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….
This video is of the sell trade taken earlier. It shows the sell zone of RESCON being identified in advance and demonstrates the power of the Price Action Grid.
00:00 – 04:06 Trade setup and anticipation.
04:07 – 09:23 Trade live.
09:24 – 14:25 Post trade analysis.
I had to leave my desk after the earlier winner and have come back to see what happened to price afterwards. This is shown on the M15 chart above.
Price went down to the H1 Bull Mid-Channel and found support at the Open and the top of a keyzone marked up several days ago.
Wished I’d been able to trade 🙁 but it once again shows the power of the Grid in action.
Bless the Holy Grid 🙂 🙂
This is what it’s all about, using the Grid to anticipate high probability, high value, high energy trade setups well in advance. I took the sell at the area of RESCON that was identified pre 7am (see below) for a +4.06R winner 🙂
Below is the updated H1 chart showing how price moved up strongly to the event zone area (RESCON). The confluence of:
- H1 EQZ at 12429.0
- D1 Bull Mid-Channel
- D1 MA
- H1 Bull Channel
meant this was a sell trade based on structure and in real-time feels counter-intuitive due to the strength of the bull move up to zone. The only way to trust the Grid in these situations is to see it for yourself day in day out channelling price and when Grid intersections occur High Energy Events take place.
The trade can be categorized as a Daily MAB, see screenshot below.
Below is the Daily chart showing the MAB.
After seeing the Grids effectiveness and importance this week I’ve marked up possible event zones if price break up or down.
First it has to breakout of the H1 wedge its been in for the last few days.
Let’s Be The Bear and wait patiently to see what happens if price moves into them, maybe we’ll see a Juicy Salmon or two 🙂 🙂
As price makes it’s way to these zones there will be lots of minnows BUT also decent salmons so we need to be marking up setups as per our trading plan and following the rules.
Good man.
Let’s see what the market has for us.
The idea of this is to anticipate well in advance what Grid intersection/zone price might target, either up or down. After seeing how effective the Grid has been this last week or so it’s time to start using it.
Update at 09:35
Price went up to the event sell zone, I took it and got a +4.06R winner 🙂
Great trade!! Anticipated well in advance, executed almost to perfection (you must have suffered when price went half the way towards your stop loss) and managed with patience to reach +4R! Congratulations!
Add +2R to your winner, as I took a trade as well! https://blackboxsoftwaresolutions.com/fri-24th-aug-2/
Bless the Holy Grid! 🙂
Awesome !!
I’ve just updated the blog with what happened afterwards, I was not able to trade but wishd I had….