daxtrader

Fri 16th 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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10:54

GZ M1 Sell FIBCON Loser, -1.00R

After the break back below the H1 EQZ@11516 I took the sell on the retrace back to the level. I was trading the move back down into the range but this one didn’t work out.

 

Thu 15th 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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12:45

M5 Sell MAB Loser, -1.18R 

I then took the M5 Sell MAB but it didn’t work out. The PW Low and the M5 MAB were confluent with the GZ but this one didn’t work out.

Coming up off the session low was maybe a reason to pass on it but that’s the only reason I might have talked myself out of it.

12:37

M1 Sell MAB Winner, +1.28R 

The sell salmon swam by so I took but should have got at least 2R if not more. A decent setup once price broke below the D1 EQZ@11398, price continued on down to the H1 EQZ@11261 so it was a tasty one but at least I caught it and took a good bite!

10:42

Possible Sell Setup?

If price breaks below Yes Low and targets the PW Low maybe we’ll see a sell salmon 🙂

10:36

Bottom Of Range Aggressive Buy?

The bears finally reasserted themselves and targeted Yes Low+Open. It was an aggressive buy for range traders.

The PW low is now in sight, maybe a sell setup will form?

09:16

GZ M1 Sell MB Loser, -0.65R

Since the open price has been ranging, this is expected after yesterdays HUGE sell off as the market digests the move.

Things did settle down a bit and I took the M1 MAB sell setup as the Role-Reversal was good, best seen on the M5 chart. However, the context of a ranging market meant it was probably more a minnow than a salmon – easy afterwards – but I like it enough to take it.

I’m pleased that I didn’t chase price afterwards, been there – done that!

 

Wed 14th 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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15:43

GZ M5 Sell MAB

I’ve just taken alook at the afernoons action so far to see a decent M5 Sell MAB at Yes Low., just below the D1 EQZ-Midline@11545

This was with trend and offered the only Salmon I can see since price sold off down to current Lows. After such a strong sell off price can often bounce/retrace quite strongly so any setup must be high quality and this one certainly was. 

Had I been trading I’d have taken this as it’s supported by the higher TF context on M15/M30 charts.

12:16

Todays Video

 

10:36

GZ M1 Sell MAB Winner, +2.43R

After missing the earlier sell setup at 11740 I took the M1 MAB sell that followed once price had broken through the D1 EQZ@11693 for a+2.43R winner.

It ticked all the boxes to qualify as a salmon 🙂

Price has since moved on down but pleased with a winner plus I captured most of it on video.

Below is the screenshot of the anticipated sell setup that I missed out on due to being too fussy and seeing if the M15 MAB was going to take place. I’m pleased with my read and pleased that I didn’t chase price etc. after missing the entry.

Tue 13th 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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11:46

Todays Video

 

 

 

10:42

M1 Sell Micro-FIBCON Winner, +2.69R

As mentioned earlier, price need to break clearly below Yes Low to offer a sell setup, at 10:11 it did this so I watched very closely.

I was initially looking for a pullback to Yes Low once a LL was formed but price kept going on down after the first LL at 11956, I then cross referenced with the higher TF chart where I had a KeyZone marked up from several days ago. 

This provided guidance to a valid level for the Micro-FIBCON 61.8 level at 11595 (top of the zone), see below. It also gave me guidance as to where to move the target (bottom of the zone) for a little more profit!

Another great example of “Being The Bear” and patiently waiting for a Juicy Salmon to come along 🙂

Below is the H1 chart showing the KeyZone mentioned , look-left to the 5-7th August to see why this zone provided key guidance for the sell setup.

Another great example of using all timeframes to trade!

09:36

M1 Buy Micro-FIBCON

Price has been in a range so far this morning so only minnows have been sighted 🙂

The Micro-FIBCON above is an example of this and was probably the best setup so far. Price needs to break cleanly below Yes Low for a sell setup, the Price Action is making it a tough morning so far!

Mon 12th 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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14:55

Today’s Video

Today’s video below. I had to switch to other projects after the sell trade closed out but there’s been a few decent A-B-C sell setups since.

Somehow the video was shot in the wrong resolution but it’s watchable.

 

09:39

GZ M1 Sell FIBCON Winner, +2.09R

At the London open price moved up strongly to the top of the current range it’s in, see screenshot below. I was close to taking an M1 MAB buy but it didn’t pullback to the MA so I passed.

I was looking for a sell on the way back down to the H1 EQZ@11772 but no setup formed. When price broke firmly through this level I took the Micro-FIBCON Sell where the GZ was confluent with the Open@11750, my stop was generous so my target was right on the session Low.

It took a while but got there in the end, the Low is often a target for the bears in this context so it worked out 🙂

Below is a screenshot from the M15 chart showing the current range between the D1 EQZ@11693 and the D1 EQZ-Midline@11840, if price had reached Yes High I might have considered a sell at the level based on what happened on Friday – Look Left!

Fri 9th 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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14:23

Reversal Buy FIBCON

After price broke down through the H1 EQZ@11772 it went on the test the D1 EQZ@11693 to produce a second really good reversal M1 Buy Micro-FIBCON. The comments about the earlier one apply to this one, Great:

  • Structure
  • Confluence, Role-Reversal
  • Context

14:07

M1 Sell MAB

After coming all the way back down price broke below the bottom of the range@11772 to form a decent M1 Sell Micro-MAB that I might have taken had I been watching at the time. 

Point B was barely a LL but the bears had taken control so the context was reasonable.

14:02

No trades taken, ranging market.

No trades taken this morning, however I was very close to taking the reversal buy FIBCON that formed when price tested the H1 EQZ@11772 and found support.

It had decent context as it was bottom of a range at the time plus it also had great structure and great role-reversal. Whilst I was debating entering the trade the massive bull spike beat me to it 🙁

Yes High was the top of the range and that’s what the bulls targeted.

Thu 8th 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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09:38

M5 Sell MAB small winner, +0.21R

I waited patiently for this M5 Sell MAB after the 8am sell off.

Point C was at Yes High so I placed my stop above the 61.8 level and it came close to taking me out got away with it. When price wetn down to +1.50R I moved my stop but it was too close to Yes High and look what happened!

I just got stopped out before price sold off, I’d also moved my target to just above the D1 EQZ@11693 so it would have been at least a 3.5oR trade.

The lesson is TRUST Grid structure and use it to protect stops by allowing room!

 

Tue 6th 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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13:12

Two trades, one loser, one BE

Price went into a range after yesterday’s (no trades taken) sell off followed by a retrace back up to the D1 EQZ@11694

I took a sell trade that didn’t work out, it was a decent setup but the context  – again – was the middle of a range. 

I then entered a second sell trade after another A-B down from the TOR, I trailed my stop and was taken out for BE.

Today is a reminder on how tough it is to trade ranges unless you’re taking setups that mean you’re Buying-Low or Selling-High.

Fri 2nd 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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10:27

GZ Sell FIBCON

I was not at my desk to see what followed the earlier sell M5 MAB but it turned out to be a decent sell FIBCON.

The retrace to the GZ was ideal along with the Role-Reversal structure.

NFP today so the market will slow down and go into a holding pattern wating for 1:30 pm.

 

10:20

GZ M5 Sell MAB

I passed on this one due to context. It had great structure and confluence. The earlier bear spike caused me to question the quality of the LL but it worked out and a great example of the power of the D1 EQZ@11987.70