daxtrader

Tue 11th 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.

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09:09

GZ M1 Sell MAB loser, -0.21R

A decent M1 Sell MAB formed afrer the break below the H1 Bear Channel. There was good Role-Reversal so I took the trade, it started well then spiked back up so I closed out for a small loser.

Once again I should have trusted Grid structure, the 2R would not have come in by 0.1 pip before price moved back up. Had I not touched the trade it would have been a 1R loser due to the spread and the finest of margins.

A good setup and should have at least got a profit from it!

Mon 10th 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.

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10:31

GZ M1 Buy MAB

An M1 Buy Micro-MAB formed after price broke above the H1 Bear Channel and the D1 Bull Channel.

It was structurally very good though contextually you could argue it was maybe the top of a range??

The components of the Grid are once again playing a key role in the formation of this mornings setups.

09:37

GZ M1 Buy FIBCON

An M1 Buy FIBCON formed after the move back up off the PW Low.

The setups so far ths morning have all used the H1 Bull Mid-Channel@10690 for their Role-Reversal.

 

09:11

GZ M1 Sell MAB

An M1 Sell Micro-MAB would have worked out but I passed due to the context as it would have meant selling into SUPCON which includes the PW Low

08:44

GZ M5 Buy MAB

A decent M5 Buy MAB took place at 8:25, it was structurally good, I passed due to the dominant bearish mood at present and wasn’t sure if price would test the PW/Yes Low and M15 MA just below it.

Thu 6th 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.

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16:01

Missed M5 MAB 🙁

I marked this one up then missed it as I had to leave my desk.

Maybe I should have set a custom limit order?

This was a great setup, ticked all the boxes….

11:16

Passed on M5 MAB, it formed a micro channel point

I passed on the M5 Sell MAB but have noticed that it formed at the upper boundary on a micro-channel.

10:51

Possible sell at RESCON+PM Low

If price can move back up to the area of RESCON:

  • PM Low
  • 61.8 level
  • The 11000 level
  • H1 EQZ
  • H1 Bull Mid-Channel
  • M5 EQZ

then a sell might be on offer?

I’ve not seen a decent opportunity to jump on the move down unless I’d broken my rules and I’m SO not wanting to do that!!

I’ve just passed on the M5 Sell MAB due to context as price is coming up off the lows, at present it’s looking like it’ll be a winner.

07:42

61.8@RESCON

When the DAX opened at 11pm last night it sold off 270 points in 3 minutes!!!

The 61.8 level is the current session Hi-Lo at RESCON:

  • H1 MA
  • D1 Bull Mid-Channel
  • H1 Bear Channel
  • M15 KeyZone boundary@11118.5

Let’s see what happens if price reaches it?

Wed 5th 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.

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09:57

GZ M1 Sell FIBCON loser, -1.14R

My first trade for December is a loser BUT in answer to the question:

“Can I see the A-B-C with Excellent Role-Reversal?”

my answer was Yes!!

The 61.8 level at 11228 was confluent with:

  • H1 Bull Channel
  • H1 Bear Mid-Channel
  • H4 KeyZone Level

I reasoned this was in in the category of those that are good enough to take and we only need to be right 50% of the time.

I followed my process, I did not chase price, I anticipated it well in advance, I got the exact entry I wanted.

07:30

GZ M1 Buy FIBCON

After the gap up at 7am a GZ M1 Buy FIBCON formed but at present the spread is 2.2 between 7am-8am so it’s not a trade I’d take.

However, this one would have worked out if the 2R target was at or below the 11217.5 level.

Tue 4th 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.

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09:58

Head & Shoulders Topping Pattern@PW High

A clear Head & Shoulders Topping Pattern took place at the PW High not long after 8am.

I passed on it. There was a Micro-A-B-C but the M1 Buy MAB plus Yes Low put me off.

I’ve also passed on the micro-sell setups that followed as I didn’t want to sell into the 11400 level but they would have worked out.

Mon 3rd 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.

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12:22

GZ M1 Sell MAB

Just came back to my desk to see the GZ M1 Sell Micro-MAB at the H1 EQZ@11516.8, I might have been tempted had I seen it real-time…

11:49

GZ M1 Sell FIBCON

I marked up the above sell setup but passed and the earlier M15 Buy MAB, for now I’m wanting to watch and once again get back to basics.

