Tue 16th Jun

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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.

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13:59

M1 Bull Channels

I’ve just taken a look at the charts and thought I’d see what the M1 Bull channels (plus midlines) look like since the bulls are currently in control.

In particular, note that Alex’s M1 buy MAB was PERFECTLY confluent with a channel boundary. 

I’ve added a few arrows to show where price has clearly interacted with the channels, this is a great example of the ability to add/remove channels from the chart depending on how helpful they are. 

We trade primarily horizontal levels, then we overlay channels to see if they add additional confluence to our trading decisions.

12:25

Great REVFIB following Alex’s M1 MAB Winner

After seeing Alex’s winning trade – see comment below – Elaine also identified it was followed by a great REVFIB sell after price failed to stay above the D1 EQZ@12281

Note that:

  • Point A is precisely on the Grid midline@12318
  • Point B is precisely on the Grid D1 EQZ@12281
  • Point C (50% level of GZ) is precisely on the Grid midline@12300

And finally, price then moved down to the M5 MAB and reversed back up off the Grid midline@12263, the 61.8 level of the earlier M15 Sell GZ.

Having such precise Grid structure does not guarantee success but it provides great guidance once mastered, that’s why we call it ‘The Holy Grid” 🙂

 

09:23

M15 Sell MAB at Precise Levels

I’ve just sat down to see this setup that took place at 8:35 am, another great example of how the updated Grid precisely captures price.

This is the M5 chart, it seems to work very well with the Grid as much of the M1 choppiness is smoothed out. Note the GZ between 12243.99 – 12263.75, it falls EXACTLY between two midlines of the Grid.

This is not a one-off!! I’m seeing it on other markets that I’ve applied the Grid to. Look at yesterday’s blog where I show the Grade A sell from Wed 10th at 2 pm – note the GZ!

If things go well today I will complete this phase of updates, meantime, if you want to use this Grid simply:

  • Load a new GE30.sb chart.
  • Right-click and select indicators.
  • Select bssConsole – Inputs.
  • Set Auto Update Channel Structure & Auto Update Equidistant Structure to true.

The horizontal Grid will automatically be overlaid, it will auto display the midlines based on the time frame you’re on. This can be overridden, I’ll cover that later.

6 thoughts on “Tue 16th Jun”

    • Hi Alex,

      That is great trade!!

      I like that you used the 61.8 level@12263 of the earlier GZ from the M15 sell MAB for point C and your buy setup GZ. This often happens, when a very clear GZ forms early in the session it comes into play later on in some way (in this case as Role-Reversal) which is what I often leave them on and project forward.

      I like how you’ve used the Grid midline@12263 for point A.

      Also, I’ve just looked and noted that the move up you traded exhausted itself at 12318.54, precisely on a Grid midline 🙂 Price then came back down to temporarily bounce off the D1 EQZ@12281 before breaking back below it.

      The screenshot shows this, I’ve also left the GZ from the M15 sell MAB earlier.

      https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/tradermark/ge30.sb_M1_16jun2020_1132_xxxxxxxx_xxx.png

      Well Done!!

    • Hi Joel,

      How funny, just before I saw your comment I’d updated the blog to show the M1 Bull Channels in play during the bull move you’ve traded.

      If you’ve not done it already overlay the M1 Bull Channels and see how they support your trading decisions.

      Well Done!!

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