Thu 18th 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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10:44

Nano-REVFIB at High

I’ve been away from my desk for the last 90 mins and returned to see the Nano-REVFIB following the move up to current high which is also a Grid midline@12485.

Very fast-moving but structurally and contextually it was very good and look what happened afterwards. A challenge in real-time but another great example of the REVFIB pattern acting as lift-off for a move in the opposite direction.

I’ve also placed an arrow where Joel was waiting to take the sell at Yes High and the 50% Grid midline@12429.

07:47

Grade A Text Book REVFIB at 3:50am

I’ve just spotted this Grade A REVFIB that took place a few hours ago at 3:50 am. Everything about it is excellent, I’ll not go into any detail but take a quick look at the webpage on REVFIBs and note the characteristics of great setups, e.g.

  • Low probability M1 Sell MAB as price comes off the low.
  • Price reaches the M5 MAB for a possible sell back down to the GZ.

The pullback reaches EXACTLY the 50% level of the Outer FIBCON, confluent with Yes Low and the M5 MAB.

This one was a multiple R setup, shame it was so early on.

See 3rd April and the 14th May example for similarity, these Juicy Salmon MUST be mastered and shared when spotted.

Below is what it looked like on the M5 chart, it shows how strong the move up was after the REVFIB acted as lift-off!

06:53

Price Contained By Daily GZ

Look how price was contained by the GZ yesterday. We are currently at the 50% level which is a D1 EQZ@12281, look-left to see how resistive it was during the big sell-off after price broke below it.

Let’s see what today brings, strong moves away from this level could offer some setups.

10 thoughts on “Thu 18th Jun”

  2. Once again, too picky with my Entry point, and not paying enough attention to the Key Structure when drawing my fibs.

    I had point A originally set at the High, and was looking for Entry at the 12429 level, with my Trade Tool set up as shown.

    But look how price interacted with the fib, with point A at 12466!

    A bit annoyed I missed out on this one as I would have liked to ride price down to the Open at least.

    https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_18jun2020_0957_xxxxxxxx_xxx.png

    • Hi Joel,

      I’ve just taken a look at this one, I know exactly what it feels like to miss out on a great setup by being too picky or fussy. I would have been wanting the ideal entry at Yes High and the Grid 50% midline@12429.

      Well done for being SO close 🙂

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