daxtrader

Thu 2nd Aug 2018

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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:

10:36

Such fine margins…

We’ve mentioned many times how fine the margins are between losers and winners. I’ve been sat looking at the price action whilst enjoying a cuppa and allowed myself to visualize how different this morning could have been.

I was not totally focussed early on because I decided to video the setup and myself taking the M5 sell MAB trade. I feel sure I would normally have taken it.

It was also a very bearish follow on from yesterday so I might have moved my target accordingly. Maybe I would have got +4R – maybe?

Then when price produced the next GZ M5 sell MAB I would have – maybe – taken that and got at least +2R.

That’s +6R (+6%) by 9:30am!!

I know this is easy to say afterwards but one thing we’re clear about at Blackbox is we do not want to be in the camp who can talk a good talk via retrospective analysis, there’s no shortage of ‘traders’ out there who do this.

We want only to be the ‘real-deal’, ‘walking-the-walk’ and putting our money where our mouth is. The only way to do this is to trade a live account and prove you can be profitable using the pattern reocognition skill you teach!!

This is our mission and passion, something we’ve seen very little of over the years!

10:00

Missed another great GZ M5 Sell MAB……

After missing the great M5 sell MAB earlier I had to leave my desk only to come back later to see price has continued to sell off and produce another great GZ M5 sell MAB!!

With point A taken from exactly the London open at 8am price formed a short-term double-bottom at the upper boundary of the H1 EQZ zone at 12556.2. Once again the M1 MAB was low value and low probabilty due to context but the M5 MAB was much bettter value and turned out to be the one – again – to take.

It feels a little frustrating to not have profited from either of these but I’m also pleased that I’ve not been drawn into bad habits such as chasing price etc.

I hope this reflects a maturity in my personal trading, time will tell.

I’m not feeling tuned into the charts today so will work on the website. Well done to anyone who took either of these great GZ M5 Sell MABs 🙂

08:16

Missed great GZ M5 Sell MAB……

I’m regretting deciding to video the M5 MAB that formed after the 7am open. I just missed taking the sell, probably because I was talking and showing different chart perspectives.

It turned out to be a cracker if you’d moved your target based on it being a very bearish mood just now. Still, that’s life and others will come along 🙂

Price is still selling off as I type….

Another great lesson in the importance of ZERO distractions when price comes into the anticipated buy or sell zones.

On a positive note, it was another great early setup!

Wed 1st Aug 2018

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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:

16:27

Major Reversal Buy FIBCON

Have been unable to trade since earlier today, I’ve noticed that price continued down to find support at the bottom of the H1 EQZ at 12701.4 followed by a great GZ Reversal FIBCON as price moved back up into the zone.

The arrow shows trade entry and was confluent with:

  1. The 61.8 level
  2. Hourly Bull Channel
  3. Hourly Bear Channel
  4. Daily EQZ Mid-line at 12725.5

Below is the 15 min chart and shows clearly the reversal pattern.

09:35

Golden High-Low M5,M15,H1 Sell MAB Winner +3.31R

Wow!! What an intense 42 minutes!!

As I was updating the blog with the anticipated Sell setup (Juicy Salmon 🙂 🙂 ) price spiked up to my sell zone. I had the Trade Tool roughly in place and managed at high speed to get a good entry.

Also, what helped to make this a ‘must take’ trade was the cluster of 3 MA’s at sell zone. The M5,M15 and H1. These are shown in real-time on the screenshot below, pre-trade entry.

My 2R target was at 12795.0 , just above the start of the huge bull spike candle. I moved my target down to just above the Daily Bull channel (see below) and rode out quite a bumpy ride down but prevented myself from closing out early by letting Grid structure guide me.

Over the last few weeks I’ve studied price interacting with the Price Action Grid more closely than ever. It captures most of the key decision points as price moves up and down. 

This therefore tells me when to expect price to battle it out and so long as structure holds then I trail my stop accordingly.

 Eventually I was able to move my stop to lock in the original 2R just above the 12791.6 M5 EQZ zone and push for a bit more due to the GZ M1 Micro-MAB that formed at that level.

