daxtrader

Wed 23rd 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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11:44

Today’s Video

 

09:57

M1 Buy MAB Loser, -0.31R

After price made a new session high I reasoned it might want to test Yes High@12793 so I took the M1 Buy MAB. It initially looked good but when price failed to move above the top of the KeyZone I closed out.

 

 

09:38

GZ M1 Sell FIBCON Loser, -1.00R

I took a sell Micro-FIBCON after price reversed down from an area of RESCON (D1&H1 mid-lines). It had decent structure and context if price was going to struggle to go any higher but this one didn’t work out.

Point B was not the most convincing LL but overall I followed my process and limited my loss to 1R, on another day this could have been a great place to ride the reversal back down.

08:24

GZ M1 Buy MAB Setup

I missed the early M1 Buy MAB due to wanting the perfect entry at the Open and 12700 level 🙁

The 50% level was also confluent with the top of the KeyZone and that’s where price reversed. 

 

Tue 22nd 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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13:14

M5 Sell FIBCON Setup

I had to switch to doing some software updates but have just taken a look at the charts to see a decent M5 Sell FIBCON that formed around 12:45pm.

Price failed to hold above Yes High and if point A is taken from Yes High we get a near perfect Golden Zone that was the trade entry at 12775, this was also supported by the M15 chart.

As always this is SO easy to see after the event but it had good structure and context so I like to think I’d have considered it in real-time.

09:45

M5 Sell MAB Setup

I had to leave my desk for a while and came back to see that an M5 Sell MAB formed at the Open. Once again the M15 chart supported the trade and with good timing and use of the Trade Tool a 2R was possible before price reversed back up off the bottom of the KeyZone which was also a reversal Golden Zone (Inner FIBCON).

09:17

M1 Sell MAB Setup

After taking most of last week off due to a bug I picked up whilst away I’m back at my desk this morning. Due to the current  uptrend I’m favoring buy trades which meant I talked myself out of what turned out to be a great M1 MAB sell trade.

I was SO close to taking the trade as the M15 chart supported the setup then before I knew it price sold-off leaving me wishing I’d not been so fussy and indecisive.

Below is the M15 chart that supported the sell setup….

Thu 17th 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:

Wed 16th 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:

08:21

M1 Buy Micro-FIBCON Loser, -0.32R

First day back after nearly two weeks away. I took the buy Micro-FIBCON just after the 8am London open. Fine margins meant I didn’t get the entry level I wanted so my target was above point B. It started off well but when price reached point B it spiked down strongly so I closed out for a small loser.

It was a decent buy setup and I’d take it again. It was with trend and had good structure and context. Next time I’d look to get an entry so that my 2R target was at point B.

Tue 8th 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:

13:24

Today’s Video

 

10:48

M5 Sell MAB Setup

I took a look later on to see the M5 MAB had formed and again this was decent due to the confluence at point C:

  • 61.8 level@12068
  • M5 EMA
  • Bottom of KeyZone
  • Great Role-Reversal – Look-Left.

There was an Inner-FIBCON Golden Zone that was active sending price back up briefly for another M5 MAB at the 50.0% level@12060 before price sold off strongly.

This was actually a “Double Sell Golden Zone Multiple ‘R’ Setup” 

 

10:38

M1 Sell MAB Setup

I’m on the road this week staying with family so I’m not trading though I’m keeping an eye in things and marking up any setups I see that conform to our trading edge.

This sell M1 MAB after the 8am open was decent with the entry level being supported by a micro-KeyZone on the M5 chart. It turned out to be a great opportunity to land 2R or more.

Fri 4th 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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14:39

Today’s Video

 

 

11:54

Double Sell Golden Zone Multiple ‘R’ Setup

Another example of the “Double Sell Golden Zone Multiple ‘R’ Setup” pattern that I did a video on a few days ago. This had great structure!

Do watch the video for a full description of this pattern to see how pure price action patterns repeat themselves. Anticipating these in real-time is a skill that is SO worth mastering… 

11:34

M5 Sell MAB Setup

A decent M5 Sell MAB with Grid structure forming the A-B-C of the setup.

08:12

Beware the 8am Open!

This sell setup is a great example of why we must be very careful at the 8am open due to the energy that’s injected as the bulls and bears battle it out until things calm down and a clear direction is established.

