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….
This is an example of how to use alerts. I’m only interested if price breaks above 12577 or below Yes Low.
I can minimize my charts, close my eyes, and chill rather than have to keep watching the charts.
As I’m typing the alert if price moved above 12577 has triggered.
If price can move back above 12577 then we might see the bulls retake control?
The magenta line shows the key battle zone.
I passed on the M1 sell MAB at the pullback to the 12577 level, I was trying to get a perfect entry after my earlier M1 Sell loser!
However, when price broke below the midline@12528 I was ready to enter on a pullback to it, that did not happen.
I then sold on the break below Yes Low – this was aggressive – and trailed stop to BE asap due to the IKZ just below. These zones are powerful and it proved a good call 🙂
Take a look at the IKZs I’ve overlaid, they’re the ones that don’t extend completely to the right. Note how price touches them perfectly at times, see the two down arrows at 12577, and how they sent price down to the top of the one below.
They are easy to turn on or off and today have proved a good guide as to when price will reverse. The important thing is we don’t clutter the chart with too much information but if the horizontal structure is accurate and in play then they can be used accordingly.
This was not a textbook A-B-C sell setup but when price looked like it was going to break below the IKZ just above the Open I entered a sell trade.
This was an instinctive trade as I was in sell mode once price had broken below the 12702 level that I mentioned at the start of the blog.
Note: The Intraday KeyZone (IKZ) is part of some additional horizontal structure that sits within the M30 EQZs. I will do a video on this over the next few days.
Just like channels, it can easily be turned on or off depending on whether it’s helpful.
Price is currently at the Daily level of 12577
I took the M1 Sell MAB after the break below the 12702 level, if I’d entered at the 61.8 level this one would have worked out.
I entered too early at the M1 MAB, I needed to “Be The Bear”!!
There’s a GZ on the H1 chart between 12706 – 12754, it’s confluent with two midlines and clear Role-Reversal when you look-left.
If price tries to make new highs above the 61.8 level and fails then we might see a move down to the Open and H4 EQZ@12615?
A clear break below the H4 midline@12702 could offer a sell setup?
After yesterdays sell-off from 12873 down to 12577 price has moved back up to the midline@12725.
I’ve had two trades so far today, a -1.05R loser and a +2.00R winner.
The first was a failed M15 MAB Sell trade, with the idea that price would bounce off the 15min ema and fall to form an M5 MAB Buy trade at the D1 EQZ (12577), in a similar pattern to an M5 MAB that formed yesterday at the same levels at 13:00pm.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_10jun2020_1249_18972767_sell.png
The second trade was an M1 MAB Buy trade, after price fell into a range between the D1 EQZ 12615 and 12604 Key Structure levels. A break above the D1 12615 level convinced me that a trade was on, with the idea that price would push on up to the 4hour and 1hour moving averages which were sat around the Open, and at the 61.8 level of the Daily Hi-Lo GZ.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_10jun2020_1317_18973462_buy.png
Price is currently oscillating around the Open. I was tempted to enter into a Sell trade at this level, but for now I am going to sit back and see which direction price starts trending before getting into another trade.
When I look at M5, M15 and M30, was that a shorting opportunity at 2pm?
Yes, in hindsight a trade with an entry around the Open and Stop Loss above the 12668 M30 midline would have been a brilliant one, currently sitting at around +4R, moving towards 5R. I’m kicking myself for not taking it now!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M5_10jun2020_1350_xxxxxxxx_xxx.png
You mean something like this? 🙂
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/cuchitospc/dax30_M1_15mar2017_1234_57783237_sell.png
I wish I had more to celebrate, it just recovered my losses accumulated during the day.
Full day roller coaster comments: https://blackboxsoftwaresolutions.com/wed-10th-june/
Forget the screenshot link, it’s one from 2017! I still need to learn how to copy/paste links from the trade controller. It’s the last trade of the day on the second link, my daily blog.
Haha! I read that with such confidence, expecting some spectacular 2R+ trade… only to be met with something from years ago! 🙂
Well done on getting the trade though. Yes, you may have made some other mistakes during the day, but that doesn’t diminish the read and execution on this particular trade. It’s not as if the others were awful, fine margins were in play as you said!
I’m gutted I didn’t take it now I’ve seen that you and Elaine made profit from it…
Hi Alex,
It will take time to tune back into things. Well done on the winning trade to end your session. It was a great setup and using a sell limit was a smart thing to do.
Elaine got this trade right also, it was a juicy salmon and superbly netted by you both 🙂
I took the H1 Sell MAB as it was confluent with the higher timeframe (HTF) 61.8 FIB level from the high to the low of the bear move down today, shown on the M15 chart. And just above was the midline at 12668 which had previously acted as resistance when you look left. Unfortunately I only took the 2R winner and didn’t hold out for more because it was close to the U.S. open at 2.30pm.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev11/ge30.sb_M1_10jun2020_1350_11387142_sell_H1-MAB-HTF-FIBCON.png
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev11/ge30.sb_M15_10jun2020_1330_xxxxxxxx_xxx_M15-CHART-FIBCON.png
I like your style Elaine! You are aggressive!
Hi Rab,
Yes it was and I missed it 🙁
Elaine took it got a 2R winner.
Ended the day with a winning Reversal FIBCON after price formed an M5 MAB and completed an Inverse Head and Shoulders. (The shoulders sitting on the H4 midline at 12528, the head being the double bottom and the trade taken at the right shoulder.)
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_10jun2020_1559_18978193_buy.png
Well done Joel, nice way to end the day! I stopped trading after the H1 Sell MAB as I’m currently updating the website with some Reversal FIBCON examples
My trade controller wouldn’t work so I took a trade in manual and I now have trader server errors.
This means that I’m not getting blog updates.
Catch up later