I manually closed out as shown for a good profit, great way to start August 🙂

After I’d marked the trade up in anticipation, just before I posted the screenshot to the blog below I’d already decided I was going to take the trade so long as price moved up to my entry level, it was a JUICY Salmon, I was Being The Bear :):)

Below are two more screenshots related to this trade.

  1. The 5 min chart shows very clearly the Golden High-Low sell setup, marked by the arrow. 
  2. The 1 min chart mid-trade.

08:49

GZ M5 Sell MAB Setup?????

Just entered sell on spike.

06:52

7am GZ M1 Buy MAB

A fast moving GZ M1 MAB at 7am. I sat down at my desk at 7am so was not able to take it but spotted it straight away.

Just before 7am price moved to the top of the hourly EQZ at 12829.8 to produce a Higher-High. Despite the gap down at 7am it was structurally very good. Note that the 61.8 level of the M1 MAB was confluent with the 50% level of the current Golden Low-High zone.

In fact, the 38.2-61.8 M1 MAB zone is very close to the 50-61.8 of the Golden High-Low zone.

July 23rd-27th 2018

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July 2018

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Tuesday 31st

16:32

GZ M5 MAB after the US Open

I had to go out for a few hours and returned to see that price eventually moved down to test the area of SUPCON again, in fact it touched the top of the hourly zone mentioned earlier precisely (12753.3).

It then spiked up strongly at 14:24 to produce a HH setting up a decent M5 MAB upon the retrace down to the Open. The GZ had good RR structure when looking-left and with the stop covering the 61.8 level at 12781.8 would have resulted in a winner.

10:25

The importance of marking up structure

I’ve been looking at what else could have helped me avoid taking the earlier sell. I’ve already noted it was an area of SUPCON (Daily & Hourly Bear Channels) I was selling into.

However, I had also failed to mark up a very important Role-Reversal zone on the hourly chart (above) that price reached the bottom of – pip perfect – to set the session low before reversing back up.

I have the hourly and 15 min charts on permanent display on a second install of MT4 dedicated to the higher timeframes. I’d failed to follow my plan and keep it up to date.

I’ve since marked it up and look how clear it is!!

Had I marked up such an important zone I’m sure I would have talked myself out of the trade and maybe even looked for a buy.

Also note that the bottom of the hourly zone is confluent with the bottom of the 5 min EQZ at 12738.6 so whilst the sell setup was structurally good the context was NOT!!

Easy afterwards of course but this is the level of analysis we have to step up to if we’re going to master this.

The core structure overlaid by the Price Action Grid captures most of the key decision points price makes as it moves up and down but we also need to add zones like these as and when required.

Note: The previous GZ M1 FIBCON I passed on was much better value because at that point price was still on it’s way down to the zone and price had paused at Yes Low.

Still no guarantee it would break below Yes Low but if you’d had the zone marked up on the hourly chart you might have reasoned price might be targeting the zone.

The DAX is a VERY technical market and likes to target key zones and levels, this can be seen when trading day after day.

If these areas are not accurately marked up it’s like wandering through a minefield!!

 

 

 

 

09:41

GZ M1 MAB Sell Loser -1.46R

Wow!!!

I didn’t move my stop but once Yes Low gave way the pressure resulted in a -1.46R loser 🙁

Structurally the setup was good BUT the context was it was reversing off an area of strong SUPCON in the form of the Daily and Hourly bear channel boundaries.

I still took it, probably because of FOMO after missing the great GZ FIBCON earlier.

I would not take it again!!

I’ve passed on these before, should have done the same with this one.

09:32

Sell Winner +0.28R, missed great M1 sell FIBCON

Price spiked down strongly and I found myself chasing it on a very rapid pullback. I glanced quicky at the 15 min chart to see a level that I entered at. I closed out after realzing that was not good practice, however, had I left it alone the 2R would have come in, typical!

A GZ M1 FIBCON then followed that I passed on as I was waiting for price to reach the Open and the M1 MA. 

08:50

GZ M5 MAB Buy Loser -0.31R

I closed out after price failed to move back up, in time to avoid the full 1R loser.