After price moved down below the Open, I marked up the possible sell setup which had good structure where the 61.8 level was perfectly confluent with the earlier trades point B.

However I passed due to the context and experience from seeing how much price can spike around following the 8am open and when I looked the M15 chart – see below – the Low was moving back up quickly off a KeyZone.

07:34

M1 Sell FIBCON Winner, +1.93R

This sell FIBCON was a great example of trusting structure and using both the M1 and M5 charts to support taking the trade.

After the 7am open price moved down below the Open to produce a Lower-Low, I marked up the A-B-C as shown below and cross-referenced the entry point with a micro KeyZone I’d marked up on the M5 chart, see below.

I reasoned if price came up to the 61.8 level I’d take the trade as it passed all my rules, it was a “must take” trade imho!

To sell after a strong bull candle is not easy in real-time but this is where we either trust structure or we don’t. This worked out to be nice early breakfast on NFP 🙂

Below is the setup marked up in advance on the M1 chart.

Below is the M5 chart with the micro KeyZone, trade entry is shown by the arrow. Look-Left to see the wicks that supported the trade.

Below shows the juicy salmon about to be landed 🙂

06:53

Great Micro Buy Setups Early Evening

I didn’t trade yesterday but in the evening I took a look at the charts to notice the following micro structure on the M1 chart. If you’re sat watching this the bull candles might tempt to to consider taking a buy trade. 

I’ve positioned the Trade Tool accordingly and if you reasoned price is heading up to test the High then these two were decent setups, pure price action structure.

Wed 2nd 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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10:41

Today’s Video

 

09:14

Passed on M1 Sell MAB Winner 🙁

After the very strong sell-off at 8am I waited for a sell setup but price kept on going down until it reached a zone of SUPCON at the PW Low and the D1 Mid-line@12135. Last week this provided the floor before price moved back up strongly on the 25th Sep.

I marked up a possible M1 MAB as shown above but talked myself out of it due to the context. It would have been a winner, see below.

This is the challenge in real-time, and recently my bias towards reasons why not to take trades has resulted in me passing on winners, am I being TOO fussy?

I’m reminded of the phrase “Loss of opportunity is preferable to loss of capital”.

07:24

Early Sell M1 FIBCON Setup

I did have this early sell setup marked up before 7am but the 7am candle was too fast and not really a good trade to try and take due to the power of the energy injected at the open.

However, at 07:03 another chance to enter was offered but I’d left my desk for a few minutes and missed it, I’m not sure I’d have taken it but it did confirm the Golden Zone was accurately marked up. Also the spread at 1.5 pips would have been almost the height of the GZ so not great value at that point in the session.

Tue 1st 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:

17:37

Today’s Video

 

14:24

Two Sell Setups

I’ve not been able to trade today but did take a look earlier this morning before going out and then at lunchtime.

This is retrospective analysis that is always easy, trading in real-time is the real skill!

The screenshot above shows an M1 sell MAB after price moved up strongly following the 8am London open. It had good structure and context following a brief M1 buy MAB when price began to reverse. 

I’ve also marked up a low probability M1 sell MAB when price moved back above the D1 Mid-line@12430.

When I returned at lunchtime I spotted an M5 sell MAB that formed at 11:20am when price reversed up off the session low. What made this one worth taking was the MAB was confluent with the top of the KeyZone and the Role-Reversal (look-left).

Easy afterwards of course but in real-time I would have certainly considered this one.

Mon 30th Sep

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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:

10:03

Today’s Video

 

08:46

Measured Move from Friday

I didn’t trade Friday but just before heading out around 09:20 I took a quick look at the charts to see the screenshot above. After 8am price moved up to test – guess what – the 12350 level then moved back down.

Note how price interacted with Grid structure to produce a perfect measured move.

08:35

Choppy Price Action

At 8am price moved down to the key level at 12350, at 08:16 an M1 Sell MAB formed which I passed on due to the context as price had found support at the 12350 level.

I marked up the Buy FIBCON that followed which was decent but passed again and it was another good call as the spike back down to 12350 would have resulted in a quick loser.

It’s currently choppy, lacking direction and tough to read so unless a very clear move forms such as a break below 12350 I’ll stand aside today as I have to finish at 10:00 to attend meetings this afternoon.

This is “Being The Bear” and some days there’s just no decent fish swimming by, at best minnows but they’re tough to catch!