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 two trades taken earlier. It shows the anticipation of the sell zone (RESCON) and why I took the M5 buy MAB as price made its way up to the zone.
00:00 – 05:23 Trade setup and anticipation.
05:24 – 06:49 M5 Buy MAB trade live.
06:50 – 07:22 Buy trade complete, about to enter sell trade.
07:23 – 12:02 Live sell trade.
12:03 – 17:55 Post trade analysis.
Over the last week I have felt clear shift in my read of price action, this has been a direct result of going deeper into the Price Action Grid during August. Friday and today are a direct result of that process where Grid structure and intersections have been identified well in advance allowing time to plan trade entry.
There are two final filters I have once the trade has been marked up:
- Can I talk myself out of the trade?
- Do I have that feeling of “Whatever the outcome, I’d take this trade again.”
The challenge we have as traders is mastering our emotions and that requires brutal honesty at times.
Blackbox believe the Price Action Grid is inspired and unique and not limited to just the DAX. We choose to specialize trading the DAX for reasons explained on the website but the Grid can be found on all markets, for example the EURUSD.
We look forward to sharing our unique take on Price Action with the wider trading community now we’re ready to take that step!!
I caught the juicy salmon we’d anticipated 🙂
At 08:10 price reached the area of RESCON mentioned at the start of the blog, I entered a sell trade using the Trade Tool. As with Friday’s blog commentary it proved a good call and after about 8 minutes the bears succeeded in reversing price.
I didn’t move my target on this occasion so ended up with a +2.17R winner which following on from the earlier GZ M5 Buy MAB has been a great start to the Bank Holiday, all by 08:28 !!
Just like on Friday, we used the Holy Grid 🙂 to anticipate possible event zones of RESCON or SUPCON. This then provides us with a clue as to where high probability, high quality, high energy setups might occur, otherwise known as ‘Juicy Salmon’ 🙂
On the way up or down to these zones we should also expect to see good setups, as with the GZ M5 Buy MAB earlier. However, once you learn to trust Grid structure the main focus should always be the intersections and we must try to filter the poor quality setups, otherwise known as minnows.
Below are the updated screenshots for:
- H1 chart.
- H4 chart.
- D1 chart.
Each shows how price reached the area of RESCON we’d identified at the start of the blog.
Since 8am its been busy!
I took the GZ M5 MAB at 08:03 when price retraced to the H1 Bull Channel and the 61.8 level when point A is taken from PW High/Yes High. After a brief move below my entry level price moved on up to the area of RESCON mentioned at the start of the blog.
I moved my target based on price wanting to test this area of RESCON, it resulted in a great start to the session 🙂
Things happened fast so the screenshot also shows the following sell trade I entered when price reached the sell zone at 12492.2, this was also a winner, see above.
Price has started the week in bullish mode, however, there is an area of RESCON just below 12500 as shown on the H1 chart, it has the following confluence and is also supported by the H4 and Daily charts, see below.
- H1 EQZ Mid-line
- D1 Bear Mid-Channel
- Top of KeyZone
It’s a bank holiday in the UK so not sure what 8am will bring in terms of energy into the market.
Below are two more screenshots:
- The Daily chart showing a GZ FIBCON where the 61.8 level is at 12490.2, confluent with the H1 EQZ Mid-line above. The GZ-RR zone is very good when you look-left.
- The 4-hour chart showing the top of a KeyZone defined a few weeks ago, its top is confluent with the D1 Bear Mid-Channel.
Let’s watch this zone for any juicy salmon……..
What a great day! I started late today, look at what I missed!
I am glad you made such a good profit out of that! Keep it up!
Thanks!!
This last week I’ve felt a clear shift in my read of price action, this has been due to my quest over recent weeks to go deeper into the Price Action Grid.