The risk was that we’re in yet another range period, plenty of them lately! However, structurally I liked it, the Golden Zone had decent RR when looking-left.

It started off well reaching +0.88R then reversed quickly so I closed out.

Monday 30th

15:15

Golden Low-High Buy Setup

Feeling a bit frustrated!!

After having to leave my desk for a few hours I returned about 14:45 to see price making its way down into the Golden Low-High zone. I was close to taking the trade at the bottom of the zone zone as marked up but passed because I didn’t feel tuned in to the price action and have a “rule” to not rush into trades.

However, on this occasion it would have worked out as price reversed precisely where it should have if this was a text book setup – which it was!

Trade entry was supported by:

  • The M5 bull and bear channel intersection
  • The 12800 level (M5 EQZ mid-line)
  • Good Role-Reversal zone, look-left
  • 61.8 level of the zone
  • Open within the zone

Despite feeling frustrated about missing such a superb setup it’s great to see yet another session Golden FIBCON play out in real-time instead of after the event 🙂

The 1 min chart below shows the same setup and how it went on to produce a GZ M1 FIBCON when price retraced to the 50% level of the Golden Low-High at 12807.2

When mastered multiple R is available from the initial Golden Low-High followed by the M1 FIBCON shown below!

12:43

GZ M1 Sell MAB

Just come back to see what’s been going on to see this M1 MAB that’s just formed. Price has gradually crept up over the last few hours but the very bearish candle after price failed to hold above the 12844.5 level was a clue to price was struggling to go higher.

The setup had very good structure as shown with an excellent Golden Role-Reversal zone, look-left 🙂

10:02

GZ M1 Sell FIBCON

A decent FIBCON is sohwn that I didn’t see in real-time as I wasn’t at my desk.

A much better setup and value entry (12829.8) than the sell loser just taken.

The market is currently ranging making it a challenge, best stand aside until things become clearer.

09:38

M1 Sell MAB Loser -0.96R

After the move down to form the LL I sold at the retrace to top of the earlier GZ at 12825.8 and M1 MAB.

This was too early as shown, I forgot to overlay a copy of the short term channel which was confluent with the LL. I may have passed and reasoned a better value entry would have been on the retrace up to the top of the channel – maybe??

I had also not marked up the best FIB tool which is shown, I’d taken point A from the 12829.8 level, too aggressive?

Very pleased I did not move my stop!

I don’t think I’d take this trade again, it was low value.

08:49

GZ M1 Buy FIBCON Setup

After a bullish move back up off the Daily Bull, Hourly Bear and Hourly mid-Bull Channels at 4am price moved up to make a new session High after the 8am open.

A good M1 FIBCON formed as shown when price retraced to Yes Close, the bottom  of the GZ-RR zone at 12821.6, a good with trend setup that I just missed taking.

As mentioned last week, overlaying a short term channel after the move up can be very useful in determining trade entry, stop and target levels.

Friday 27th

08:59

Missed GZ M1 Buy MAB

I was not at my desk and came back to see a decent GZ M1 Buy MAB had formed after price had made a Higher-High at the H1 Bull Channel.

We have family visiting from crazy hot South Wales so I’ll not be trading anymore today. I intend to enjoy yesterdays results and not replace the memory just yet 🙂

 

07:20

Golden Low-High Loser -0.48R

I anticipated price gapping down to test the 61.8 level of the current Go-Lo-Hi at 7am.

It moved so fast some slippage occurred, however it went into profit briefly before failing to get above Yes High. I reduced my risk and was eventually stopped out for -0.48R.

The idea was right but tricky to execute when price gaps at the 7am open. However, as I type the bottom of the zone is still holding and price is testing Yes High again.

I should have kept my stop below the 61.8 level to let the Golden Zone do its thing if it’s in play.

The trade was a buy and therefore had order-flow on its side due to the bullish price action of the last 36 hours or so.

Would I take the trade again?

Currently I’d say Yes and consider this as one that just didn’t work out!

