 MAB if price gets up to 12595.6, the 61.8 level of the current Golden High-Low.
That looks like a salmon if it gets there??
Tough price action so far, I can’t see anything resembling a salmon 🙂
Also, it’s NFP today so as the session passes expect the market to go into a holding patttern until the numbers are released.