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 passed on the M1 Sell MAB but liked he M5 MAB which was confluent with the bottom of the earlier range. The RR looked excellent on the M5 and M15 charts.
Price was coming up off the H1 MAB but it was a decent PB, just didn’t work out.
If you’ve read the page called “Trade With The Energy” that I began over the weekend I mentioned that the market is always in one of three phases, Spike, Channel, or Range and that they take place on all time frames due to the fractal nature of price action.
Well, this morning we have an example shown on the M5 chart.
The bullish mood continues, the PM High is the next target above the 12873 EQZ level.
At both these levels, we will watch for REVFIBs.
I lost the same trade, was looking for a REVFIB to form after the H1 MAB.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_06jul2020_1037_19328894_sell.png
It comes under the ones that tick the boxes but don’t work out BUT they play a key role in building up a series of trades and letting your edge play out.
I took the same trade as Phill for the same reasons so had a loser but liked the sell at the 12780 level as it was confluent with the 61.8 FIB level from the high and there had been lots of selling pressure from this level earlier in the session and pleased to say it worked 🙂
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_06jul2020_1114_11646253_sell_FIBCON-Winner.png
I missed the DT Sell as I was away from my desk. When price came back down to the M5 MAB which was confluent with the short term KeyZone which had previously been in play, I took the buy but the bears continued to drive price down so it was a loser.
Now that the bears seemed to be in control I switched to sell mode and took the M1-M5 Mab which was confluent with the top of the keyzone. I thought it was going down to the H1 MA so I moved my target to push for a bit more but price did not make it so I closed out for a 1.94R winner. I was still in sell mode so took the M1 MAB but the US had just come online and it went in my favour before price reversed and took me out, unfortunately I had moved my stop to just above the keyzone to I took a 1.32R loser.
Once the bears had re-established control and made a nice impulsive leg back down, I took the M1 MAB sell and got a 2R winner. I thought the bears would be targeting PW high and was going to move my target but didn’t want to get caught out again, but it would easily have come in. That’s trading eh?!! I think I’ll call it a day 🙂
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_06jul2020_1518_11649603_sell_M1-MAB-Winner.png