daxtrader

Thu 1st 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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12:21

M1+M5 Sell MAB Loser, -0.23R

When price came down of the highs I took the sell M1+M5 MAB, once again this setup had great structure and confluence BUT the context was it was coming up off the bottom of a short-term range.

I should have locked in 1R instead of trailing my stop. However, on another day it might have broken through the BOR for multiple R.

11:48

M1 Buy MAB Winner, +1.90R

After the bull spike I waited for the M1 Buy MAB which took a while but eventually resulted in a +1.90R winner 🙂

Point A was taken from the earlier session high, it was perfect confluence with the M1 MA as can be seen.

11:09

Sell FIBCON Loser, -1.20R

I took the sell M5 MAB but it didn’t work out. It had good structure and confluence BUT poor context!

Price was coming up off the D1 EQZ Midline@12135.7 which was the bottom of a range.

10:46

Sell FIBCON Winner, +3.47R

Whne price came down off the session High I marked up a KZ and took the sell.

On this occasion it poked up through but I allowed myself to move the stop to just above protective micro structure. It proved a good call as I would have been taken out!

Even though it increased my risk it was one of those tweaks to the stop that structure justified.

 

08:47

Just missed M1 Buy MAB

Price went on to form a Micro-Buy M1 MAB that I was wanting to be perfect but not this time. The M1 MA produced the MAB above the Golden Zone so missed taking taking this one.

It would have been a 2R winner.

08:39

Sell Loser

The sell FIBCON after the 8am open did not work out. Decent structure and context, would probably take it again.

Note the M5 Sell MAB just after 7am, it was the same sell zone, another reason why I took the loser.

Wed 31st Jul

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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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16:47

Double Sell Golden zone

This price action is a great demonstration of what I’ve called a “Double Sell Golden Zone”.

The ideal way to trade these is:

  • Enter the first sell entry (point C) and take the 2R.
  • If price retraces back up to test the 61.8 level sell again ONLY this time consider moving the target based on the structure.

I’ve observed this pattern many times and plan to trade it as above BUT today I did not see this until after price action had played out.

It has the potential for 2R + 2R or more if the price action is decent. The idea is that if the second test of the GZ fails then price will fall further than it did with the first test.

This is a common pattern but tough to identify and trade in real-time, time to characterize and specialize as it’s a proftibale pattern.

16:32

Outer-Inner FIBCON

This shows a classic Outer-Inner FIBCON pattern where the GZ of the Inner-FIBCON was the best place to take profits.

16:23

Sell FIBCON winner, +0.61R

When price reversed after setting the session High a FIBCON formed. I moved my target and ended up only taking a +0.61R winner after trailing my stop.

Due to the rangy price action I should have expected the Inner FIBCON, see above.

10:09

Sell FIBCON small winner, +0.21R

This second sell was an A-B-C that is much cleare on the M1 chart. If I’d taken it on the M1 chart I’d have maybe got a better entry and profit level.

Price is in a micro-range just now after digesting yesterday’s huge sell off. I trailed my stop once it had gone over 1R in to profit.

09:45

Sell@High Loser….

I sold the first test of the session High after 8am on the M5 chart. It was also an H1 Sell MAB.

It started well then price spiked up to take me out for a 0.90R loser.

Not a bad trade, not a great trade! It was not an A-B-C setup but was based on Grid structure and I’ve seen these work out, but not on this occasion. 

Tue 30th July

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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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17:47

Todays Video

 

14:16

M5 Buy MAB

The Reversal Micro-FIBCON went on to offer a great M5 Sell MAB. If point A is taken from the PW Low the setup is perfect. I’ve just come back to my desk to see this and would have taken this as it ticks all the boxes.

Today is a great reminder of how it’s so vital to be patient during a strong move where we’d have to ‘bend’ our rules to find an entry. I was close to entering a sell earlier on but was waiting for an A-B-C that was clear etc.

‘Being The Bear’ paid off with a great 2R winner plus I almost took the CT Buy trade as mentioned earlier on.

