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….
I had to switch to doing some software updates but have just taken a look at the charts to see a decent M5 Sell FIBCON that formed around 12:45pm.
Price failed to hold above Yes High and if point A is taken from Yes High we get a near perfect Golden Zone that was the trade entry at 12775, this was also supported by the M15 chart.
As always this is SO easy to see after the event but it had good structure and context so I like to think I’d have considered it in real-time.
I had to leave my desk for a while and came back to see that an M5 Sell MAB formed at the Open. Once again the M15 chart supported the trade and with good timing and use of the Trade Tool a 2R was possible before price reversed back up off the bottom of the KeyZone which was also a reversal Golden Zone (Inner FIBCON).
After taking most of last week off due to a bug I picked up whilst away I’m back at my desk this morning. Due to the current uptrend I’m favoring buy trades which meant I talked myself out of what turned out to be a great M1 MAB sell trade.
I was SO close to taking the trade as the M15 chart supported the setup then before I knew it price sold-off leaving me wishing I’d not been so fussy and indecisive.
Below is the M15 chart that supported the sell setup….
I’ve had two losers already this morning, for a combined loss of -1.14R.
Both trades had the idea that price would move down to test the H1 and D1 EQZ midlines for a second time. I had seen and marked up the 15min MAB earlier on, so when price came up into the GZ I couldn’t resist taking the trade.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_22oct2019_0938_15655313_sell.png
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_22oct2019_0952_15655570_sell.png
The images related to my previous post can be found here: https://blackboxsoftwaresolutions.com/tuesday-22-october-2019/
Hi Joel,
I’m testing the screenshot link after fixing the server path.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev10/ge30.sb_M1_22oct2019_0940_xxxxxxxx_xxx_revfibcon.png
The link you’ve posted works fine. I’ve just posted another comment with screenshot linked, but hadn’t updated the BTC before posting!
Here it is again, hopefully working now:
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_22oct2019_1125_15656651_sell.png
I’ve ended the morning session at -1.08R, having taken 3 sell trades; 1 break even and two losers.
This goes to show that Phill was right with his comment this morning, that we should be favouring buy trades!
I feel that my reasoning and execution of the trades in isolation was okay, however I was obviously not in touch with the flow of the market. I might come back to see how price is moved later on today, but now is probably a good time to stop trading for the day.
Here’s the break even trade, a micro-1min MAB sell.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_22oct2019_1125_15656651_sell.png
Hi Joel,
The M1 Micro-MAB was a bit early as per my recent blog M5 sell setup update. Price went on to make a LL@12759 which produced a great Golden Zone.
I was not trading so it’s easy to see the setup after the event….