daxtrader

Mon 28th Jan

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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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13:39

Today’s Video

Today’s video below.

I’ve just noticed that price has continued to move lower offering a great M1 sell MAB that I’ll post above.

 

11:41

GZ M1 Sell FIBCON Winner, +2.00R

Really pleased with this one 🙂

After price broke back below the Open and the in play D1 EQZ Mid-line@11251.0 I marked up the ABC and decided to sell if price came back up to:

  • Yes Close
  • 61.8@11256.2
  • M5 EQZ@11257.2
  • Great Role-Reversal best seen on the M5 chart, see below.

There was about 20 minutes of chop-chop then the bull candle at 11:25 came right up to Yes Close so I sold. It felt good to see my patience rewarded by the bear candles that followed!!

I was tempted to move my target lower but decided not to, a good call.

Below is the M5 chart that had great short-term role-reversal and was a key component of the confluence.

10:24

GZ M1 Micro-Reversal Buy FIBCON

I’ll logged on around 9:45am today to see what’s been going on and spotted an interesting buy FIBCON off the session low. It had good structure and context but not easy to take in real-time?

The A-B leg was nice and clear after setting the Low and if you were in buy mode you might have taken it at the 50% level, if so a buy limit would have been the best option with the stop covering the 61.8% level.

As always, it’s easy comment like this after the event!

After the 8am open price did try to get above the D1 EQZ Mid-line@11251.0 but failed, it’s since moved back above……

Thu 24th Jan

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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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14:07

GZ M1 Sell MAB – Grade A

I’ve just come back to my desk after a few hours away to see that price had continued up to Yes High but eventually broke back below the D1 EQZ@11104.0 AND the D1 Bull Channel.

This was MUST TAKE Grade A trade, it has great structure and great context.,

It’s very similar to the live sell trade I videoed on Tuesday.

09:28

Today’s Video

A short video, how neat if most mornings befroe 10am offered a +2R winner 🙂

 

08:48

GZ M1 Buy Winner, +2.39R

This buy trade was not an ABC pattern as such but the bull spike that closed above the H1 Bear Channel got my attention after a very choppy opening.

This was very fast moving but I reasoned that the strength of the bull spike had released some energy that would play out, most probably in more upside. 

The H1 Bear Channel has been clearly in play as seen on the M5 and M15 charts so I decided to enter on a pullback to the channel. It worked out and due to a gap that this time went in my favour resulted in a +2.39R.

I’m done for the day as I have travel to Scotland later for 10 days, I will be back trading on Monday so no trading tomorrow.

Wed 23rd Jan

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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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12:02

Today’s Video

No trades today and time for me to switch to other projects.

This video shows a superb ‘must take’ H1 Sell MAB that took place yesterday afternoon at 16:35 GMT.

 

 

11:09

Grid Structure on 15 Min Chart

After testing the lows at 11006.2 (the H1 EQZ) price moved back up, the M5 MAB sent it back down to form a decent reversal FIBCON at Yes Low.

08:55

GZ M1 Reversal FIBCON

After testing the lows at 11006.2 (the H1 EQZ) price moved back up, the M5 MAB sent it back down to form a decent reversal FIBCON at Yes Low.

07:23

Daily Chart

The daily chart above shows that price moved down into the Golden Zone mentioned in yesterday’s blog and so far has found support at the 11000 level, the top of the H1 EQZ@11006.2

Overnight it moved back up to test D1 EQZ@11104.0 before moving back down to the Golden Zone, we wait to see if it finds support again?

Tue 22nd Jan

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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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12:13

Today’s Video

This shows the GZ Sell M1 Micro-MAB…. 

 

11:49

GZ M1 Sell MAB Sell Winner, +2.00R

I was just about to start the video and spotted this M1 Sell Micro-MAB setup so I ended up videoing it and it worked out 🙂

09:15

GZ M5 Buy MAB Sell Limit

After missing the earlier M5 Buy MAB I setup a Buy Limit order for the next one only for price to stop just short of it before moving back up!!

