daxtrader

Thu 7th Nov

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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.

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12:43

Today’s Video

 

10:36

GZ M5 Buy MAB Winner, +2.14R

This trade worked out and is a great example of the fine margins we deal with. The price action just before 8am was key in the decision to take the trade.

The buy limit triggered and just like yesterday my stop was almost hit before price began to move up. 

Price moved up strongly after 7am suggesting the bullish mood will continue, I was therefore looking for buy setups after 8am.

I considered two places to take point A from, the start of the bull spike at around 13190 or Yes High. Just before 8am price tested the 61.8 level (point A at Yes High) at 13236 so when the M5 MA was going to be confluent with the level on a retest I setup a custom M5 Buy Limit as shown above.

Wed 6th Nov

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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.

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10:57

Today’s Video

 

09:57

Move back down into range

I was ready to sell after price failed to hold the session high but did not get the retrace I was after. 

However, Grid structure (Yes High + D1 EQZ@13167) was the – aggressive – entry point and if you’d intended to ride the move back down the range it would have been a cracker of a ride all the way down to Yes Low.

I considered the M1 MAB above the Open but it was the middle of the range and I was after a retrace to about the 13155 level, bottom the the KZ above.

08:18

GZ M5 Buy MAB Winner, +1.48R

I took the M5 Buy MAB just after 8am, once again it would have been a 2R winner had I not closed out when price was  struggling to get above the top of the KZ.

The confluence in play was :

  • The Open
  • 61.8 level
  • Bottom of KZ
  • M5 MA
  • RR

Price came back down and then went on to hit my target but I’m pleased with a +1.48R early winner as I have to stop trading around 10:30 this morning.

Price is still in the range after Monday’s bull move up to the D1 EQZ@13167 and I’m favoring buy trades which is why I took this one.

However, note how close I was to being stopped out, it could not have been closer and I didn’t move my stop!

Tue 5th Nov

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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.

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13:53

 Today’s Video

 

10:23

 Range

This screenshot of the M15 chart shows the current range price in after yesterdays bull move up to the D1 EQZ@13167

09:57

M5 Buy Winner, +1.41R

Best trade for me so far today!

I’d marked this one up well in advance and whilst it was in the top 3rd of the current range I really liked the setup. Point A was clear  at the bottom of the KZ and the GZ was confluent with the M5 MA and decent RR.

When price was struggling I closed out as on range days it can move back down very quickly. However, 2 minutes later the 2R would have come in. That’s two trades that would have both been 2R winners had I not trailed my stop or closed out early.

Overall, very happy with this setup and execution 🙂

09:11

M1 Buy Winner, +0.36

This shows the correct point A and therefore the GZ. Taking the M1 Buy MAB was not the FIBCON setup.

I entered a buy trade and managed to get the same 2R target but was stopped out after trailing my stop for a small winner.

Price has since gone on to hit the 2R target 🙁

NOTE: As per the trading plan, when there are two possible entries take the second – higher value – one!

09:08

M1 Buy MAB Loser, -0.98

I was favoring buy trades so when price began to move up into the range I took the M1 Buy MAB. It has decent confluence but at the top of the KZ but point A turned out to be at the Double-Bottom. See next post.

 

08:41

Low Prob M5 Sell MAB@BOR

For the same reason I passed on the M5 Sell MAB, this one would not have worked out.

08:24

Low Prob M1 Sell MAB@BOR

I passed on this M1 Sell MAB as price was finding support at the BOR. It was also a sell trade which is C.T. in the bullish environment

This one would have worked out.

Mon 4th Nov

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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.

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18:14

Today’s Video

 

10:16

M1 Buy Micro-MAB

I’ve just come back to my desk to see that price has continued on up and offered an M1 Buy Micro-MAB at the to of the updated KeyZone.

09:27

Buy FIBCON Setup With KeyZones

This screenshot has the updated KeyZones and had they been in place I might well have taken the trade?

09:11

Buy FIBCON Setup

Price is very bullish at present so I was looking to enter a buy trade but ended up missing this one due to being too fussy. I would have preferred some clear RR structure and could not decide on the best point A.