Last Wednesday at 7am price gapped up to the 61.8 level of the Golden High-Low of the session then sold off strongly. Observing this is what finally made me decide it’s time to automate displaying this unique FIBCON.

Thursday 26th

22:04

Cool Channels

Whilst reviewing the session I thought it might be helpful to show how identifying very short term channels can be very helpful. 

Note: I studied channels a lot whilst learning about trading, it’s time to rediscover how useful they are. Developing the habit of marking them up as soon as possible is extremely important. I only had the first of these marked up in real-time, going forward I intend to look for them and profit from them!

If you can spot the channel early on it adds another level of precision to trade entry and target levels. These 1 minute channels last a short period of time before they break down but provide great guidance on short term opportunities.

It takes practice to mark them up by following a simple method each time then adjusting them as price guides you.

14:16

How the Golden Low-High played out

This 15 min chart shows what happened after my earlier Golden Low-High winner.

It’s not easy riding up such relatively large swings but price has eventually moved on up and is currently sat at the 12765.8 level, just below the PW High.

The arrow shows where I entered the trade, really pleased to have finally traded one after seeing so many of them over the last 2 weeks after the event.

It shows the power of the zone when price 

12:55

Golden Low-High Buy Winner +2.63R

I’m stopping for the day as I’m currentlyup +7.30R, my second best day since going live 🙂 🙂

The earlier -1.62R was an awful trade and a reminder of how bad habits need to be flushed out of the system, however….

I’ve just had my first Golden Low-High Buy winner off the bottom of the zone. The first one I took earlier in the week was a loser and poor quality, this one felt different due to the confluent structure at the bottom of the zone in the form of:

  • Yes Close
  • Hourly Bear Mid-Channel
  • M5 Bear Channel – see below

Such confluence was missing the other day. Price briefly moved down to my stop – which I did not move – but then moved back up, such fine margins!!

Also, when you look-left the zone had decent role-reversal support from earlier in the session when price moved up (12725.5) just after the 7am open.

The 5 min chart was supportive (see below).

Price took a while to finally break back above the daily EQZ mid-line at 12725.5 but when it did the pressure that had built up meant I was rewarded with a +2.63R winner 🙂

Note that price then pulled back to the top (50% level) of the zone before making a second leg up to Daily Bull Channel where it failed to hold the level.

Below is the 5 min chart ,it shows where I entered the trade. Note the bear channel that helped to support price at the bottom of the zone – the 61.8 level.

This is why I wanted to update the bssIntradayKeyLevels indicator to automatically display and update the session’s Golden FIBCON. Throughout the week it can highlight great trade entries, not all the time of course but let’s study it closely. It’s worth mastering!

 

11:27

GZ M5 MAB Sell Winner +2.14R

I took this GZ M5 Sell MAB a bit late but was pleased with the setup, it had value!!

Unlike the last one. That was a great example of why chasing price is futile and leads to slippage and other bad habits like moving the stop to compensate.

11:13

GZ Buy M5 MAB Winner +1.56R, Poor Sell -1.62R loser

Took a great M5 MAB buy and pushed for more R, it reached just over 3R before retracing to my stop resulting in +1.56R

I did not have the upper boundary of my short-term channel correct, it was too high, on the screenshot it’s corrected, I might have closed out for a much better result – maybe?

When price failed I ended up taking a very poor value sell by chasing price!!! The slippage made it worse!!

This resulted in a -1.62R loser as I moved my stop, a spiral of bad habits!!!!

Below is the 5 min chart and like the earlier trade shows how supportive it was of the buy setup. It was confluent with:

  • M5 MA
  • Yes High
  • The M5 EQZ  mdi-line at 12746.5
  • M5 Bear Channel
  • M5 Bull Channel

Great setup, should have closed out for at least 2R.

08:36

GZ Buy M5 MAB Winner +2.59R

At 7am a gap up to the Hourly EQZ level of 12701.4 took place followed by a quick spike down to close the gap perfectly before moving back up strongly.

A very bullish follow on from yesterdays late bull move up.