09:09

GZ M5 Buy MAB

After price reversed back down from the RESCON at 11104 etc. I talked myself out of the M5 Buy MAB as I was not sure about buying into the RESCON but the clue was the strength of the A-B impulsive leg just after 8am.

Should have taken it 🙁

07:54

GZ M5 Sell MAB pre 8am

An M5 Sell MAB formed at 7:40am but the spread was 2 pips so did not take as we want the spread to be 0.8 pips. The spread is reduced at 8am, pre December 2018 GKFX used to offer a 0.8 pip spread at 7am.

06:49

Daily Golden Zone

An interesting looking Golden Zone when point A is taken from the D1 EQZ@10808.1, when you look left to Oct/Nov 2018 the Role-Reversal zone suggests a support zone between 10985-11037….

The D1 EQZ Mid-line@10956.0 is also just below this zone.

Mon 21st Jan

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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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15:16

Video commentary

Today’s video below.

 

 

16:14

GZ M15 Sell MAB

I’ve had stuff on so have not been able to sit at my desk but have just come back to see another decent M15 sell MAB at  around 14:00, well done Joel for taking this one and getting +2.18R from it (see his post at 2:44pm below).

It had great structure, point C was confluent with:

  • D1 Bear Channel that price has been oscillating around today.
  • M5 EQZ Mid-line@11159.2
  • 61.8 level@11156.4

A great example where “Being The Bear” paid off 🙂

13:27

GZ M15 Sell MAB

I’ve just come back to my desk to see that an M15 Sell MAB formed at 12:10. The point A used is taken from the M5 MAB and the M15 chart, it produced the Golden Zone as shown.

So far the best structural ABC setups have been sells and my bias for buys meant I talked myself out of the one I posted at 10:12 below.

The Role-Reversal zone for this M15 MAB had great structure when looking left and when point A is taken as shown the the Golden Zone is perfect!,  see M15 chart below.

10:12

GZ M5 Sell FIBCON

Price has been correcting after Friday’s bull move. The FIBCON above on the M5 chart was structurally good with the Golden Zone at the D1 Bear Channel and the M5 EQZ Mid-line@11159.2

I talked myself out of it but it turned out to be a good sell setup.

08:34

GZ M1 Sell FIBCON

I had to leave my desk just after 8am and have just returned to see that a GZ FIBCON formed after price set the current low at the D1 Bear Channel.

A decent A-B-C sell setup though after Friday’s very bullish day we should be favoring buy setups.

07:02

What next?

After Fridays bull move up to the D1 EQZ Mid-line@11251 what next?

This level was in play during October and November last year acting as both support and resistance.

Fri 18th Jan

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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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16:49

GZ M1 Sell MAB Winner, +2.11R

Around 3pm I took a look at what had been happening to see that the bulls had continued to push price higher, above the D1 EQZ@11104.0 mentioned earlier today.

Whilst not planning to trade I took a coffee break from coding and liked the look of the break below the H1 Bear Channel. I marked up a short-term KeyZone in white then overlaid the FIB tool as shown. I reasoned if price came back up to test the H1 Bear Channel it was a decent M1+M5 sell MAB.

I entered using the Trade Tool and got a great entry as my 2R target was well above the Lower-Low. This one was counter-trend but worked out perfectly before the bulls reasserted themselves soon after.

This is a great example of how using Grid structure and the Trade Tool we can take micro setups such as these. It was structurally very good!

As I type price is still moving up and is heading towards the D1 EQZ Mid-line@11251.0, see below.

The update is looking good, needs a wee bit more testing then I’ll do a video and release it for use on Monday.

Below is the updated Daily chart, a day great to be in buy mode, some good setups formed based on our edge. The dream ticket is to get on and ride price up on days like these 🙂

08:32

GZ M1 Buy FIBCON

I’ve just taken a look to see what happened at the London open and noticed the GZ M1 Buy FIBCON as shown above.

