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 had to switch to other projects earlier but decided to take a look at the PA just after 13:30 to see a possible REVFIB if price broke back below the 12688 level.
It was also an M1 Sell MAB with decent RR. A few minutes before the US came online I decided to BE the trade as it’s spiked so much lately and I didn’t fancy a loser. Just before the US open, I got stopped only to see it go on to be a winner 🙁
A major battle followed but when the bears broke below the PW High I decided to watch for a clear PB, it eventually came along with the M1 MAB so I took the trade and based on the M15 channels and the 12633 level I got +2.78R 🙂
Even though I was not planning to trade when I saw the setups at the highs I thought of my battle with point 4 of the Traders Creed:
I act on my edges without reservation or hesitation
So I acted and let the edge play out, it was nice to at last have a decent winner after a very poor week so far mainly due to not taking trades that qualify due to overthinking.
The current Price Action is not easy to trade due to so much range behavior, the best way to trade it is to identify the TOR and BOR and look for REVFIBs as per the rules for Trading Ranges.
I passed on the first sell PB to the PW High as it looked too aggressive due the previous RR and an M1 Buy MAB had just taken place, it would have worked out.
When the LL at the M5 Buy MAB formed at 12633 I took the PB to the GZ. I got a great entry but failed to get anything out of it as it just failed to close out by 0.5 pip before reversing. I should have closed out for maybe 1.50R but the 12633 level held and I ended up with a BE trade.
However, tough trading conditions just now and I’m pleased to have taken the best setup I’ve seen so far today.
Price remains above 12577 after finding support yesterday in the KZ shown, just above the 50% midline@12429 of the EQZ below.
Neither buyers nor sellers are currently able to take control so price is very much range-bound.
I had myself set up for the same trade, but passed on it due to the M5/M15 MAB and I didn’t feel confident about the direction of the PA.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_09jul2020_0939_xxxxxxxx_xxx.png
The main reason I liked it was the RR from move up just after 8 am and the context of price failing to hold able PW High and Yes High
Good trading Phill!
I took the REVFIB and ended up breakeven in the same way that you did. I marked up but missed the M1 MAB… and then let the frustration of missing the trades get to me, and took two more bad trades!!
Still, glad to see that we saw, marked up and took/wanted to take at least 3 of the same trades today.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_09jul2020_1502_19385250_sell.png
Looks like we were thinking the same way 🙂
Like Phill I’ve been busy working on other things today and when I took a break I saw the Sell setup but closed out for +0.75R due to the US coming online. I didn’t want any more distractions so closed my charts down but had I been watching, I like to think I’d have taken the other two Sell trades marked on my chart i.e M1 MAB and FIBCON.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_09jul2020_1357_11680131_sell_M1-MAB.png
Hi Joel,
Yes, it’s great that 3 of us saw the same setup and took it along with marking up the others.
These are tough trading conditions for sure.