November was a poor month for me, down -14.72% 🙁

I’ve reviewed my trades and many of  them were not MABs or FIBCONs. I’d chased price due to FOMO then ended up moving my stop thus increasing my risk etc.

Over the weekend I’ve gone through my trading plan and updated it accordingly but the one update I’m hard-wiring into my mindset asap is:

“Can I see the A-B-C with Excellent Role-Reversal?”

The heart of our edge is the A-B-C pattern, that’s why we’ve documented it in detail on the website. Yet in my day to day trading I keep getting drawn into trades that are not really valid setups. Sometimes they work out but often not and they have negative compounding effect on my results.

It’s time to move beyond this, it’s time to re-program and re-wire my mind-set for success!

08:55

GZ M5 Buy MAB

A decent GZ M5 Buy MAB, I was waiting for price to test the channel before entering and missed it.

07:54

GZ M1 Buy MAB

The spread was 2.3 so unable to take this great early buy setup.

Thu 29th Nov

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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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18:43

Today’s results, -1.64R

Not great as I’m getting drawn into trades that do not conform to the MAB or FIBCON setup!!

It’s time to change that!!

09:50

Two winning trades, one small , one 2R 🙂

I took a poor quality buy trade after the break above the Open, not great but closed out for a small winner.

I then waited patiently for the retrace back up to the 11377 level and missed the sell entry due to speed of the spike as I was using the Trade Tool.

I keep forgetting to use the custom sell limit as it would have been perfect and resulted in a quick 2R or more if I moved the target down to the 11354 level.

I got away with chasing price on this occasion for a nice 2R winner!!

Note to self: Start using the custom limit orders !!!

09:45

Three sell trades, two losers, one winner

The only valid setup was the last one as price retraced backup to the 11377 level.

The first trade I chased price, broke my rules!!!

Wed 28th Nov

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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:

17:56

Today’s Results, -0.72R

I had to stop trading at 11am, another spikey, choppy range day which was tough to trade.

10:19

Passed on next sell setup, it was a winner 🙁

Oh the life of a trader in the making!!!

I passed on the next sell setup, again it was decent BUT I reasoned maybe price will move up to the bottom of the Lo-Hi zone (50% level of the session).

I blinked only to see had I entered the 2R would have come in!!

A reminder if it’s decent enough to be in those that we only need to be right 40-50% of the time then take it.

10:07

GZ M5 Sell MAB loser, -0.97R

I used a custom sell limit as I had to leave my desk which worked well to take the GZ M5 Sell MAB, a decent A-B-C but did not work out.

09:59

GZ M1 Buy Micro-MAB winner, +0.26R

I took the Micro-MAB after the Higher-High when price moved back up to test the Open. It was SO close to my 2R but failed, if I’d not had such a wide stop my 2R would have been at the Open.

I’m letting trades play out after missing out on several 2R’s over recent weeks, maybe I should have moved my target down to the Open??

09:55

GZ Three sell trades, 1 winner, 2 losers

I started with a winner after the break below the key level of 11325, I then sold twice based on A-B-C patterns but it all got a bit rangey.

I followed my process but the gravitational effect of the 11325 level meant they did not work out.

Tue 27th Nov

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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:

19:12

Today’s Results, -2.21R

I’m going to have get better at trading range days…

18:23

Three sells, two losers, one winner

I took three sell trades but due to the range only the last one worked out and due to my greed I only got +0.79R as I moved my target below the 11300 level going for the big hit!!

12:37

Missed MABs

I had to stop trading at 10am and have just returned to my desk to see two really good sell MABs.

An M1 and M5, both were structurally and contexually excellent.

08:46

GZ M1 Sell MAB small winner, +0.21R

My generous stop meant the 2R was below the 11325 level so I trailed my stop so it was protected by the M1 MA.

It got close and with hindsight of course I should have closed out below the Open. The reason I didn’t is that reasoned if the 11325 level broke price would move down sharply so I moved my target anticipating this.

It of course therefore did not happen 🙂

08:03

GZ M1 Buy MAB loser, -1.34R

At 7:30 price spiked up strongly to the H1 Bear Channel, I marked up the A-B-C to find the Golden Zone was perfectly at Yes High.

I entered a buy trade at the M1 MAB, it was a decent setup but one of those mad price spikes and not a valid A-B impulsive leg as shown by the way price came ALL the way back down.

It was structually very good with Yes High in play but one of those that didn’t work out.