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’ve just logged on to see that just after 8 am a Sell FIBCON formed when price moved up to test the PM High. This is shown on the M5 chart above and if you switch the M1 chart there was a Micro Sell REVFIB that due to the context you might have fancied taking?
Below is the H1 chart I posted yesterday showing the KZs and this move up at 8 am can be seen clearly and would have supported entering a sell trade.
Again, ALWAYS easy afterwards BUT by consistently marking them up we are building the neural circuitry required to master taking these!
Tough trading conditions right now but a decent setup does form, often a REVFIB as took place yesterday and both of those formed when price moved down to test the H1 KZ – see below – we’d marked up well in advance.
We’ll be preparing for the call tomorrow so will not be actively trading today.
One trade taken so far this morning, a failed REVFIB Buy trade just before the big sell off.
A couple of opportunities presented themselves, imagine being on that REVFIB Sell from the Open and riding it all the way down! Dreams!
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_28jul2020_1041_19589303_buy.png
Yes, the DT at the Open stands out as a sell SO clearly afterwards. It had good context as it was the GZ from earlier.
Sniper Joel, give me your blessing and trade the REVFIB!
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/bbqtrader/ge30.sb_M1_28jul2020_1028_xxxxxxxx_xxx_combo-M5-MAB-REFIB.png
I marked those trades up but have been away from the desk for lunch so haven’t entered.
You’ve got on both of them? Great! Did you bank the 2R for the M5 MAB before it turned?
A FIBCON Buy loser, due to a too-tight SL, trying to jump on the REVFIB Buy opportunity which was the decent set-up. Also an ongoing FIBCON Buy trade looking for a move towards the 15min ema.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_28jul2020_1312_xxxxxxxx_xxx.png
The stop loss placement on the REVFIB once again being the challenge!
Covering Yes Low pushes the target out, not sure if Alex closed out and reversed to take the buy, his stop loss was just below Yes Low so he’d still be in the trade??
Maybe the zone between the PW Low and Yes Low is a clue as to where price might bounce around before deciding to move back up?
If so then going forward maybe we should consider giving such zones priority over the FIBCON GZ?
Hi Joel,
Just noticed that price reached the M15 MAB, well done if you got the 2R plus well done for taking the second buy after getting stopped out on the first one.
Keep reminding yourself of the Mark D. teachings 🙂
FIBCON Buy winner. This trade took its sweet time, with lots of ups and downs, but got there in the end!
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_28jul2020_1301_19591195_buy.png
I’ve got my fingers crossed for Alex, provided that second REVFIB trade he had marked up got entered, it looks like another 4R day for him!
Well done Joel!
Price did indeed take it’s time to get there so good for you being able to sit through the ups and downs. That’s one of my weaknesses, I tend to doubt myself and I don’t let the trade play out. I regularly end up closing out and taking a small profit only for the trade to go on and hit my target. I need to improve my trade management in that area.
I wasn’t as calm during it as I should have been. Once price moved above 12799 I moved my SL to breakeven, then there were those 5 uncertain candles that all closed at the same pip and price started to move down to 12780, so I moved my SL back below Yes. Low reasoning that I wanted to give PA room to move.
SL went back to breakeven when PA went above 12799 for the second time…
I should have left it aloone the entire time, but I really didn’t want that third loser.
I know exactly what you mean Joel, I think there’s a fine line between letting the PA play out and managing the trades such that we minimize our losses.
Well done on taking something out of the market!
I did manage to make some profit out of it as well, but as I had to leave, I put trailing stop levels until it took me off. Very pleased anyway!
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/bbqtrader/ge30.sb_M1_28jul2020_1139_xxxxxxxx_xxx_Partial-Combo-M5-MAB-nad-REVFIB-11.58.png
Awesome Stuff!!
This is precisely what I’ve dreamed of us all doing with Buy REVFIB setups. Taking the M5 Sell MAB for 2R (if possible) then reversing to take the buy setup for at least 2R.
You’ve come VERY close to the full 4R 🙂 🙂
The textbook one from late yesterday offered this potential, this is why I’ve said for ages these are worth mastering.
Not easy but when I see you take both sell then buy trades and the textbook Buy REVFIB features of a low probability M1 Sell MAB followed by the M5 Sell MAB it does me good!!
On that note, when it’s a Sell REVFIB the M1 Buy MAB seems to be higher probability?? Need to study those more as they behave a bit differently to the Buy REVFIBs.