Wed 24th 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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15:37

At Last!! An M1 Sell MAB Winner, +2.01R

After a day of just missing or passing on what turned out to be winners, I finally pulled the trigger on an M1 Sell MAB after the bears regained control just after the US came online.

I almost took the first M1 MAB but wanted a PB to 12263, TOO Fussy!

However, I marked up the fast-moving micro-M1 MAB that followed and took it. It did come back up briefly but it worked out, the M1 Bear Channels played their part – see below.

I’m done for the day, need some sunshine and a break. One winner is fine but I should have bagged at least another, the salmon were in the river and I called the excellent sell zone at 12318  🙂

Note: Fast-moving setups like this are difficult to markup, screenshot and upload without affecting focus. I’ll do my best as I get used to sharing setups!

14:12

Sell Setup at the Open??

I’ve just uploaded the above sell setup if price can move up to the 12429 level. It’s the 50% EQZ midline and is confluent with the Open.

If point A is taken from the 12577 level the GZ falls nicely.

The 12355 level is also a key level and is in the way, it might also offer a sell?

However, when you look left the 12429 level was functioning as the TOR last week, let’s see what the afternoon session brings?

 

14:04

Called the level at 12318, missed the trade 🙁

After identifying the DT@12318 I missed the sell trade for the following two reasons:

  1. On the first move up I was waiting for price to test the 12318 level and poke above a wee bit. Did not happen!!
  2. On the second test, I over-analyzed things and thought the 12355 level was the next target. 

If the first move up had gone into the zone between 12318-12327 I was ready with the Trade Tool. However, I then began to doubt if the level/zone would hold if price went back up!!

Oh, the mindset!!

However, Well Done Elaine!!

She took the first move up and sold at the 12318 level and closed out for a decent winner.

10:59

Bulls In Control, Wrong – Bears In Control

Just after 8 am the bears took control, no trades yet though the M5 MAB Sell on a PB to 12281 is interesting?

The screenshot shows why a micro-sell setup took place, the earlier SL was confluent with M1 MAB and it produced a DB.

I talked myself out of it thinking the better value was the M5 MAB on a PB to 12281, SHOULD have taken it, lovely microstructure if you take point A from 12281

06:46

Bulls In Control

Yesterday the bulls broke above the 12429 midline and price currently remains above it in the upper 50% of the EQZ. The break above 12577 failed so we wait to see what next?

6 thoughts on “Wed 24th Jun”

  2. Took the DT sell trade at 12318 and covered the 12327 level with my stop. The trade went into profit but seemed to be struggling to go down so I trailed my stop and got taken out for +0.90R. Price moved up to 12327 and turned on a dime then moved down to retest the 12281 level which would have given me my +2R. The trials and tribulations of trading?!!

    https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_24jun2020_1251_11544589_sell_DT-Sell.png

  3. Ooops I did it again! Took a sell trade at the 12327 level due to DT previous resistance with my stop covering the 12337 level. It was close to the US Open and the bulls were looking quite strong so I halved my risk only to be tapped out before the bears took over and moved strongly down through my 2R target just below 12300 🙁 That’s trading for you!

    https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_24jun2020_1439_11546106_sell_DT-Sell-at-12327.png

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