At the London open I had the M5 MAB marked up and after 2 pin-bars I entered the buy trade that came in after 28 seconds plus on this occasion the gap went in my favor for a +2.59R winner 🙂

Price stormed on up to push through the PW High before a sharp retrace to form an extreme pin-bar as shown below on the 5 min chart.

Shame I didn’t move my target in time as the clues were there that bulllish energy wanted to release itself into the market!

Below is the 5 min chart that was very supportive of the buy setup. The arrow shows trade entry, note the confluence of:

  1. The 5 min EQZ mid-line at 12693.6
  2. M5 MA
  3. M5 bear channel
  4. M5 bull mid-channel
  5. 61.8 with point A taken from the Open

A great trade to start the day 🙂

Wednesday 25th

09:19

GZ Sell MAB Losers x2, -1.07R,-1.17R

Really liked the sell setup at the 61.8 level of the current Golden High-Low. Ended up taking two trades 🙁

A major battle took place in the zone but on this occasion price went up to test the High then sold off again.

One clue was that price was moving up off the Low where both bull and bear hourly channels provided support. 

However, the sell setup at the 61.8 level was supported by the 5 and 15 min charts so would I take the trade again?

Certainly the second trade was the best value of the two and I class it as one that just didn’t work out and I’d take it again because we deal in probabilties and we can’t win them all! The key thing is to be consistent each time a decent setup forms.

 

Tuesday 24th

18:55

GZ M5 Sell MAB Loser -1.00R

The setup was a sell M5 MAB that really liked except that it was a sell in what was still a bullish session after the morning bull spike.

Very happy with the execution as I waited for it to reach the 61.8 level, it just didn’t work out. Had I taken point A from the High then I might have passed and watched what happened when price reached the 12738.6 level. 

From there it sold off strongly back down through the key hourly level of 12701.4 offering a good sell on the retrace back to it as shown by the arrow.

 

12:01

Sell Winner +1.48R, GZ M1 Buy FIBCON +0.52R

There was no clear buy signal to ride up the bull spike at 09:30 so I had to Be The Bear and wait!

When price reached the M5 Eq-zone mid-line at 12746.5 just below the Daily bull channel the price action shows signs of a short-term top.

I liked the micro-topping patten after the break below 12738.6 so entered a sell trade. This was quite aggessive after such a strong bull move but had seen enough of these to reason that probability was on the sell side, at least very short-term.

Eventually price moved down but I closed out early for +1.48R due to the M5 MAB at my target. Of course it then went on down afterwards to the key level at 12701.4

I’d already decided to buy at the 12701.4 level but ended up with a larger stop than I wanted. This buy was supported on the 5min (see below), 15min and hourly charts.

When price stalled I closed out for a 0.52R winner. As I type price is in a short-term range at the level I closed out.

Below is the 5 min chart with the arrows showing my trades entries and how the Price Action Grid structure supported them.

So overall I’m pleased with being +2.00R up from the morning session. I was helped by displaying our updated ‘Be The Bear’ page 🙂

09:14

Tight range so far.

A very tight range so far after yesterdays break back up above the daily Eq-Zone at 12577.5

Price is ranging around the current Golden Low-High, this zone is one to watch going forward. The idea is we learn when it is most effective in our trading decisions.

There will be days when it plays no part in them but there will be days when it offers great multiple R opportunities 🙂

We must continue to develop ‘Being The Bear’!

 

Monday 23rd

Note: Today marks the introduction of the automatically updated session Golden FIBCON 🙂

13:34

GZ H1 Sell MAB Winner +0.59R

Took the H1 MAB sell at Yes Close and the 12542.7 level.

Closed out for a small winner which was a good call as price then went on to hit my stop. 

Some BIG lessons today 🙂

On a range day like today when price has gone from the High down to the Low and is moving back up into the range ONLY take buy trades on pullbacks. 

Do not take sells even though the setups are good structurally. It’s a probability game and some of the sells will work but today they were only brief pullbacks before the next leg up.

12:53

GZ M5+M15 Sell MAB Loser

Did not get a very good entry, should have waited for it to reach the 12527.0 level. I still might have struggled to get the 2R but after moving from the High all the way down to the Low and back up it’s a range day.

