daxtrader

Mon 26th 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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18:45

Today’s Results, -3.02R

I ended up in sell mode when the better setups were buys and with order flow.

The only winner was a buy trade then I had to stop trading for the day.

18:25

A setup worth waiting for….

This sell setup at 17:10 was a cracker and a reminder of what a great setup looks like. I was not trading when this took place but it was a MUST take trade!

With skill this was at least a 3R winner down to point B, the Role-Reversal structure was excellent.

18:17

Three quick trades…..

I got into a mode where I was taking sell trades when the best one’s were buys.

These three cancelled each other out but selling into the D1 Bear Channel proved to be bad call.

The buy winner worked out (only just) because it was with order-flow.

13:06

Missed M15 Buy MAB@D1 Bear Channel

I’ve just come back to my desk to see the M15 Buy MAB.

It was decent since it was confluent with the D1 Bear Channel that’s been supporting price plus the M5 EQZ mid-line@11317.9, the move back up to 11325 was the probability.

12:22

GZ M1 sell Micro-MAB loser, -1.01R

This was structurally good but contexually poor!!

It started off well but I should not have considered this one due to the 11325 level/zone being such a battle ground.

As my 2R was above the D1 Bear Channel this time I talked myself into it. Maybe 50% of these will work out but on the back of two losers it feels like a very poor trade.

11:24

Two sell losers, -0.71R, -1.18R

I took two sell trades when price broke back below the key level at 11325ish….

So far the D1 Bear Channel has held resulting in two losers.

The bottom of the M15 KeyZone is at 11300, that is where my 2R was intended.

Note the 11354 level and how precisely the bull spike reversed at it. Trading the M15 channels has lots of potential, but not so far today when the D1 Bear Channel is in the way of a move down.

Fri 23rd 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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17:23

Today’s Results, -0.49R

Use of the custom sell limit order would have resulted in a profitable day!!

11:53

GZ M5 Sell MAB loser+winner, -0.69R, +1.20R

I waited patiently for the pullback to the GZ for the M5 Sell MAB@11167.0

I should have used the custom sell limit to filter a spike, it would have resulted in a 2R winner on the move back down.

I re-entered as price spiked down so my 2R was lower than intended resulting in a +1.20R winner.

10:43

Sell Limit Option???

I’d marked up the sell zone at the 61.8 level@11184 then had to leave my desk.

Of course, price then spiked up and fell away for what would have been a quick 2R winner!!

A great example of when to consider a Sell Limit..

10:02

Sell@RESCON loser, -1.00R

Was too early on this as it was still structurally a BUY as the Golden Zone shows.

I had the zone marked up from earlier – look left – it was actually a Buy!!

07:55

Early GZ M1 Sell Micro-MAB

Early breakfast for those alert and in the moment…

Tough to execute but structurally excellent.

Thu 22nd 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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17:23

Today’s Results, +1.19R

Had to stop trading at 11am, a decent day, one winner, one loser…

10:35

GZ M5 Sell MAB loser, -1.00R

I almost didn’t take this as price was coming up off the bottom of the H1 EQZ@11133.5 but decided it was in the category where you only need to be right 40% of the time.

09:32

GZ M1 Sell MAB winner, +2.19R

After missing the earlier GZ M1 Sell MAB I took the second as it was a MUST take both structurally and contexually.

 

Wed 21st 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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16:54

Today’s Results, -0.18R

A breakeven day but should have been profitable had I not broke my rules.

So, as is said in the video I posted below, you have to DECIDE to do something if you want to move on in your life so:

I’ve DECIDED to stop breaking my rules!!

09:53

Another sell trade, broke rules…

Ouch – Huge dose of FOMO!!

There was NO setup…

09:40

Four sell trades, broke rules…

Came back to my desk to see price selling off again and got caught up in things.

My read was correct in terms of a sell setup but got it wrong due to rushing things and ended up breaking my entry rules.

I used a sell stop to catch the break of the H1 EQZ@11133.5 but failed to spot the M15 MAB in play. 

08:53

It’s all in the Mind!!!

I didn’t trade yesterday due to a poor nights sleep that left me very sluggish and I found the price action difficult to read as the PM Low was tested.

It’s become clear that my current challenge is a mental one, I know my edge, I believe in my edge and have observed the Price Action Grid day after day capturing 90% of all the key battle zones, both micro and macro.

Whilst getting on with stuff that didn’t require the concentration that trading does I did a bit of research on mind-set and the importance and power of beliefs. It’s a vast area and there’s no shortage of information out there so we each have to find that which vibes with us personally.

