daxtrader

Mon 9th 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.

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19:02

Today’s Video

 

12:26

Another loser BUT also a decent winner of +3.62R

I took a third losing sell trade which was FOMO for sure then took a fourth and moved my target down to just above the M5 KeyZone as it was a reasonable target for the bears if the were able to push price down.

I walked away and came back 30 minutes later to see it came in 🙂

I’m pleased the traders equation means I’m +0.65R in profit for the day but NOT pleased with my trading!

My read that price was probably going to move back down into the range was correct BUT FOMO kicked in!

11:48

Two sell losers back into range!

When price looked like it was going to move back down into the range I took a sell trade. However, I didn’t have point A taken from the High, if so I’d have a better entry and possibly a 2R winner?

I took a second sell which had good structure and role-reversal but didn’t work out.

Buy trades are the better option as price has been in an uptrend for the last few days.

10:14

GZ M1 Buy MAB – Again!

After price moved down to test the Open and the bottom of a KeyZone from the Higher TF@12188 I passed on the sell@PW/Yes High when price moved back up.

The reason for this is that trades in the lower/upper third of a range tend to be lower probability as price is moving back up or down into the range.

However, I was ready to take the M1 MAB buy setup but wanted price to test PW/Yes High only on this occasion the M1 MAB was enough. Easy afterwards but entering on the MAB with the stop below the PW/Yes High was the one to take!

I was a little fussy this time.

So, no trades so far today but close to taking a good buy setup and pleased I passed on the sell as mentioned above.

Below is the M15 chart showing the range mentioned.

So far today the two M1 Buy MABs have been the only salmon I’ve spotted but missed taking 🙁

 

08:25

GZ M1 Buy MAB

A late start this morning, at 8:11 a decent M1 Buy MAB formed after the 8am A-B leg. It gave a perfect move back up to point B.

Fri 6th 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.

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11:17

Today’s Video

 

11:08

Losing Sell Trade – Large Gap!, -1.90R

I took the first decent setup I liked, it was a sell trade and I captured it on video. It resulted in a loser of -1.90R due to the largest gap I’ve experienced, however, I’d take the trade again, it ticked all the boxes – imho – but just didn’t work out on this occasion.

NFP soon so I’m done for the day.

07:16

M15 MAB – Early Breakfast on NFP Friday

I’d not marked this up prior to the 7am open but afterwards it was clear – as always 🙂 – that this was an M15 Sell MAB that was fast moving but structurally etc. it was a decent – but fast moving – trade!

Below is the 5 minute chart showing the same setup, note the Role-Reversal that supported the setup.

The move back up is a reminder of how important it is to get and out of these setups and not be greedy.

Thu 5th 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.

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12:33

Today’s Video

 

 

10:41

Missed this M5 Sell MAB

It all looks a bit noisy but I’ve marked up a great M5 Sell MAB after a bear spike price down into the KeyZone/Range. I came back to my desk to see this sell setup but was just too late to take it 🙁

However, it had the following:

  • Great structure.
  • Great Context.
  • A perfect Measured Move.
  • Perfect Outer-Inner FIBCON structure.

It was an ideal setup to use a custom Sell Limit Order that filters price spikes at Price Action Grid intersections where the energy can be very high.

 

09:35

GZ M1 Buy Micro-MAB Winner, +2.02R

I’m really pleased with this one for the following reasons. 

I anticipated it  the buy setup after price has found support at the bottom of a Higher TF KeyZone (12088) – see M15 chart below. It took about 45 minutes to find support before the price action indicated that the bulls would try and move price back up into the zone.

I was anticipating a Reversal FIBCON which did form but was so fast as to be untradable but point C on that became point A for the buy setup.

I did consider going for more profit but decided to take the 2R and build my bank after a few losers yesterday.

I’m finding the focus purely on horizontal structure very helpful and when cross-referencing with the higher TF’s it’s very powerful.

Below is the M15 chart showing the bottom of the KeyZone@12090, it is also the Golden Zone from the bull move up. Yesterday I missed a similar zone and took a loser – not today 🙂

Wed 4th 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.

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16:32

M1 Sell FIBCON Loser, -1.11R

I waited for price to break below the 12013 level (Magenta line) and entered a sell trade when price retraced back up to it. It took nearly 56 mins to play out which tells me it was a major battle zone like the earlier trade.

I decided to let the trade play out as there was a perfect measured move down to Yes High and the 12013 level had decent Role-Reversal, however the bears were unable to push any lower so it didn’t work out.

I’d take the trade again!

 

 

13:06

M1 – noisy – Reversal Buy Setup

This shows the reversal setup that was in play, it was a noisy one but it shows clearly what price was trying to do after testing the 61.8 level from the earlier bull move up, see M15 chart below.

The trade was decent apart from context.

12:39

M1 Sell FIBCON Loser, -1.18R

I took the sell FIBCON at the 12027 level but this one didn’t work out. The level was a battle zone as the trade lasted nearly 40 minutes until the bulls eventually pushed price higher.

I think I’d have passed on the trade had I cross-referenced it with the M15 chart as shown below.

See the up arrow, I sold into the Golden Zone produced by the earlier bull move up off Yes high/PW High + 11987, I forgot to factor in the Higher TF context 🙁

11:04

Missed M1 Sell Micro-MAB!

I had to leave my desk and came back to see that price had broken below the bottom of the range to produce a decent M1 Sell Micro-MAB.

 I think I’d have taken this one, the Role-Reversal was excellent!

10:38

Two M5 MAB’s so far…

Back trading today after a week away…

At 7am price broke above the D1 EQZ@11987 and has remained short-term bullish and is currently in a range.

