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….
Today’s video below.
I’ve just noticed that price has continued to move lower offering a great M1 sell MAB that I’ll post above.
Really pleased with this one 🙂
After price broke back below the Open and the in play D1 EQZ Mid-line@11251.0 I marked up the ABC and decided to sell if price came back up to:
- Yes Close
- 61.8@11256.2
- M5 EQZ@11257.2
- Great Role-Reversal best seen on the M5 chart, see below.
There was about 20 minutes of chop-chop then the bull candle at 11:25 came right up to Yes Close so I sold. It felt good to see my patience rewarded by the bear candles that followed!!
I was tempted to move my target lower but decided not to, a good call.
Below is the M5 chart that had great short-term role-reversal and was a key component of the confluence.
I’ll logged on around 9:45am today to see what’s been going on and spotted an interesting buy FIBCON off the session low. It had good structure and context but not easy to take in real-time?
The A-B leg was nice and clear after setting the Low and if you were in buy mode you might have taken it at the 50% level, if so a buy limit would have been the best option with the stop covering the 61.8% level.
As always, it’s easy comment like this after the event!
After the 8am open price did try to get above the D1 EQZ Mid-line@11251.0 but failed, it’s since moved back above……
‘One’ trade for this mornings session, a -1.08R loser of fine margins.
(I actually took two trades, but wasn’t happy with the entry for the first, so retook the trade and then closed out the initial trade at break even. This was risky and I’m lucky to have had the opportunity to close the first one out!)
I traded the 15min MAB, with a good looking set up and confluence of the D1 EQZ, D1 Bull Channel and Open. I was looking to take profits just below the H1 EQZ at 11261.5.
I wasn’t sure which Fib setup I prefered, as you can see in the screenshot with my two point As.
In hindsight, the higher timeframe set up was best, with an entry around the 1hour ema, however at the time I was concious of a reversal off the above stated key structure, and didn’t think price would drop as low as the 1hour ema.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_28jan2019_1345_xxxxxxxx_xxx.png
Feeling a little bit frustrated now that price has just reached what would have been my 2R target…
I still feel the 1hour MAB was the trade to be taking, and it would have meant my Stop Loss was lower and untouched, but this one was so close!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_28jan2019_1404_xxxxxxxx_xxx.png
Hi Joel,
Maybe it’s because I started late this morning and I had a few things on but I didn’t notice the buy trade even though it had been bullish since the low was set.
The D1 EQZ Mid-line@11251.0 which today was confluent with the Open did get my attention however as it had been in play recently. The micro sell setup that formed when price broke back below them I really liked for the reasons mentioned in the blog.
The M5 Role-Reversal structure I show was the ‘Deal-Maker’ for me if price retraced back up to it, which it kindly did 🙂
Great trade at 11:41 Phill!
We both ended up trading in opposite directions, but yours was the better set up.
Yes. Close had already shown itself to be a Role Reversal level earlier in the day, and was key to your trade.