I’ll leave it at that for now but below is a 10 minute video that stood out, so much so I’ll put the link below. Some of the ideas in it might not be everyone’s cup of tea but if they are you will enjoy it!!

08:38

Sell@RESCON winner, +2.08R

When price struggled to get above the RESCON@11670 I sold the move back down to the H1 EQZ@11133.5 and with the 2R just above it it worked out perfectly.

Below are two buy MAB’s, the M1 MAB just after 7am, the M5 MAB just after 8am.

I missed the M1 but passed on the M5, shame it was with short term bullish mood and structurally good.

Mon 19th 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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18:23

Today’s Results, -3.21R

Another day of such fine margins!!

I read the sell sell up but used the wrong point A then entered again only to JUST be stopped out, that would have been breakeven.

17:22

Used the wrong point A for sell setup

I read this sell setup but used the wrong point A.

I used 11325 instead of 11354 which was clearly – after the event – the correct one.

I ended up moving my stop to ONLY just get stopped out then re-entered and again – JUST stopped out!!

14:27

GZ M1 Sell Micro-MAB loser, -1.77R

I took an almost identical M1 sell MAB but this time did not work out.

Moved my stop to protect it with the M5 MAB but it’s coming up from the bottom of the short-term range.

12:24

GZ M1 Sell Micro-MAB winner, +2.72R

That’s more like it 🙂

I took the sell at 11325 and moved my target to just above 11300 and walked way.

11:41

GZ FIBCON loser, -0.24R

WTF is wrong with me!!!!

I wait patiently for the  retrace up to 11363 as mentioned earlier, get a PERFECT entry then close out when price does a micro-double-top???

I guess the only thing I can do is walk away once I’ve entered the trade. It was a freaking great setup and absolutely was one of those that I’d take again – win or lose.

Trailing my stop to just above the 61.8 level would have been a better option.

I never used to be like this and it’s affecting my results, as Adam Khoo points out it will sabotage my performance.

Totally happy with the anticipation, Totally unhappy with my trade management!!

10:38

Passed on GZ M5 MAB…

I’ve been sat waiting for a retrace back up to the 11363 level but not happening so far.

I passed on the GZ M5 MAB and it’s turned out to be the best setup of the session so far….

08:42

Sell loser, -0.41R

I took an aggressive sell on the break of the H1 EQZ@11388.8 but had forgotten to mark up the A-B-C !!!

I sold into the Golden Zone, I closed out as soon as I realised..

Always mark up the A-B-C in real-time.

Fri 16th 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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17:53

Today’s Results, +0.74R

Just the one trade today. As mentioned earlier, very pleased with the anticipation but need to keep working on the trade management side of things.

12:34

Feeling Philly-Sophical……

I’ve just returned to my desk after taking a break and take a look at what happened after.

Note how my original (lower) M1 Micro-Channel held price as it sold off, whilst I felt SO frustrated earlier I’m chilled out now after walking away, a smart decision as I felt my emotions might have led to poor trading decisions.

I’ll focus on the positives and how well I read the setup, it’s only a matter of time before I master this and instead of a small winner I’ll take multiple R from these setups 🙂

12:06

GZ M5 Sell MAB Winner, +0.74R

I anticipated this M5 Sell MAB perfectly but once again I trailed my stop too close and got stopped out by 0.1 pip!!!!

I should have kept it above the mid-line and micro-channel I’d copied from the lower one that added to the confleunce at 11378

After passing on the first retrace to this level at 11:01 I was totally The Bear and waited patiently for this sell M5 MAB only to end up with a tiddler of a winner 🙁

I didn’t move my target, 2R was just fine, just wished I’d not moved my freaking stop – again!!

After standing aside all morning due to the choppy, spikey rangy price action I was only going to take a Grade A setup which this was so pleased with that but not pleased at all with my trade management!!

09:13

GZ M1 Sell Micro-MAB Setup….

A GZ M1 Sell Micro-MAB did form at the PW Low but I passed due to context, it of course then went on to be a winner 🙂

Structurally it was decent but the Lower-Low was more like the bottom of the current range so lacked the energy of a trend.

Thu 15th 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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19:27

Today’s Results, +3.56R

I really enjoyed today!!