After the event it’s clear where point A was best taken from however, I ended up over-thinking this one and missed taking it.

Thu 31st Oct

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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.

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16:39

Today’s Video

 

 

15:16

Sell Setup.

I decided to stop for the day but later on did spot a sell setup that had good structure at the D1 EQZ@12873

15:02

M1 Buy MAB Small Loser, -0.16R

After taking a break I came back to see that price had moved back above the key level of 12900, I anticipated a buy setup and took the trade at the level.

I really liked the setup, however I should have let price come into the GZ but this week I’ve been too fussy at times and missed out on a few winners so ended up with my 2R target being well above point B.

This was one where I should have walked away and let it play out as I closed out for a small loser when price retraced to the 12900 level after going into profit. I was still affected emotionally by the earlier losers and did not want 4 in a row but instead I ended up missing out on a 2R winner as 2 minutes later it would have come in.

This is why trading is such a challenge and we want to be honest about that!!

The setup was the best of the ones I took yet I failed to TRUST Great Structure…..

14:52

M5 Sell MAB FOMO Loser, -1.10R

This next trade was not in the plan, I broke my rules and allowed FOMO to take control 🙁

When I was stopped out and price came back down to the 12847 level FOMO kicked in, the result was another loser.

Time to leave my desk as I felt my emotional state shifting from controlled and disciplined to reactive!

14:43

M5 Sell MAB Loser, -1.36R

I then took the M5 sell MAB which was also decent but the low was in and price was coming back up.

I did not move my stop but the gap took me out for -1.36R 🙁

The 12847 level was the top of an H4 KeyZone and supported the sell setup but not this time, price was coming back up.

14:30

M1 Sell MAB Loser, -1.28R

Three straight losers follow 🙁

After missing the earlier sell setup I took the M1 MAB after the retrace from the session Low at the H1 EQZ@12793, it was decent and included Yes Low with good Role-Reversal. I did move my stop a small amount so it was protected by structure as I felt it was justified.

However, it did not work out but overall the only thing going against it was price was coming up off the low after a strong sell-off.

09:42

Huge Sell Off – Sell Setup

At 9:04 a huge sell-off took place which eventually reached Yes High and offered a possible M1 Sell MAB setup. I was ready to enter but price did not come up into the GZ and meet the MA.

I wanted the best entry to get 2R at Yes Low but missed out on this one. It was a decent setup but I wanted it to be perfect 🙁

08:31

Very Choppy So Far

I was considering the buy setup on a retrace to the Open but it didn’t pull back far enough for me before it moved on back up.

For me that was the only decent setup, since then it’s been a bit wild so I passed on the M1 MAB that followed when price came back down off Yes High. That proved a good call.

We need to let things settle down, it’s all a bit choppy!

Wed 30th Oct

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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:

19:02

Today’s Video

 

16:38

M5 Buy MAB Setup

I’ve not been able to trade this afternoon but had I then this M5 Buy MAB would have been considered where point A was taken from the D1 EQZ@12873, another great example of the Price Action Grid.

16:24

Sell Setup after bear spike

I was on a call between 1-2pm and came back to see that price spiked down after the US Open. It briefly closed below the D1 EQZ@12873 before moving back up.

The M1 Micro-MAB was tough to trade but the retrace to the 12873 level was followed by a spike down before the move back up.

11:38

GZ H1 Sell MAB winner, +0.46R

I marked up the Daily Golden Zone and anticipated an H1 sell MAB in the middle of the GZ. It was also confluent with the H1 EQZ@12920 and the bottom of the KeyZone.

I closed out when price found support at the 12914 level, this proved a good call as price was slowly coming back up through the current range.

09:09

GZ M1 Sell Micro-MAB winner, +0.48R

I really liked the M1 Sell MAB, the 12906 level was excellent RoleRev on the M15/M30 charts. I used the Trade Tool and got the perfect entry.

I moved my stop when +1R was reached but was stopped out by 0.4 of a pip only to see it go on and be a 2R winner 🙁

A great example of fine margins, it failed to close out for 2R due to the spread then reversed up to take me out by 0.4 of a pip only for it to then move back down and be a winner! 

