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 did not see this REVFIB off the 12577 and Open earlier but spotted it immediately when I was able to look at the charts about 10:15, it’s a quality setup with the midline at 12540 acting as precise RR, this is confirmed when you look at this level on the M30 time frame.
Well done Joel for taking this one, I like to think that had I been trading I’d have taken it?
The 12429 EQZ 50% level mentioned earlier has so far held after being tested between 7-8 am, it’s still range behaviour so REVFIBs are the ones to look for.
The conference call earlier was semiconductor-related, as a result I have an action to go research a few things so I’m not able to trade today.
After a down day yesterday price is sat right on the EQZ 50% level at 12429. This is currently a support level as shown, if it fails then 12281 is the next daily target for the bears.
Two trades in succession, a +2.11R REVFIB + H1 MAB Sell trade as price was coming down from the H4 MAB, and then a ‘breakeven’ -0.11R M5 MAB Buy trade, with the intention of PA rising to meet the hourly ema for the second time.
I could have closed out the second trade for +1R at the level of resistance, but as I had my stop loss at breakeven I thought I would let it run.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_10jul2020_0954_19398219_buy.png
Hi Joel,
We’ve been on a conference call since 9 am and have just looked to see what’s been happening. We spotted the great sell at 12540 and would have taken it, then 1 minute later you shared your comment.
The M5 Buy MAB at 12503 was also decent, that was good trade management to BE it when you did.
Your edge was in play on two occasions and you took the trades, excellent!!
Good trades Joel!!
H1 MAB Sell -1.00R loser and a FIBCON/REVFIB +H1 MAB Sell +1.87R winner.
Probably could have let the trade run for the +2R, but after a bit of resistance at the 12512, I couldn’t bear to see PA turning around and going against me so I manually took profits.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_10jul2020_1110_19399200_sell.png
Great trades, unlucky with the loser, how good are the Grid levels 🙂