1 winner, 2 losers, up +0.26R.

12:41

Golden Low-High Loser

Waited patiently for this buy but I must admit to not having that feeling we speak about 🙁

There were no intraday key levels in play plus the RR zone when looking-left was not convincing. I entered with my stop below the 5 min channels but it wanted to do down to test the 12492.2 level.

I’ll admit to entering the trade probably because of the focus on the session’s Golden Zone and FOMO kicked in.

I would not take it again, a poor trade and the zone did not have good confluence.

 

08:17

Golden High-Low sends price back down

So far price has been unable to break above the current Golden High-Low zone

07:20

7am M5 Sell Winner

Took an early sell on the 1 min chart but based on a Role-Reversal zone just above the 61.8 level of the session’s Golden High-Low best seen on the 5 min chart – below.

I didn’t max out the profit potential but happy with +2.40R.

The screenshot below from the 5 min shows clearly the RR zone, was almost stopped out but a 100% WTA.

July16th-20th 2018

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July 2018

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Friday 20th

20:07

Grade A Golden High-Low

Once again, yer canna make this stuff up 🙂

This morning I finished of the update that will automatically display and update the session Golden Zone and left it running before going to mow the grass etc. for a few hours.

When I came back in I noticed the superb M5 MAB that formed within what was at the time a Golden High-Low. After price broke below the the PW High it retraced as shown with the following confluence :

  • 61.8 level of the zone
  • The PW High
  • M5 MAB
  • Other Grid structure not shown

This is yet another great example of how powerful this zone is and when it comes in to play like this some great multiple R trades are on offer.

I’d love to have been at my desk for this one, it was a 100% WTA for sure.

I hope this whets your appetite to use the new feature. It’s based soley on Grid structure removing all subjectivity as point A and B will always be either the session Low or High.

It is therefore a unique FIBCON and something we can all study and learn how to use it to maximum effect 🙂

Below is the same chart only this time the updated Golden High-Low zone is also shown below the earlier one. As either the low or high change so does the zone, the new feature will automatically do this for you.

Based on what I’ve seen so far this adds another great tool to our price action arsenal.

Thursday 19th

07:18

7am Golden High-Low

Wow, yer canna make this stuff up 🙂

At 7am price gapped up to the 5 min bear mid-channel as shown by the arrow. I then overlaid the FIB tool to see that it was also a very early Golden High-Low where price briefly pushed through the 61.8 level before reversing back down.

I spent yesterday updating the software to automate the detection and display of Golden High-Low’s and Golden Low-High’s after we’ve seen them regularly over the last several days.

Not that we needed any confirmation it was worth doing this but this morning shows how important this zone is and to automate the display of this throughout the session.

I will continue this today so that I can test it live starting tomorrow, I will therefore not be trading today.

Below is the same setup without Grid structure.

As I type price has continued to sell off down to the Daily bull channel and M5 Eq-Zone at 12738.6, how cool to be taking trades based on this unique FIBCON once we build it into our price action read and master it 🙂

Wednesday 18th

10:24

Grade A Golden Low-High

The earlier sell trade was NOT a juicy salmon as mentioned and I should not have taken it. However, it’s prompted me to ask myself what other clues were there in the price action that would have kept me in “Buy Mode” only.

And guess what?

There was a Grade A Golden Low-High and I misssed it!!

I did notice an earlier micro one but again, after the event. I have looked at automating detection of them but had put it on hold until we were really sure it was worth doing. 

After today we’ve agreed this is an update that will benefit us all so that’s the plan 🙂

09:34

M1+M5 Sell Loser

I just missed taking the M1 MAB after the bull spike above Yes High. I was waiting for a tiny wee bit more of a pullback – too fussy!!

I then entered a sell but this was NOT a juicy salmon, it was a tiddler that I should have left well alone 🙁

My entry was poor so I moved my stop above the bull channel for a -1.41R loss. I didn’t mark up the GZ correctly but it was still a poor trade!