My best day so far this month, I followed the plan and was The Bear…

Passed on a few good setups and would take those I did again 🙂

18:24

GZ M1 Sell FIBCON loser, -0.51R

I missed the sell when price moved back up to the D1 EQZ@11397.8 but ended up taking the sell at 11377.0 which was structurally a good setup, just didn’t work out so I closed out for -0.51R

16:19

GZ M5 Sell MAB loser, -0.99R

I allowed myself one more trade if there was a good setup.

I passed on the M1 MAB but I took the GZ M5 MAB after price made a low at the D1 EQZ Mid-line@11251.0 but should have used the custom sell limit order to filter price spikes.

I entered a little early with the Trade Tool and there was a wee bit of FOMO which a limit order can help to avoid?

I was wary of price coming up off the low after a major sell-off but still went for it but this one did not work out. Structurally it looked good on the M5 and M15 charts with the 61.8 level at 11325.7, it just didn’t work out.

However, I followed my process and maybe skilled use of the custom limit order order might have kept me out, not sure??

15:03

M1 Sell MAB BE, +0.07R

After the sell off that I was almost on – One Day I Will 🙂 – I took the M1 MAB at the D1 Bear Channel. I closed out once it looked like it wanted to go higher.

I’ve been waiting for the M5 MAB at the H1 Bull Channel@11380 but it’s taken ages and I didn’t like price action so passed on it when it eventually took place, because I passed it would have been a winner 🙂

13:42

Sell@Micro-RESCON winner, +1.34R

I said to myself this morning “I want a 5R day” and have just done that 🙂

However, I knew I needed 1.35R to get there and ended up closing out when there was no need to when seconds later the 2R came in!!

I also missed a great GZ M1+M5 Sell MAB that soon followed once price got going after breaking below the 11435.6 level (an M15 KeyZone). After “Being The Bear” for so long I only got +1.34R from a potential 4R+ sequence of two sell trades.

However, I’ve had best day this month so far! I’ve felt “In The Zone” and anticipated each trade for four winners 🙂

11:47

GZ M1+M5 Sell Micro-MAB winner, +1.28R

The break below the PW Low and the H1 Bear Channel setup a decent M1+M5 sell Micro-MAB on the retrace back up to the PW Low.

My 2R was at the Open and has just come in but I closed out due to it being such a tight range and was happy with anything over 1R due to the context.

10:46

GZ Sell FIBCON winner, +0.40R

I used a custom sell limit that triggered straight away as there was no spike. The 11388.8-11397.9 zone is a major battle ground just now and if price breaks below it might move down quickly.

The retrace back up to the Open looked good on the M5 and M15 charts and it started well but after yesterday I knew the bulls could step in so I trailed my stop once it had moved below 11388.8, this proved a good call.

Price then moved up to the M5 EQZ Mid-line@11423.7 AND the 50% level of the current Lo-Hi zone, look at this level on the M5 chart on full screen to see the previous price interactions with this level. It was also the 61.8 level when point A is taken from the H1 EQZ Mid-line@11452.8 as shown below.

09:31

Missed Sell FIBCON…

Had to leave my desk and missed the sell FIBCON at the D1 Bull Channel and H1 Bull Mid-Channel when the H1 Buy MAB sent price back up.

A great example of how one trade can roll into another when you’re in the zone…

09:02

Sell Winner, +1.97R

When the 2nd M5 Buy  MAB was only able to produce a Lower-High at 11484.4 I sold the break of the:

  • D1 Bull Channel
  • H1 Bull Mid-Channel
  • M1 Micro-Channel

My 2R was just above the PW Low and H1 Bear Channel so I walked away to let it play out. I returned 10 mins later just as price was about to hit my target.

This was a break-out trade based on the reasons given, this one worked out 🙂

08:20

GZ M5 Buy MAB Missed

I passed on a decent GZ M5 MAB just after 8am!!!

It was structurally good and definately falls into the category of those where we only need to be right 40%-50% of the time.

This is a mindset and consistency thing I’ve got to work on as I did the same thing yesterday at 7:14am with a good M1 Sell MAB at the PW Low. I then took a poor trade where I chased price and moved my stop.

Depending on what you read trading is 80% mindset no matter what style you gravitate to, I need to work on mine as not taking these good setups will ultimately skew the traders equation.

Wed 14th 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:

19:43

Today’s Results, -2.18R

After a series of poor decisions to start the session I was pleased to end the day only down one winnning trade 🙂

12:07

Great use of custom buy limit, M5 Buy MAB winner, +1.91R

I came back from walk and just happened to see the M5 Buy MAB setup.