This was a must take trade, I liked everything about it. Maybe next time I won’t be so generous with my stop as the entry level was very precise.

08:39

GZ M1 Buy Micro-MAB small winner, +0.13R

I took the M1 Buy Micro-MAB just after 8am, it started well so I moved my stop to just below the Open once it had gone +1R in profit. I was then immediately stopped out due to the bear candle!

The trade was a ‘must take’ and I’m pleased with my trade management.

Tue 29th Oct

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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:

17:19

Today’s Video

 

15:36

M15 Sell FIBCON B.E., +0.05R

After getting a great entry on the M15 sell FIBCON I allowed my emotions to affect me due to the 3 losers earlier. I closed out as soon as price moved back up to my entry instead of letting it play out.

I know why!

I did not want to have 4 losers on the trot and robbed myself of a 2R winner.

This is a classic issue for traders, next time remind myself that the outcome of each trade is statistically independant of all those before and after – easier said than done!

Below is the M15 chart setup, the role-reversal is excellent!

14:43

M1 Sell MAB Loser, -1.11R

I took another sell M1 MAB but did not pick the correct point A as shown by the screenshot below.

Either way it would have been tough to get 2R out of it.

13:48

M1 Buy Limit FIBCON Loser, -1.06R

I decided to use a Buy Limit order to enter on the retrace when price made a HH. This is a custom order to filter spikes so whilst price has come into the orders zone it has not yet triggered.

The zone then triggered when price moved back up as the order is now functioning as a buy stop. I liked the Role-Reversal structure and that it was a buy trade this time but it didn’t work out.

10:12

M1 Sell FIBCON Loser, -1.05R

Whilst it was a C.T trade I took the sell setup at the PW High. It was also confluent with the H1 EQZ@12290 and the 61.8 level.

The M5 Sell MAB at the top of the KeyZone proved to be the best sell setup out of the two.

Mon 28th Oct

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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:

12:24

Today’s Video

10:11

C2 Sell Entry Loser, -0.99R

I tweaked point A to produce a lower GZ and when price moved back up it was looking like a “Double Sell Golden Zone Multiple ‘R’ Setup” so I entered as shown. 

It did not work put but from a setup POV it ticked enough boxes for me as it was a value entry and we only need to be right 50% of the time. The only negative was it was sell trade in a bull higher time frame trend.

The M1 Buy Micro-MAB that followed I did not see in real-time but it was decent structure and was with the bull trend!

09:56

Too Fussy!

I wanted price to reach further into the GZ  but it proved too fussy as the H1 EQZ@12920 and the PW High were enough to send price back down.

 

09:12

M1 Buy MAB Setup

The 8am open was very choppy until price eventually broke above the PW High. When price retraced to form an M1 Buy MAB I passed due to the price action, it had that feel of an exhaustive bull spike, this proved a good call. 

Fri 25th Oct

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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:

12:49

Today’s Video

 

11:39

M15+H1 Sell MAB Winner, +0.27R

After the M1 MAB loser I marked up the M15+H1 sell MAB setup where the 61.8 level was confluent with the Open and the key level at 12847.

My entry this time was perfect using the Trade Tool and it immediately went into profit but failed to get below the top of the lower KeyZone so I closed out for a small winner.

10:52

M1 Sell MAB Loser, +1.02R

When price broke below the BOR I took an aggressive M1 Sell MAB that didn’t work out.

I did not get a good entry which meant my 2R was just above the PW High however, it didn’t work out. 

Note To Self: Wait for a clear breakout of the range, pass on this type of micro sell structure.

09:56

M5+M15 Sell MAB Winner, +1.11R

I took the M5+M15 Sell MAB and looked to get more than 2R out of it if price moved down to test the PW High. I trailed my stop and was closed out for a +1.11R winner.

It proved to be the BOR so taking the 2R would have been the smart option however, I’m pleased with the setup as I got a great entry and the GZ was clearly where the battle took place after the LL@12837.

I was too aggressive going for more than the 2R as shown by the M15 chart which shows the BOR range structure.