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 forgot to mention, I posted the following link yesterday in response to a comment by Rab. If you’ve not read it then please do so, it’s a great article by one of three price action teachers I’ve had, Chris Capre.
https://2ndskiesforex.com/trading-strategies/forex-strategies/impulsive-and-corrective/
We’re going to enjoy a few hours in the garden planning our weekend of work on the website etc. We’re also a wee bit tired from two long evening rides in the heat so I’m done trading for the week.
It’s been a milestone week for a number of reasons, two notable ones are:
- Trading using the updated Price Action Grid. The concept is nothing new, we’ve just advanced things to the next level. I’m really enjoying the additional precision of the Grid, more on this over the weekend.
- Sharing Potential Trade Setups. I’ve planned this for a while, it was always about timing, both personally and the evolution of the trading environment.
I will go over the setups in a video, this will serve as a video diary of our journey…
This good weather is affecting my performance!!
We’ve just been enjoying a coffee in the garden for the last hour and I’ve come in to see this great buy setup when price was able to break back above the 12281 level.
It highlights how the juicy salmon will eventually swim by, we just don’t know when.
I liked this setup, the midline@12244 was great RR, look at in the M15 & M30 charts.
I did move my to protect it with an M1 Bear Channel, didn’t work out.
Note: I do allow myself some leeway with my stop ONLY if I can protect it with a small adjustment and still limiting my risk to acceptable levels.
See below the channel I used, look left to see how it functioned as RR.
After price failed to hold above 12281 and offer an H1 Buy MAB plus a REVFIB I sent out a Trade Setup highlighting a PB to 12281 might offer a sell setup – It Did 🙂
I initially was waiting for the perfect entry at 12290 but took it at the level with my stop covering the GZ and M5 MAB, it worked out 🙂
I was tempted to go for more profit but passed, it therefore of course went storming down to the next support levels.
I really liked this setup, after using the horizontal Grid structure to identify the setup I overlaid the M1 Bear Channels to look for additional confluence, there was in the form of a midline at the M5 MAB, see below.
Look left at the midline and how it had recently been functioning as micro-RR.
After 8 am yesterday price moved down to test the EQZ@11985 before reversing back up strongly off the GZ 61.8 level due to its supportive energy.
We are back in a range from last week, let’s see what happens today?
Morning Phill! It was good to discover we were targeting the same trade. I had updated the console and it remained closed for a while. After my trade was closed, I reopened the console and receive your alert, and the setup was exactly the same! I was a bit unlucky, but still happy that entered it 🙂
https://blackboxsoftwaresolutions.com/wp-content/uploads/2020/06/ge30.sb_M1_26jun2020_0728_xxxxxxxx_xxx_Failed-M1-FIBCON-.gif
Oh the fine margins, unlucky 🙁
Hope you are still on that trade!
Yes, got a decent 2R but of course, its gone on to be a multiple R Juicy Salmon but 2R is great having called via the Trade Setup feature 🙂
More of this stuff Phill. :-bd
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/rabster/ge30.sb_M15_26jun2020_0300_xxxxxxxx_xxx.png
I was already on the M15 chart earlier, so put the trade on then.
Great stuff Rab, this was a textbook setup, a juicy salmon seen coming down the river 🙂
Phill,
3 candle impulsive move on the EUR/USD.
What do you make of this ?
upload a screenshot
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/rabster/eurusd.sb_M5_26jun2020_0210_xxxxxxxx_xxx.png
Looks better on M5.
Takes me a long time do this.
Not 2nd nature yet