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….
Saw this buy setup after the event, it had better structure and context than the earlier sell setup as price was coming up off the major D1 EQZ@11397.9
Not an easy trade to take as the M1 Buy MAB might have been tempting but so long as your stop was below the M1 EQZ@11415 it might have worked out?
At 8am price moved up off the D1 EQZ@11397 to form an M5 Sell MAB. I passed as it was very close to 8am and it was hard to tell if Yes Low was the first target of the the bulls.
12:47, failed FibCon/ 4hour MAB, Sell, -1.00R
I got the direction right for this trade but my Stop Loss was in the wrong place.
The set-up wasn’t the best, there was no Lower Low and price has been ranging, so this was probably not the right trade to take!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_28feb2019_1516_xxxxxxxx_xxx.png
As I type this price has had a big gap up to above the Daily Bull Channel!
15:06 failed 5min MAB, Buy, -0.87R
I ALMOST got everything right here. A very good impulsive move to start the set-up, creating a Higher High. Next, retracement to the GZ and D1 Bull Channel, M5 EQZ boundary and a Role Reversal level.
The trade only just got stopped out, before moving strongly back up towards where my profit target would have been sitting!
I thought I had given enough space below the D1 Bull Channel for movement of price, but with the 1hour and 4hour ema sitting below the Channel boundary, it needed a bit more!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_28feb2019_1706_22189941_buy.png
Hi Joel,
That is frustrating!! A decent buy setup but such fine margins with the the stop loss placement. The D1 Bull Channel needed to be covered but by how much is the challenge in real-time.
One option might be to see what price does when it retraces to the 61.8 level and you’ve got such a key piece of Grid structure just below, let price test the level before entering??
Easier said than done….
I think the thing I should have done was think ‘Higher Timeframe’.
I was trading the 5min MAB, but had I been focussing more on the 1hour and 4hour ema, and taken the Fib tool from the ‘low’ in the bottom left of the screenshot, the 50-61 GZ would have encompassed the D1 Bull Channel, and I might’ve taken a trade there instead.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_28feb2019_1713_xxxxxxxx_xxx.png
This would have made for a much better trade.
15:28 FibCon, Buy, +1.53R
I felt good about the strength of the bullish move, and bought again on the second leg.
I did not want to take any chances and so took profits well within the retracement’s Inner-Fib, and below Yes. Close.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_28feb2019_1728_22190529_buy.png