This would have been a challenge to take in real-time!

If point is taken from the PW High (just below Yes High) the Golden Zone falls on the M5 EQZ Zone@10992.6 after a clear impulsive A-B leg. The Role-Reversal was also supportive at this level.

Taking this one in real-time would have been tough as the bear candle was fast moving and taking a buy would have felt counter-intuitive. A case of trusting structure as price came back down off the 11000 level.

If anticipated in time then a Custom Buy Limit would have been the best option at the 10992.6 level.

Price has finally broken up out of the range mentioned yesterday and it’s currently above the key 11000 level, if the bulls can maintain control then the next major target is the Daily EQZ@11104 as shown below.

Today I’m completing the update to integrate the screenshots and the blog today so will not be trading until Monday morning.

Thu 17th Jan

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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

GZ M1 Buy MAB

I’ve just taken a look at the afternoons action and spotted a decent GZ M1 Buy MAB that formed around 15:05 GMT.

Price eventually moved back above the 10900 level, the H1 Bull Channel then reversed price to setup a buy M1 MAB. The Golden Zone was just above the M5 EQZ Mid-line at 10894.6.

It was structually and contextually good, the impulsive A-B leg was clear, with patience and good timing a 2R trade was available.

As always, it’s easy to spot after the event!!

The update to allow members to upload their screenshots is coming on well and will be ready for use on Monday.

08:48

Reversal Micro-FIBCON off the bottom of the range

I’ve just noticed a decent reversal Micro-FIBCON as price tested the bottom of the range mentioned below.  The H1 Bull Mid-line was enough to reverse price back up to Yes Low, the next barrier is the H1 EQZ@10878.2

A counter-trend setup but it had good context as it was testing the bottom of the range. 

08:10

Software update in development

Just to let you all know that I’m working on an update that will allow members to upload their screenshots to the website so they can add a link to the comment section of the daily blogs.

This will make things much more interactive and keep everything in one daily blog. To make sure I have it ready for this Monday I’ll be concentrating on that instead of trading for the rest of this week.

For the last week or so price has been in a range between the D1 EQZ@10808 and the D1 Mid-line@10956 as shown in the screenshot below from the hourly chart.

Below the range can be seen on the Daily chart very clearly.

Wed 12th Dec

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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:

13:45

Video Commentary

I’ve decided to do a video on this mornings action after I failed to execute the GZ M15 Sell MAB I’d anticpated well in advance.

I’ve already mentioned that a major weak spot in my process is not reviewing my trades and general performance after each session including weekends when the markets are closed freeing the mind up from distractions.

Earlier this year I regularly did a video commentary and looking back it provided a feedback loop that I benefited from. Today will be my last trading day of the year due to other commitments and plans for the christmas holiday.

This video is intended to to remind me of the need to trust Grid structure and not over-think things. I hope other people find it useful!

 

 

13:12

GZ M15 Sell MAB

I anticipated this great GZ M15 Sell MAB but over analysed it and ended up not taking it!!

The answer to the questions:

  1. Can I see the A-B-C with excellent role-reversal.
  2. Do I have good structure.
  3. Do I have good context.

is YES!!

Yet I failed to execute and can only put it down to my mindset after the recent period of drawdown.

Fri 7th Dec

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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:

17:34

Today’s Results, -3.79R

Very poor trading day, only 2 out of the 7 trades were structurally good and I followed my rules, the rest were not setups!

Not good enough!!

11:30

GZ M1 Buy FIBCON

The first trade was structurally good, an M5 sell MAB at 10878.2 but did not work out.

After that I broke my rules as can be seen by the cluttered mess on the chart.

The last trade was an M1 buy MAB that stopped just short of the 2R, it was a good setup.

The trades between the first and last were howlers!!