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….
Same again!!
When price retraced to:
- The Open
- Yes Close
- H1 EQZ at 12556.2
- H1 Bull Mid-Channel
I sold. It started well but did not work out, it failed to break below the H1 Bull Mid-Channel.
The best sell was the one I passed on, these last two setups were not rubbish, the Open and the H1 EQZ can be very effective, I’ve just got caught up in a short-term range with the Open in the middle of it.
This a classic case of taking minnow setups and not the juicy salmon ones.
Despite two losers I’m pleased that I:
- Didn’t move my stop.
- Didn’t chase price.
These two bad habits will cripple you trading results!!
When price retraced to:
- The Open
- Yes Close
- H1 EQZ at 12556.2
- H1 Bull Mid-Channel
- Micro Double-Top
I sold. It started well but did not work out.
Breaking above the micro-channel was maybe a clue but right now I class it as one of those that didn’t work out but was definately a lower probability setup than the sell I just passed on.
I really liked this setup but was too fussy, I wanted price to reach the Open before selling.
If I’d added the M1 Micro-Channel shown below then maybe I’d have taken it.
Note how price touched the upper and lower boundaries with the current Low at the bottom at 12533.2
Whilst we focus on the ‘permanent’ Grid structure at times it can be useful to mark up a micro-channel as shown when trading the 1 minute timeframe. These channels don’t last long but can be helpful.
The battle is at the D1 Bull Channel and the D1 EQZ level at 12577.5
The above sell FIBCON was decent but a bit too congested for me.
Here’s the possible SUPCON zone on the M15 chart. I’ve used arrows to highlight the Role-Reversal structure.
If price does come down to it there is also the D1 Bear Mid-Channel just below it.
Overnight price has reached the lower D1 EQZ boundary at 12577.5, where next?
If it moves on up into the D1 EQZ there’s an area of RESCON:
- D1 Bear C
- H4 KeyZone (not shown) 12663.7
To get there it has to also get through the H1 Bear Mid-Channel followed by the H1 Bull Channel.
If it moves back down into the H1 EQZ there’s an area of SUPCON:
- H1 EQZ ML at 12492.2
- D1 Bear Mid-Channel
- H1 KeyZone
- 61.8 level at 12491.4 when point A is taken from the H1 EQZ level at 12428.2
Right now price is sat on the Open at the top of the H1 EQZ and the H1 Bull Mid-Channel.
No trades so far. Was really close to sell a couple of times at the beginning of the downtrend but wasn’t sure about it.
The High-Low GZ looks good to me on the 1H chart for a retracement, but price keeps hanging around Yes High as I write this.
I have to go, hope you guys managed to make some profit! Otherwise, look at the bear 🙂