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….
Another decent GZ M5 Sell MAB which resulted in me closing out for +1.39R due to the SUPCON just below my 2R target.
Of course, once again, SO close and all that as the 2R did come in 10 minutes after I closed out 🙂
There’s a pattern today, I’ve taken great sell trades, just not maxed them out.
However, what a great rebound this week after the drawdown of early last week. Getting back to A-B-C is the secret, it always was at the very heart and core of the Trade Controller Environment!!
Another great M5 sell MAB setup anticipated but poorly executed. After price had moved back up off the D1 EQZ@11104.0 I was aware that it could be a strong bull move back up into the D1 EQZ.
I therefore wanted to see at least an entry at the M5 MAB as there was good RESCON.
I was close once again to another 2R but on this occasion the best entry was 61.8 level of the Golden High-Low zone, my stop on the first trade was at that level.
Very happy with my anticipation and patience, it was a great sell, must get the 2R next time 🙂
The bearish 8am open setup a great GZ M1 Sell MAB and I got a great entry.
But I closed out when price struggled at the 50% level of the Golden Low-High zone. What shame to have not got the 2R , what a shame not to have ridden this one down…
Instead of trusting structure I allowed myself to think the bulls would step back in…
There was a large gap down at the 7am open then price moved up strongly to the H1 Bull Channel just below the Open.
I want to draw attention to the GZ M1 Buy Micro-MAB that formed when price broke above the Open to produce a Higher-High. I looked for decent point A based on price establishing a reference point, this produced a Golden Zone as shown at the H1 Bull Channel. When you look-left the zone had great Role-Reversal structure.
This type of setup might be a Micro-MAB but structurally it’s very good and contextually it’s a buy due to the early bullish spike back up after the gap down.
It’s structure forms within the Grid structure…….
The Trade Tool allows us to consider taking such setups, it is my intention to mark these up as part of the A-B-C routine, the more we see them form and play out with a greater than 50% probability that price will short-term offer a a 2R trade the more we can profit from them.
I was just about to Alert to see if anyone else had caught that! Didn’t you tell yourself yesterday that you were going to let the trades play out? 🙂
I didn’t take the trade, but marked it up just after price started dropping.
I did, maybe walking away for 5 mins is a good idea 🙂
You were sooo close of such a great trade!
Being close means I’m going in the right direction – right 🙂
Exactly, and again with your 2nd and 3rd trade! Well done choosing the setup!
My previous comment was much longer but I deleted all and left just the first line. I was going to tell you that I was wondering whether it is convenient to re-enter the trade after having some kind of confirmation that the support level is working. You just answered that with yet another good example. Are you spying as I type or what?! 🙂
Well done again!
Well done on the GZ M5 winner!
I still got my trade tool ready to enter that trade. I waited for price to test the 11133.5 level but it never happened, and it went down so fast that I didn’t even consider entering after that!
Great reading Mr. Phi!