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 set an alert to let me know if price reached the intraday GZ sell zone mentioned earlier and patiently waited for a setup.
This one did not work out but I felt I followed my process.
I’m done for the day.
Elaine has just shown me this setup where the intraday GZ is confluent with the PM High and Yes Low. I’d also had marked up a KZ on the H1 chart from last week and they overlap…
If price can move up it might offer a sell???
After my two earlier buy trades, I left my desk but came back to see a second GZ had formed and that Elaine had taken it. It went on to be a 2R winner.
This is yet another great example of the Grid helping us to identify zones where a reversal might take place, the H1 chart is excellent at showing this, that’s why I posted the earlier screenshot and trade alert.
This is what it’s all about, patiently waiting for salmon to swim by, we’ve had a challenging few days due to the range behaviour but yesterday the bears took over and there have been opportunities.
Time to switch to semiconductor stuff, Be The Bear guys 🙂
Below is the H1 chart showing what happened at the KZ.
I took the Buy REVFIB at the GZ, got a great entry but did not work out.
Then when a Triple Bottom produced two bull candles I entered another buy trade. When the M5 MAB looked like it would send price back down I closed out only to see my 2R would have come in.
I’d not planned to trade today but when I saw the H1 KZ mentioned earlier being tested I decided to watch and enter if our edge formed which it did.
I now have to switch to other projects but am pleased with the trades, for me they both qualified. I’ve seen many times the first setup play out, but not this time. I was also ready to reenter if the PA was supportive, which it was due to the context of the H1 KZ.
Overnight the bears have continued to push price back down the EQZ@12873, this level is key if the bulls can maintain the current level.
Below is the H1 chart with a KZ at 12799 that has obvious RR when you look left.
I had my trade tool positioned for the Triple Bottom Buy at the low but just missed it as price turned around quickly moved back up.
The 12836 level was very supportive on the M5 chart and was confluent with the 50 FIB level for a REVFIB so I entered on a Buy when price came back down to it and I’m pleased to say that I held on for a +2R winner whereas in the past I would have been tempted to close out when price was struggling at the 12864 level 🙂
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_24jul2020_0948_11843134_buy_REVFIB.png
Well done Elaine!
I did trade the tripple bottom for a good winner, followed by a FOMO trade once it broke up the M5 MA… Your entry level was the one worth waiting for, no doubt at all!
M5 + M15 MAB Buy winner.
I felt that PA would want to make another attempt at the PM High, at least to form a double top before moving back down. The confluence between the M5 and M15 ema gave me the confidence to enter the trade.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_24jul2020_1144_19561817_buy.png
Hi Joel,
Great read of the PA 🙂
When my alert triggered I was only seeing sells, I was blinded to the excellent buy M5 MAB.
As Mark D. would say, “You are in the Zone” 🙂 🙂
1 Loser, 1 Small Winner
I was torn between taking a Sell at the lower timeframe DT-FIBCON level at 12910 or wait for the higher timeframe DT-FIBCON level at PM High, and I ended up taking both!
The first one was a loser and the second one I got a +0.64 winner but had I not moved my stop I would have had +2R winner 🙁
Well done to you Joel! I guessed that the M5+M15 MAB would be resistance in the way to my target and in hindsight I should have taken what would have been a +1.5R winner at that point and I would have been free to consider the possibility of a double top and could have sold again.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_24jul2020_1123_11843672_sell_DT-H1-FIBCON.png