Thursday 16th
A bit unlucky again here, but really I should have tried a few different positionings of the fib tool before settling on an entry point. A fib tool drawn from the underside of the 5min EQZ to the bottom of the move results in a 61% level that favours the 5 or 15min MAB with a later entry and a chance to give more breathing room between the hourly bull channel and the stop.
Wednesday 15th
A selection of potential trades. Unfortunately most of the chart structure is missing as this was taken after the event.
Wednesday 8th
Checking how the charts looked at the end of that day, and perhaps my last trade wasn’t quite as bad as I had previously thought.
Had I taken into consideration the position of the four higher timeframe MA’s, I could have waited for a better entry at the top of the 5min EQZ. With a fib tool drawn between two 5min EQZs – spanning almost the whole bearish move after a daily high – price reached spot on the 61 fib level before turning around.
I let emotion get the better of me with this trade.
Frustrated that I had missed the good set-up earlier, I tried to make this work even though the signs were telling me to leave it alone! I was looking for a 15min MAB, which was just above my entry level. At this point, however, price was looking bearish with an impulsive move up through the 61 fib level, and my stop was left floating around between and below higher timeframe moving averages. A bad trade all around.
I think this was probably the clearest and best potential trade that has presented itself today so far. Clear impulsive move through yesterday’s close and the open, a retrace to the underside of those levels, with all but the 1min MA coming down to provide resistance.
With a tight stop, I think +7-10R was possible holding the trade down to the daily EQZ (12577.5), which is believe is a target.
If I had taken this trade, I think I would have taken profits just above the hourly bull channel.
Tuesday 7th
Not the best of screenshots for this trade. I am writing this at 22:25, though the trade took place at 16:22. I had to go out at 16:45, so wasn’t at my computer to monitor this trade and I ended up closing it remotely through the MetaTrader app, which was a first for me!
My stop for this trade was well positioned (or maybe I was just very lucky) and I feel that had this trade happened earlier in the day, I would have brought in the +2R I was looking for.
Price found resistance at the bottom of the GZ (which you can see more clearly in my previous screenshot at 16:08), and a confluence of four MA’s began to send price in the opposite direction. As the day was coming to a close, however, momentum was lost and price ranged around the daily bull midline, and between the moving averages.
Had I been at my computer for the duration of this trade, I would like to think I would have closed at a better time and had a marginally bigger profit, but it would not have been by much.
Today has been a big boost for me, as I finished with a +3.08R profit and strike rate of 75% and felt that I was in tune with the movement of price throughout the day. If I had been a bit luckier with the trade at 15:30 this could have been even better!
This is nothing groundbreaking, but my best day in a while, and coming off the back of some time off trading, it feels good! Noticing the potential for the low-high GZ trade early enough was key, as I was able to trade the price down into the GZ and profit from the movement, even if the actual low-high GZ trade itself wasn’t a success.
Following the trend down towards and into the low-high GZ.
Point B from the previous trade gave a good level of resistance and was almost perfectly confluent with the 61 fib level.
You can see here that I’m currently in another trade with my entry at the daily bull channel midpoint and hourly MA. I’m not sure if I have given the trade enough space to play out with my stop. I’m tempted to pull my TP up to at least just underneath the hourly EQZ (12701.8), but as it’s the end of the day I’d rather ‘bank’ profits earlier if it reaches the +2R level.
A big part of the reason I took this trade was that I had convinced myself price was going to fall towards the 1hour MA and low-high GZ.
I feel that I was unlucky with my stop on this one. I did have the space to give the trade more room with a slightly wider stop that would have prevented this.
Low-High GZ 15min (edit: 1hour) MAB forming? Entry at the daily bull channel midpoint.
The set-up for this trade wasn’t as clear cut as the previous, but price seemed to be interacting well with the 1min MA and after breaking through resistance at yesterday’s high I felt it could act as a good support level on the retrace. I intially hesistated and waited for the 1min MA to come up and meet price. I could have, and should have, got a slightly better entry to squeeze another 0.5-1R out of the trade, but I’m happy with the +2R.
I missed this one but really should not have. A nice set-up with the impulsive move coming off the bottom of a 5min EQZ (12685.7), up through the top of the 5min EQZ (12701.4) and an hourly EQZ border (12701.8) that was previously resistance. Price retraced back into the GZ, confluent with the hourly EQZ, 5min EQZ, bear channel and the 1min MA.
Monday 6th
My first trade after a couple of weeks break from trading. I placed the stop below the weekly, daily and 4hour MAs, feeling they would provide support along with the 5min MA.
The better trade was one with the entry at point A, as Phill documented in today’s DAX commentary.
Hey! It’s good to see you back!
For some reason I can’t see your charts clearly. Is it me or is it the screenshot resolution?
It’s not just you, I’ve noticed they’re not clear also. At first I thought it was happening during uploading, but they look distorted in my screenshots folder too, even at ‘actual size’. I have just tried taking a ‘screenshot’ with the windows Snipping Tool, and it seems to be much sharper; I will upload this now to compare.
I’ve just come in to see your thoughts on the Golden Low-High, like it 🙂
I have to go out to meet Elaine but will see if price comes down to the zone, the convergence of 4 MA’s is very interesting from an energetic confluence POV.
Plus the Daily Bull Mid-Channel as you note, when you look left that line has been in play – Good Luck!
The more I look at it the more I like it but Elaine had just texted she’s on the Metro and I have to go out
🙁 Because I want to trade it
🙂 Because my wife of 25 years has arrived in Newcastle safely!
After picking Elaine up we came into see price testing the bottom of the Golden Low-High.
I entered just above the bottom of the zone, I trailed my stop and got taken out for +0.86R
I videoed it, good footage, a nice bonus 🙂
Thanks for pointing it out…
Heres’ the screenshot.
If the H1 Bear channel hadn’t been so close (I covered it just in case of a spike down to test it) I would have had a tighter stop and possibly my 2R would have come in.
It was a definate 100% WTA !!!!
https://blackboxsoftwaresolutions.com/wp-content/uploads/2018/08/dax30sb_M1_07aug2018_1838_7532915_buy.gif
These are a “Must Master” setup, I’ll update the code so we can set alerts, freeing us if we need to switch to other things but want to know if it’s approaching the zone.