I used a custom buy limit at the PW Low and bottom of M1 Micro-Channel and it operated exactly as intended. Price spiked through to just above the stop but I wasn’t in the trade so was not bothered :), it then reversed back up and entered the trade to go on and be a text 2R winner….

A perfect response to a morning of poor decisions, SO glad I took it!

 

10:12

M15 Sell MAB loser, -1.00R

Another loser but a better trade – I think?

Either way it’s not happening for me today so time to stop and walk and bath Harvey then take Elaine to the station for her trip to Scotland.

 

09:43

Two sell losers, broke rules!

I passed on an M1 MAB at 07:14, it was decent with the PW Low in play.

More poor decisions followed 🙁

Two losers, I chased price which often results in moving the stop.

Whilst waiting for the M5 MAB I had a dose of FOMO and then closed out as I knew I shouldn’t be in the trade.

I’ve been waiting for the M15 MAB at the D1 EQZ@11398…

 

Tue 13th 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:

20:12

Today’s Results, -2.97R

Another day of fine margins…

The 3rd and 4th losing trades were due to FOMO and resulted in me not entering where I’d decided to based on an M15 zone.

18:30

GZ M1 Sell Micro-MAB loser, -0.93R

After price finally broke through the 11450 level there were two possible Sell MAB’s, the M1 and M5.

Due to the D1 Bull Channel, the H1 EQZ Mid-line@11452.8 and the H1 Bear Channel I chose the M1 MAB. The better value was the M5 MAB at the original point B mentioned earlier.

This was a great example of where to use the custom Limit Order to filter a spike at the 11458 level.

18:01

Sell Stop Breakeven, +0.10R

I don’t use Sell Stops that often but the M5 EQZ@11468.8 had a lot of pressure building up if price broke below it. My 2R was just below the D1 Bull Channel but I knew price would have to break below the earlier point B that I extended across.

I moved my stop to BE when it got close to that level as it had previously moved up quickly off it.

I got stopped as price almost moved up to reach my original stop. Since then it’s struggled to get below the point B until just now when it spiked down to my 2R target!!

Yet another should have left alone…

17:04

GZ M1 Sell FIBCON loser, -0.20R

This was a good GZ M1 Sell FIBCON that formed part of the topping pattern. I trailed my stop to just above the M5 EQZ Mid-line@11476.6 but once again had I left it alone the 2R would have come in!!

I liked the setup and context, should have the 2R though, would take it again.

16:31

Two losers@RESCON, -1.00R, -1.00R

After not trading since this morning I got drawn into two sell trades at RESCON just after 16:00

I was SO close and had I stuck with a zone on my M15 chart then I’d have had a winner, another case of FOMO!!

The Trade Tool Entry level@11495 is the top of an M15 zone that had I not changed anything I planned to sell until price looked like it was struggling to go higher at around the 11475 level.

I’d got the entry perfect just gave into FOMO – Again!!!

10:47

Golden Sell Zone

I’ve not been trading since popping out earlier and as always it’s SO much easier to see good setups after the event.

I’ve marked up two A-B-C zones with the second one having an M5 Sell MAB followed by a FIBCON.

The first A-B-C pattern is the Inner-FIBCON where point B is the M5 MAB that Joel took.

Both A-B-C patterns had good Role-Reversal structure when looking-left 🙂

09:13

The Energy of the M1 MAB

This is great example of the power of the M1 MAB when in context.

The move up above the PW Low in the M5 EQZ was followed by a micro-range (aka a bullish rectangle). Price was waiting the M1 MAB to catch up and when it did it produced the final exhaustive push up before stalling and reversing.

I was waiting to sell at 11450 and the H4 MAB but it fell just short.

 

08:20

Late M1 MAB winner, +2.05R

After the early bullish mood I took a late M1 MAB just after 8am.

Price did pullback to just above my stop for another M1 MAB and that was enough to send price up to the PW Low which I reasoned was the first target of the bulls. The 2R was just below the PW Low so this one played out well.

I had considered selling at the PW Low but a much better value sell looks to be the H4 MAB at the 11450 level where the D1 Bull Channel and H1 Bear Channel form a zone of RESCON.

07:44

Sell@RESCON loser, -0.99R

This was a sell at the High plus the M5 EQZ@11363.0 plus the D1 Bear Channel plus the H1 MAB.

I got a good entry and it started well but but then pushed on up to the H1 Bear Mid-Channel.

On the M15 chart when you take point A from the  PW Low it’s a GZ with the 61.8 level@11358.9 which is why I took the trade.

It was also a top of a range sell that didn’t work out.

Mon 12th 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: