Fri 26th Oct

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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10:13

GZ M5 Sell MAB winner, +1.39R

Another decent GZ M5 Sell MAB which resulted in me closing out for +1.39R due to the SUPCON just below my 2R target.

Of course, once again, SO close and all that as the 2R did come in 10 minutes after I closed out 🙂

There’s a pattern today, I’ve taken great sell trades, just not maxed them out. 

However, what a great rebound this week after the drawdown of early last week. Getting back to A-B-C is the secret, it always was at the very heart and core of the Trade Controller Environment!!

09:02

GZ M5 Sell MAB loser  & winner, -0.54, +1.03R

Another great M5 sell MAB setup anticipated but poorly executed. After price had moved back up off the D1 EQZ@11104.0 I was aware that it could be a strong bull move back up into the D1 EQZ.

I therefore wanted to see at least an entry at the M5 MAB as there was good RESCON. 

I was close once again to another 2R but on this occasion the best entry was 61.8 level of the Golden High-Low zone, my stop on the first trade was at that level. 

Very happy with my anticipation and patience, it was a great sell, must get the 2R next time 🙂

08:16

GZ M1 Sell MAB winner, +0.65R

The bearish 8am open setup a great GZ M1 Sell MAB and I got a great entry.

But I closed out when price struggled at the 50% level of the Golden Low-High zone. What shame to have not got the 2R , what a shame not to have ridden this one down…

Instead of trusting structure I allowed myself to think the bulls would step back in…

07:26

GZ M1 Buy Micro-MAB

There was a large gap down at the 7am open then price moved up strongly to the H1 Bull Channel just below the Open.

I want to draw attention to the GZ M1 Buy Micro-MAB that formed when price broke above the Open to produce a Higher-High. I looked for decent point A based on price establishing a reference point, this produced a Golden Zone as shown at the H1 Bull Channel. When you look-left the zone had great Role-Reversal structure.

This type of setup might be a Micro-MAB but structurally it’s very good and contextually it’s a buy due to the early bullish spike back up after the gap down.

It’s structure forms within the Grid structure…….

The Trade Tool allows us to consider taking such setups, it is my intention to mark these up as part of the A-B-C routine, the more we see them form and play out with a greater than 50% probability that price will short-term offer a a 2R trade the more we can profit from them.

Thu 25th Oct

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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17:29

Today’s Results, +3.47R

If I’d have left all three trades alone once I’d entered then today would have been a +6R day!

Like yesterday, I would take them all again. It’s easy to say that when they go well but losing trades are ok and normal so long as you know you followed the process of anticipation and patiently waited to enter at a predefined level.

 

17:59

Another Outer-Inner FIBCON Example

Following the M5 Buy MAB winner another one formed as shown. I wish I’d been at my desk to see this, it was a good setup, the third GZ M5 Buy MAB on the trot.

However, note the Inner FIBCON’s Golden Zone between 11302.2 – 11308.0, it’s where price reached from the M5 MAB before stalling. This is why I closed out two of my recent trades looking to see if I can use Grid structure like this to profitable effect 🙂

Therefore, the ideal 2R setup is where the target is around the 50% level of the Inner FIBCON or better. Reasoning like this A-B-C setup after A-B-C setup will lead to Mastery!!

 

16:28

GZ M5 Buy MAB Winner, +1.99R

I Really Enjoyed this one……..

After anticipating it, updating the blog I was The Bear…..

It started well then came the slight sweats as price got within 1.4 pips of my stop. I did not move my stop, even below the D1 Bear Mid-Channel.

Fine margins that didn’t go against me this time 🙂

I trusted the setup, I loved the structure and when I hit Ctrl-E I had that all important feeling of “Win or lose, I’d take this again!”

I did mark up the Inner-FIBCONs Golden Zone between 11280.3 – 11288.5 but this time price was kind to me and pushed on up to my target.

Had I been at my desk I would have taken the earlier M5 MAB at point A (11219.9), to have got both of these at 2R would be a well spent afternoon.

 

15:55

GZ M5 MAB Maybe????

If price retraces down to 11261 then maybe it’s an M5 MAB????

There was a good M5 Buy MAB at point A (11219) , was not at my desk 🙁

12:08

Two trades – Outer-Inner FIBCON Structure

I totally anticipated the sell@RESCON but ended up over-thinking it and closed out a great entry as I’d ideally been wanting price to move a little higher.

I looked the M15 and H1 charts and reasoned that price might push up to the 11280.0 level, I setup the Trade Tool. Then when price stalled I entered only to tell myself it was FOMO so closed out for breakeven and wait for the ‘better entry’ 🙁

It never came of course so messed that up trying to call the ‘perfect’ entry!!!

I then marked up what might have been an M5 MAB if price had sold off quickly enough at the 11219.9 M5 EQZ level. Eventually price came down so I entered the buy trade at the 61.8 level, structurally I liked it.

I closed out for +1.37R due to the Inner FIBCON’s Golden Zone between 11241.4 – 11247.6, of course price did eventually break threw and I’d have had the +2R but as I mentioned recently, when marking up the A-B-C patterns in real-time you start to see more and more the Outer-Inner FIBCON structure.

Marking up and mastering the Outer-Inner FIBCON structure in real-time I believe is key to our future success!!

In the MABs and FIBCONs examples section you’ll find this structure on a few of the screenshots, it’s time to go deeper into it….

FIBCONs are the building blocks of price action as price makes its way or and down. By marking them up in advance such that it becomes hard-wired into our routine we will start to set more accurate profit targets based on the Golden Zone of the Inner-FIBCON.

I was pretty sluggish early this morning due to a late night so decided to watch instead. There were two good GZ M1 Buy MABs I was tempted with once price made the Higher-High at the Open before a brief retrace – 1st M1 MAB – before moving up.

Both M1 MABs are shown below, note the Grid levels in use on the micro-retraces, 11114.1 and 11167.0

Also note how useful the short-term Micro-Channels can be once they give you enough points to mark them up.

08:51

Possible RESCON@11260ish ???

There’s a zone of RESCON at 11260 plus if point A is taken from the H1 EQZ@11388.8 the 61.8 level is at 11260ish so something to watch if price reaches it.

The Golden Zone has good Role-Reversal structure…….

Wed 24th Oct

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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20:12

Today’s Results, +1.33R

Four trades, all good setups, should have gotten more out of them.

12:12

Done for the day…

I’m off to enjoy a walk down to the Quayside despite there being pretty strong winds. I’m up +1.33R off four trades, I’m happy as I followed my process on all of them and would take them all again, just get more out of them. Next time it could be 4R+ such are the fine margins.

Since I closed out price has been in a micro-range with the bottom being the Golden Zone of the A-B-C Buy FIBCON/MAB structure. It’s a great zone, look-left, that’s why I closed out.

More on the power of marking up the Outer-Inner FIBCON structures later 🙂

11:13

GZ M15 Sell MAB winner, +1.18R

I got a good entry but was probably a bit generous with my stop as it meant the 2R was lower than I wanted. I ended up closing out for +1.18R due to the buy A-B-C at 11300 and the M5 MAB.

Over the last few days of intense A-B-C marking up I’ve been reminded of the Outer-Inner FIBCON structure that often explains why price ebbs and flows as it does.

Get in the habit of looking for them and watching closely what happens to price when it reaches them. 

The M15 MAB 2R might still come in but on this occasion I decided to close out and watch….

 

10:26

GZ M15 Sell MAB@11325????

Decent looking M15 Sell MAB at 11325 maybe???

Forgot to comment on the -0.46R loser, it was an M5 MAB that I liked enough to take.

I closed out when price struggled to move back down and thought maybe the M15 MAB is what’s really going on.

Glad I closed out this time as it would have been a 1R loser 🙂

09:23

GZ M1 Sell Micro-MAB

I missed this one in real-time and selling into SUPCON requires a perfect entry where the 2R needs to be not lower than point B – the Low –  but the Trade Tool makes it possible.

The projected M1 Micro-Channel added to the confluence at point C. These setups I’m marking up as part of the routine to focus me and wire in the habits and mindset.

Taking them is another thing…..

Note: I draw the Micro-Channels as and when they make sense and look good. When drawn accurately they can add to the setup.

09:00

GZ M1 Sell FIBCON winner, +1.55R

This was better, I sold when price reached the 61.8 level@11325.7 as a Golden Zone often plays it part more than once, especially when a range forms and it’s functioning as the top of the range.

A better entry would have netted the full 2R and had I not closed out for +1.55R then the 2R would have come in anyway.

I’m pleased with both sell setups as they were each capable of 2R, must manage better!!

08:34

GZ M1 Sell MAB loser, -0.94R

This was a decent 2R sell setup but I was NOT The Bear 🙁

My poor entry meant my stop was at the 61.8 level, where I should have entered!!

FOMO meant I chased price and missed out.

Mon 22nd Oct

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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20:46

Today’s Results, +2.76R

Just the two trades today as I had to stop trading late morning.

Happy with them both, just should have left the second alone as minutes later the 2R came in.

13:40

Perfect GZ M1 Sell Micro-MAB

I’ve stopped trading but just spotted this perfect GZ M1 Sell Micro-MAB at Yes High.

These take skill to trade but look closely at the Role-Reversal structure when you look-left. You could not consider these setups unless you have something like the Trade Tool BUT they are worth mastering because they are high quality and high probability. We only need to be right 40-50% of the time so long as we average 2R winners and don’t increase our risk so much we skew the traders equation.

As I’m typing this sell setup rolled into another as shown below. A-B-C followed by A-B-C…..

Maybe I should have trade for another hour or so…..

12:26

Had to take a break…..

I’ve had to stop trading due a few phone calls and have just come back to see a decent sell at the H4 KeyZone@11637.6 and the H1 Bull Channel.

Point A is at the High, point B at the H1 MAB@11580.4, the bear spike down to Yes High would have netted a nice 2R winner.

I’ve got to stop trading for the day due to other commitments and am very pleased with the morning results, +2.76R 🙂

The potential for more was there by just doing the basics, A-B-C then look at the context, follow the plan and if it looks good execute.

The recent drawdown can be partly attributed to me going for multiple R winners at RESCON or SUPCON instead of taking 2R off the table when it was there. 

10:59

GZ M1 Sell Micro-MAB

I passed on this sell setup as it was so close to the H1 Bear Channel BUT structurally it was perfect and the Trade Tool does allow us to get very precise entries whilst controlling risk.

10:27

GZ M1 Sell FIBCON Winner, +0.70R

As I type the 2R would have come in but I closed out when Yes High looked like it would go through a Role-Reversal and act as support.

I sold at the H1 Bull Channel and the H4 KeyZone@11637.6, just above the 61.8@11633.8, pleased with the setup, another A-B-C sell but allowing for the RESCON above.

Shame I didn’t let it play out as it would have been 2R but very pleased with the anticipation, it pays to Be The Bear 🙂

09:50

GZ M1 Sell MAB Winner, +2.06R

It’s felt ages since my last text book 2R winner but by following the plan and marking up those A-B-C patterns I took the sell at Yes High as shown.

I did not move my target even though it was a litte lower than I wanted, ideally above the H1 Bear channel, but it worked out – just 🙂

After the ‘Factory Reset’ last week I really enjoyed this one due to the process!

08:49

Mark up those A-B-C’s……

After last week it’s back to basics, ie. marking up A-B-C patterns as they form in real-time. All of this is in the plan, I’ve just not been following it !!

No trades so far but I’ve marked up the chart and where you see an arrow it shows a trade entry point that with good timing would have been a 2R winner.

The whole point of the Trade Tool and the Price Action Grid is to take very precise short-term 2R trades. 

This will result in more trades but so long as they’re high quality they should be taken as this will leverage the traders equation where 40-50% strike rate will result in a positive equity curve.

I believe that once we do this this hour after hour, day after day we will eventually reach a stage where we are in the zone, in the flow, and will roll from one trade to another, switching from buy to sell as structure guides us 🙂

Fri 19 Oct

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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12:09

Missed a great Buy trade 🙁

Can you believe it!!!

An hour or so ago I had to stop trading due to a few phone calls etc. I did watch Joel’s M5 MAB call spike up to the H4 KeyZone@11567.2, I then had another call.

I’ve just returned to see what happened, a PERFECT FIBCON with trade entry/point C @11530!!

Had I been trading I would have taken this trade, it was Freaking High Quality 🙂

Whilst I’m a wee bit gutted I’m also pleased to see what happened, well done anyone who took this.

Once again, note how the Holy Grid guides us, looking forward to next week and trading the MABs and FIBCONs as they form throughout the session.

I highly recommend marking up the A-B-C patterns as they form in real-time, it really focuses the mind and reasoning processes.

09:57

GZ M1 Sell FIBCON small winner, +0.31R

Today is all about going back to basics, reading the price action and marking A-B-C setups as they form. I’ve looked closely at my results, whats worked and whats not etc.

At the very core of our approach is the MAB & FIBCON pattern and I’ve not been following my plan which instructs me to mark them up in real-time. Yesterday I sat all day and did that, it was the best thing I could have done!

Yes I’ve had success using zones of RESCON/SUPCON, Yes I ‘ve had success some with multiple R winners

BUT

I’ve also been going for the big winners, being greedy  and not closing out 2R winner after 2R winner which grows the bank. 

I’ve not been The Bear and due to poor entries have moved my stop only to lose more times than is acceptable. All this shrinks the bank and drains the emotions 🙁

The Trade Controller environment is specifically designed to trade MABs and FIBCON intraday using the Price Action Grid. Yesterday I was reminded of how precisely price interacts with the Grid and I’ve not been taking advantage of that in my trading, it’s time to change that!

Good quality 2R setups form regularly throughout the session and I’ve been pushing for multiple R way too often. Adam Khoo has reminded me of the power of the 2R traders equation, I’ve been skewing that by moving my stop and going for big winners.

To progress on my journey I need to get back to the basics, my charts will therefore be marked up like they used to be, A-B-C followed by A-B-C looking for quality setups, looking for phi 🙂

Back to today….

After marking up A-B-C patterns I was SO close to selling the retrace back up to 11567.2 at 09:14, an awesome GZ M1 MAB!!

I was late selling the retrace up the Open, the 61.8 level was confluent with the H1 EQZ Mid-line@11545.9 AND H1 Bull Mid-Channel. My target was below the low but above the H4 KeyZone level at 11504.7

When it double-bottomed I closed out as its an H1 EQZ@11516.8, good setup but poor execution.

I therefore expect to take more trades going forward but that’s ok so long as they are high quality 2R setups. This also leverages the power of the 2R traders equation due to the increased trading volume, much like a casino needs people to keep playing so their edge is in play.

So despite a week of drawdown it’s been key to me evolving as a trader, it’s forced me to review my results. The good news is the areas to work on stand out SO much.

  • I’ve not been following my plan and had become complacent due to a period of profitability
  • I’ve not been taking advantage of the Grid and how its guides us through the minefield of uncertainty.

 

Thu 18th Oct

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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17:36

Today’s Results, -5.76R

Not a good day results wise BUT I’ve had a master-class in FIBCON’s and MAB’s after going back to basics.

I started with a great trade (see below) just after 7am then got greedy and saw +3R become -1.13R, the efffect of which meant I missed a decent buy trade to ride up the bull move just after 8am. One poor decision led to another….

This period of drawdown since last Thursday has been quite the tonic to go deeper into the Price Action and the Price Action Grid.

It captures almost all the key decision points and today I sat and just watched and called the moves. Of course the trades I took didn’t work out, those I passed on or missed did!!

I’m too tired just now to journal what I hope will be a milestone day for me, I’m thinking I might do a video  instead of blog each trade, I want to capture what I feel I’ve learned today.

In summary, the BEST MABs and FIBCONs form within Grid structure, mark up in real-time the A-B-C pattern as per the trading plan, something I’d stopped doing BUT it’s vital to utilise the Grid correctly.

More later….

Below is the great GZ M1 Sell MAB I got a perfect entry on, I then got greedy going for 5R+ and giving it all back. There is a pattern here that I’ve got to sort, this is happening all too often.

Wed 17th Oct

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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20:11

Today’s Results, -1.00R

Just the one trade today, it turned out it was hte Low of the session as price moved back up into the D1 EQZ.

A decent setup but maybe the M5 wicks were a clue???

16:12

GZ M1 Sell FIBCON loser, -1.00R

I spotted this M1 FIBCON that formed on the break of the D1 EQZ@11693.8, I marked it up and liked it.

The measured move was also supportive of a move down to the H1 Bear Channel and the D1 Bull Channel.

I was The Bear and got a good entry and stop meaning my target was also good, just below the Lower-Low.

Another one that didn’t work out, another loser 🙁

I’m looking at the M5 – see below – chart for any clues that may have made this a lower probability setup.  Maybe the wicks showed the presence of buyers preventing price moving lower??

It was a decent setup, I did NOT break my rules and I did NOT chase price OR increase my risk 🙂

There was clear space between the Lower-Low and the H1 Bear Channel, another reason why I liked it.

11:03

Missed great H4 Buy MAB at D1 EQZ, too fussy!!

Wow, I was just too fussy on the buy at the D1 EQZ@11693.8, I wanted to see price reach the 11685 level. I was just about to enter when it moved up and I did not want to chase price.

Well done if anyone took this !!

I can feel the effect of my last few days trading, last week I feel sure I’d have taken it.

Habit number 5 of wealthy traders is:

They approach trade number 5 with the same mindset they did on the 4 previous losing trades.

09:42

GZ M5 Sell MAB Maybe????

Passed on two chances to sell earlier….

I do like the look of this GZ M5 Sell MAB if price reached it…

Tue 16th Oct

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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20:34

Today’s Results, -1.80R

Should have been at least breakeven had I not been JUST stopped out on the second trade. 

The market has continued to move on up…..

18:20

GZ M1 Buy FIBCON Tiny winner, +0.18R

This is more like it!!

Despite trailing my stop too close and ONLY just being taken out for little more than break-even I’m very happy with this trade, even though as I type the 2R would have come in.

I marked this up well in advance and waited patiently for the best entry, I got that but was too generous with my stop. I liked everything about it and unlike some of the trades over the last few days I had that all important feeling of:

  • I cannot talk myself out of this
  • Win or lose I’d take this again

It was with the current order-flow that favours buy trades and structurally it was a great 61.8 FIBCON at the H1 Bull Channel.

So yes, I’m a little frustrated to have just been stopped out but totally enjoyed the process of anticipation and trade entry. I recently watched a video on 20 habits of wealthy traders, number one was:

“They are enormously patient with winning trades and enormously impatient with losing trades.”

So that can mean don’t trail your stop too close, give them time to play out and breathe! I guess after a few losers it might have affected my not wanting to take another one.

Either way, despite price moving on up as I type I’m happy to end the day with my price action read and having a Green entry on the Trade Console 🙂

13:25

Sell@RESCON loser, -1.98R

After a very slow morning session price eventually reached the area of RESCON@11700, however, I was NOT The Bear and FOMO kicked in 🙁

The result was I moved my stop to protect it but it did not work out – AGAIN!!

After a good start to October I’ve dipped since last Thursday onwards, after the sell off on Wednesday I’ve struggled to follow my plan and rules, this has resulted in increasing my risk on a few trades and skewing the traders equation.

This was a good sell setup even if price continues on up and would have resulted in a loser, so long as I’d Been The Bear and got a great entry etc. I’d be happy that I’d followed my plan. Time to regroup and learn what I can….

Pleased with the anticipation of the setup but did not trade it well at all.

I am NOT in the Zone at all!!

06:41

Area of RESCON@11700???

The 11700 level has been sold aggressively twice last week, see chart. It will be interesting to see what happens if price reaches it.

The D1 EQZ@11693.8 is a major level….

Mon 15th Oct

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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20:55

Today’s Results, -1.98R

Another losing day but for the reasons mentioned below I’m pleased that I handled my emotions well after breaking my rules and chasing price. The downward spiral can be fast and after experiencing this in the past I quickly closed down my charts and walked away for the afternoon.

Since last Wednesday’s sell off I’ve taken trades at RESCON that have not worked out like others over recent weeks. I’ve increased my risk on a few of them due to not Being The Bear.

Earlier this month I’d been pleased at the end of the day that I’d followed my rules, win or lose on a trade. I’ve not felt that since last Wednesday so at least I know what I’ve got to work on. Trading is such fine margins at times which is why if you break your rules you can really affect your results.

I want this blog to be an honest account of my trading journey, so on that note I’d say I’d become a little over confident, my trading has therefore reflected LUCK and not SKILL!!

20:45

Broke rules, chased price AGAIN = loser, -1.32R

This Hurts!!!

I walked away after the earlier losing trade, came back to my desk only to see price had come back down to the Open. Next thing I knew I’d entered another trade chasing price in the HOPE that the level would break and 2R+ would be the result.

It started well but then reversed. This is NOT skill, it’s bad habits and I’d not felt this feeling for a few months. The feeling is called “Revenge Trading” and all traders go through this, only those that neutralize it go on the be successful.

I’d not felt this for a few months, I recognised it and reminded myself of the destructive nature of it so I closed my charts down and left my office. I did not look at the charts until early evening and was SO pleased ay my decision, the price action in the afternoon looked very difficult to read, I had therefore limited my losses and handled the negative emotions well.

So despite breaking my rules I feel pleased to have limited the potential damage to my account that comes from powerful unhelpful emotions 🙂

14:02

Broke rules, chased price = loser, -1,21R

My own fault, was NOT concentrating as I was distracted by a software update!!!

I totally reacted 🙁

That’s what happens, even if it had worked out it would have been luck and NOT skill and NOT Being The Bear!!!

11:44

GZ Sell @RESCON winner, +1.55R

I marked up a Golden Zone with point A taken from Yes High and point B from the PW Low on the hourly chart, the 61.8 level is shown at 11588.6 on the M1 chart.

I left my desk briefly, came back only to see the bull spike, I didn’t get the best entry resulting in a wider stop than I wanted. It was a great area of RESCON to sell as shown by the reaction.

Happy with the anticipation of the setup, would like to have got at least 2R out of it though.

Below is the H1 chart showing the FIBCON setup and how perfectly price spiked up to the 61.8 level, had I not left my desk I like to think I’d have gotten a better entry and had 2R on the first reversal before the M1 MAB sent it back up to test the Open.

10:26

GZ H1 Sell MAB@RESCON loser, -1.00R

I waited for price to reach an area of RESCON that consisted of:

  • H1 MA
  • H1 EQZ@11516.8
  • H1 Bear Channel
  • 61.8 of Golden High-Low Zone
  • Bottom of M5 EQZ@11521.7

It started well but took me out for -1.00R, pleased with the setup, pleased with my patience and trade entry, just didn’t work out.

If it had and price had moved back down to the D1 Bear Channel it was a potential 4R so from a Risk/Reward POV it was a decent setup.

 

Fri 12th Oct

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:

20:03

Today’s Results, -1.44R

Below are my comments before I took a late losing trade. I was +0.38R in profit till then!

The late trade was a sell@RESCON that didn’t work out

…………..

A break-even day of fine margins where it could so easily have been a +5R day.