The only decent setups have been the two M5 MAB’s as shown. I passed on the first one just after 8am as it looked very bearish in real-time.

The second one was less bearish in real-time but I talked myself out of it 🙁

Both would have worked out and were were with the trend.

Fri 23rd Aug

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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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10:17

M1 Sell Micro-MAB losers, -1.27R – gapped

This was an aggressive trade trying to catch a bear move bakc down the range. Decent structure but not great context!

10:12

Example Custom Sell Limit that worked well 🙂

This is a good example of the custom Sell Limit order that only triggers if price has pushed through by a specific amount and then reverses.

The idea is to filter spikes at levels of high energy often seen on the DAX.

Thu 22nd Aug

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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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10:35

Early Sell winner, +2.02R

I missed the sell at the PW High and came back to my desk to see it would have been a great freaking trade!!!

When price broke below the Open I entered (a wee bit of FOMO in play) a sell to catch the move back down into the range. I decided it track price down but ended up getting stopped out for the 2R after price briefly reached +6R before retracing. 

I’d marked up the wrong GZ and should have kept my stop above the structure marked up. I’ve learned alot this morning, some decent price action.

 

 

10:32

8am Spike and an M5 Sell MAB

At 8am price spike around and made trading a decent M5 Sell MAB tricky, that’s why we avoid being in a trade at this time.

10:28

Very Early Breakfast!

At 7am price immediately moved up to test the 11722 level which was also an M15 MAB, 2R in a few seconds!!

These are very rare, haven’t seen one of these for a long long time but it was perfect if you’d been sat ready having anticipated this at the 7am open.

Wed 21st Aug

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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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11:22

M5 Sell MAB Loser,-0.98R

I took the M5 Buy MAB at the retrace to 11772 with my stop well below Yes High.

Price spiked down at the level showing how much pressure had built up. This was a case for using the ‘Custom Buy Limit’ order that switched from a buy limit to a buy stop and helps to protect against price spiking through the level only to reverse.

If the High is the top of the range which it could well be then this buy trade comes into the category of low probability as it’s in the top third of the range as price comes back down into it.

 

 

10:22

Passed on M1 Buy FIBCON

After waiting for a buy setup I talked myself out of the first decent pullback that had structure due to the M5 Buy MAB not far below.

Price has since gone on to the TOR above Yes High.

 

Tue 20th Aug

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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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20:38

Sell FIBCON Winner using Sell Limit order

This has to be my favorite trade for a while 🙂 It reflects the shift I feel within myself as I’ve progressed on the trading journey. 

Pure Price Action is concerned only with structure in the form of support and resistance, that’s it!

I used a sell limit in case I had to leave my desk after anticipating this one well in advance. It spiked up through the zone then triggered it on the way down. 

Below are screenshots of the setup:

1) The setup.

2) Limit Order Triggered.

20:31

More On The Double Sell Multiple ‘R’ Golden Zone

A more detailed screenshot of the setup.

Below is the M15 chart showing what it looked like, it was formed on a retest of the top of a keyzone.

15:26

Double Sell Multiple ‘R’ Golden Zone

After the earlier winner I left my desk and missed out on two potential sell trades that were ‘must take’ trades. Also, a very specific pattern formed that I’ve seen a number of times and have documented.

I call it the “Double Sell Multiple ‘R’ Golden Zone”!

It consists of an Outer and Inner FIBCON and offers two sell entries at the Golden Zone – Point C.

I’ve shown this with the two down arrows (trade entries), the second arrow was the result of the Inner-FIBCON sending price back up into the Golden Zone.

The second sell entry often results in multiple R as the bears sell it aggressively. This was a great example.

The idea is that the point C on the Inner FIBCON is where to take profit for the first sell, ideally 2R (a bit tight on this example). Then on the second sell move the target for multiple R accordingly based on structure etc.

This is a pattern worth specializing in, as always we don’t know when they’ll appear but when they do 4+ R is possible.

 

 

 

14:17

M1 Sell MAB Winner, +2.08R

I waited for price to break clearly below the BOR, also the D1 EQZ@11694 and was rewarded with an M1 Sell Micro-MAB 🙂

I had to sweat it out as it took a while to clear my target which of course then went lower but that’s OK. I resisted micro-managing the trade and closing out early etc.

10:04

BOR Reversal Buy FIBCON

I missed this one but it was a classic Reversal FIBCON off the bottom of the range at 11700, these reversal setups are much more common at the bottom than at the top.

09:57

Range Day So Far….

Price has been in a range so far between 11700 and Yes High. An M1 Buy MAB was on offer but I passed due to it being close to the top but it was a winner as price had not yet tested Yes High.

Price eventually punched through Yes High then fell back into the range offering no decent chances to enter a sell trade based on our edge.

When it’s clearly a range and price is at the top then sometimes it’s OK to sell at the top with a view to getting multiple R on the way back down?

Mon 19th Aug

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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:

13:11

GZ M1 Buy Micro-MAB

I’ve marked up an great M1 Buy Micro-MAB that took place whilst I was away from my desk. Thank you Joel for drawing attention to this in your post.

This was a Salmon despite it being a Micro-MAB, if I’d have seen this in real-time I like to think I’d have taken it.

12:46

Bulls have taken over for now.

I’ve just come back to my desk to see that the bulls managed to take control and drive price back up above the 11694 level.

12:42

More Minnows than Salmon?

The retrace backup to the D1 EQZ@11694 was decent but I wanted more of a test of the level so missed out on that one.

The M1 Micro-MAB that followed was more of a minnow but had good structure.