The M5 Sell MAB just mentioned is another example…

13:23

Reversal FIBCON off D1 EQZ-Midline

This shows the multiple R that was available on my earlier sell trade. Price continued on down through the H1 EQZ, out the other side and found support at the D1 EQZ-Midline@12135.7

After such a bearish session so far I reasoned that maybe price will pause at the key Grid structure and offer a Counter-Trend buy trade.

I marked it up and was waiting for the perfect entry on the 61.8 level but was too fussy on this occasion and missed out.

Below is what happened and this was one of those CT trades that would have worked out and had great structure and context.

12:20

GZ M5 Sell MAB Winner, +2.01R

After not finding a decent entry to enter the move down I anticipated this one well in advance.

I entered just below the M5 MAB due to the Grid structure at 12283 where both the D1 and H1 EQZs were confluent. It was a great setup, the only thing I’d do differently is move the profit target as the bearish momentum was strong. I considered it but talked myself out of it…..

After not trading since late May I guess I wanted a nice clean 2R winner 🙂

Fri 5th July

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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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15:38

Post NFP GZ M5 Sell MAB

I’ve just taken a look at the charts after NFP and spotted a decent M5 Sell MAB. After breaking below the D1 EQZ@12577 price retraced for an M5 sell MAB.

It had good structure and good context, well worth taking – imho!

Thu 4th July

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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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12:19

GZ M1 Sell FIBCON

It’s been a while due to other projects taking priority but this morning at 9am I noticed a great M1 Sell FIBCON. It ticked all the boxes:

  • A clear A-B-C pattern.
  • Great Role-Reversal.

I’m unable to trade at present due to other projects that will flow into next week.

Thu 30th May

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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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10:53

M1 Buy MAB

I had to stop trading at 09:30am and had not seen any salmon up to then, just minnows.

However, I’ve just taken a look to see that the first setup that resembled a salmon took place just after 10am. It was an M1 Buy MAB and it ticked enough boxes to be classed as a salmon – imho.

Not a juicy one but it was decent. The key part was the A-B leg breaking up through a keyzone of resistance which underwent a Role-Reversal to become the Golden Zone.

Had I been trading I would have taken this for 2R up to the top of the M1 micro-channel.

Wed 29th May

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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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09:10

GZ M1 Sell MAB losers, -0.38R

The early M1 Sell MAB was decent so I took it. I closed out when price reversed back up off the H1 Bear Channel, was a good call as it continued on up.

The context was good as price had broken below the H1 EQZ@11899 and point C was on the pullback-retest.

This one did not work out but I’d take it again.

Tue 28th May

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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:

12:16

M1 Buy MAB

I passed on an M1 Buy MAB due to the context – a range.

However, everything else was OK, the A-B leg was clear and it had good Role-Reversal.

10:37

M1 Buy FIBCON, BE

I waited patiently for price to reach my entry point at the 61.8 level@12041 after passing on the M5 MAB.

It started well and I moved my stop to BE when price moved back below the H1 EQ@12027, soon after I was taken out for BE.

It had good structure with good Role-Reversal at the earlier LL, just did not work out. Price was coming up off the session low at the D1 EQZ@11987 but had moved up to offer enough value to take the sell trade.

08:57

Outer-Inner FIBCON

Just after 8am price failed to test the High and then sold off strongly to produce a sell FIBCON as shown.

I was close to selling at the 61.8 level@12084 but passed.

Note the Inner-FIBCON and how price moved back down to precisely its 61.8 level@12053

Mon 27th May

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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:

15:26

GZ M1 Sell FIBCON

I’ve not traded since this morning but I’ve just taken a look at the afternoon session and spotted a decent M1 Sell FIBCON that formed around 14:50

It’s been a range day since the early move up to set the session high but this was a good setup after price failed to hold above Yes High – again.

The A-B leg was nice and clear.

Note the excellent Role-Reversal at the 61.8 level@12078.82, it was precisely where price reversed. If you’re ‘Being The Bear’ this was worth taking.

11:01

GZ M1 Sell MAB loser, -0.98

I took the next M1 sell MAB but did not work out.

Price was range bound and was coming up off the bottom of the range.

10:52

GZ M1 Sell MAB loser, -0.39

I took the M1 Sell MAB and moved my stop once price moved back below Yes High. I probably would have been stopped out for the full 1R but should have not micro-manged it.

A good setup, decent A-B-C…