My trade management is a work in progress for sure but that means I’m taking good enough setups consistently for this to be where my focus needs to be 🙂

20:45

Missed Great GZ M1 Buy Micro-MAB

I’ve just noticed a great GZ M1 Buy Micro-MAB when price moved back up. I missed this, should have been on it as it was structurally and contextually very good.

20:27

Sell@RESCON loser, -1.82R

Ouch!!

I sold when price moved back up to the key H1 EQZ level @ 11516.8, it started well but then I ended up moving my stop to allow the H1 Bear channel to play its part, did not work out and resulted in a -1.82R loser 🙁

Both the H1 EQZ and the H1 Bear Channel had been acting as support earlier but failed to function as resistance when I needed them to.

This has been my latest live trade at 20:09 on a Friday, the bulls got a boost from somewhere, I was on the wrong side of it.

19:49

GZ M5 Sell MAB loser, -0.44R

This would have been a +2R winner had I not trailed my stop at around 1R in profit.

I should have kept it above the 61.8@11490.3 but even then it might have been tight. I could have gotten a better entry but the end result was a -0.44R loser only to see it go on to win – such fine margins!!

19:41

Buy@RESCON loser, -1.03R

I took the buy trade when price eventually moved down to the H1 EQZ@11516.8 and the 61.8@11517.8 as mentioned below at 12:14.

It started well but this time the level failed. I’m wondering what clues were there in the way price approached the level.

It slowed down and sat above it forming what could be called a “Bearish Rectangle” for over 30 mins before the break. Yesterday on two occasions it approached the level at speed and bounced perfectly.

I was pleased that I waited until it reached the level, on this occasion it didn’t work out.

14:03

Sold break of High-Low GZ, +0.75R

I sold the break of the High-Low GZ but ended up with a slighty late entry otherwise my 2R would have come in.

After a Triple-Top price turned short-term bearish.

Price is very choppy today so closed out for +0.75R.

12:14

Buy Setup@61.8 level@ H1 EQZ@11516.8 ??

I’ve marked up a possible Buy setup if price moves down to the H1 EQZ@11516.8

Point A is taken from Yes Low, point B is taken from today’s High (Yes High also) and look where point C falls – perfectly confluent with the H1 EQZ and look-left to see what happened twice yesterday.

12:03

GZ Sell@RESCON, +1.00R

This was great sell setup at zone of RESCON, I was pleased with my entry and decided to move my target in case the bears took over and drove it down to the H1 EQZ@11516.8 which they had done twice yesterday.

After seeing my target passed price reversed at the Open+H1 Bull Channel then moved back to hit my stop. Price is currently moving back down, had I not trailed so closely I’d still be in the trade.

I was GREEDY, should have moved my target down to just above the Open 🙁

However, VERY pleased with the anticipation and read of the setup, MUST manage trades better 🙂

11:57

Sold break of M5 EQZ level, BreakEven +0.10R

Price has not moved up to the areas of RESCON mentioned earlier after failing to hold above the D1 EQZ@11693.8 it has moved down to test the Open.

This was not a good trade, I sold the break of the M5 EQZ@11590.3 and trailed a tight stop only to be closed out for break even.

There was strong support at the H1 EQZ Mid-line at 11580.4, I would  – should – not take this trade again.

08:12

Major RESCON@11810…..

I’ve identified a second area of RESCON just above the one I posted earlier.

What makes it stronger is the Role-Reversal structure when you look-left. At the 11810 level the following components of the Grid are confluent:

  • D1 Bear Channel
  • H1 Bull Mid-Channel
  • H1 Bear Mid-Channel
  • Role-Reversal structure

So there are two possible zones of RESCON if price can break above the D1 EQZ level at 11693.8, maybe a juicy salmon will show up!

At present price is struggling to break above the D1 EQZ@11693.8

06:51

Possible GoldenZone RESCON?

If point is taken from the D1 EQZ at 11987.7 then the 61.8 level is at 11760.1 PLUS on the hourly chart the H1 EQZ level at 11772.0 is also confluent – see below.

It’s also a possible H4 MAB???