07:45

Bottom Of Range Buy Winnner

After price eventually broke above the key level of 12577.5 yesterday afternoon/evening I was in buy mode. A clear overnight range had formed with its bottom being the H1 Eq-Zone at 12701.4

Whilst it wasn’t a FIBCON setup as such I decided if price came down to test it I’d buy. That’s what happened so I did 🙂

The trade worked out but I closed out early when it reached the Open+Yes Close+M5 MAB only to it go on and storm on up to Yes High. I was tempted to move my target up to just below Yes High but decided not to, of course that meant it would do exactly that 🙂

Very happy with the trade and a 100% WTA.

Below is the 15 min chart showing the range, the arrow shows where I bought just after the 7am open.

A great example of how the Price Action Grid guides us.

Tuesday 17th

15:09

GZ M5 Sell MAB

I had to go and pick up the car along with a few other things at 10:30 after a mad morning session!

 I returned home to price has continued to range whilst it struggles to hold above the D1 Eq-Zone boundary at 12577.5, the daily chart shows this clearly.

However, just after noon a juicy salmon came into view in the form of an M5 MAB as shown. A great example of no matter how difficult a session might be to read there is usually at least one really good setup. What we don’t know is when they will come along, hence the need to be Be The Bear when we are a able to watch the price action.

 

09:02

2 losers, 1 winner!!

Wow!!

After nearly entering a sell trade at the break of 12556.2 price went down strongly. I then entered the M1 MAB after finding a GZ Micro Sell Setup. A loser 🙁

I then entered the M5 MAB, a loser 🙁

I then took the sell trade when price reached the Daily Eq-zone at 12577.5 + the H1 Bull Channel. I took a small winner.

I almost didn’t take the M1 MAB but talked myself into thinking price would continue down to Yes Low – Not Today!

I don’t think I would have taken the M1 MAB if I’d not had the early winner but I would have taken the M5 MAB. A real lesson in there’s never a dead cert!

07:15

GZ M1 Buy FIBCON Winner

At last!!

On occasions a good setup forms not long after the European open at 7am. I’ve often missed them due to routine or talking myself out of them but today I marked this up and really liked it!

The HH formed at exactly 7am so I put the FIB on with point A at the Low. The 61.8 was PERFECTLY confluent with the hourly Eq-Zone at 12556.2 and when looking-left on the 5 & 15 & hourly charts it was clearly a major level. 

I therefore decided if price came down to it I would enter for  quick trade since price tends to wait for the London open at 8am before making a major move – if it’s going to.

I had that feeling, “Whatever happens I’d take it again”. It did spike up and down for the first few candles after but then went on to reach my target 🙂

It has since sold off back down below the 61.8 and would probably have triggered my stop so VERY pleased on my entry etc.

Monday 16th

13:26

GZ M5 Sell MAB – Just Missed!!!!

Arrghh!!!

I traded briefly this morning before I had to go out and take the car for its MOT, no trades were taken.

When I returned home I took a look at the charts and noticed price had just made a new session low. I passed on the M1 MAB at 12527.0 but spotted a much better value M5 MAB and marked it up as shown.

The Trade Tool was positioned at:

  • The 61.8 level
  • The M5 MAB
  • The 5 min keyzone mid-line
  • A project measured move

I waited patiently, however, the sound of rain on the window caused me to take a look. I so enjoyed seeing the rain I spent maybe 20 seconds looking out only to switch back to the chart and see that price had spiked up and was reversing right on my entry point. 

I resisted chasing price as the value entry had gone and did not get a second bite at the cherry!! I’m pleased with the anticipation but SO frustrated at missing by seconds.

The good news is Elaine was also anticipating the exact same setup independently and took it resulting in a winner 🙂

So the rain shower cost me a decent 2R winner 🙁 but well done Elaine! It’s also a great example of how we should expect to be spotting the same setups.

Note: The measure move (aka. two legged move) is a common price action feature, that’s why the bssMMove script is in the favorites tab. It’s often a good idea to remove any wicks as shown.

July 9th-13th 2018

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Friday 13th

09:54

M1+M5 Sell MAB Winner

A bullish start at 7am and also at 8am resulted in price testing the daily keyzone lower boundary at 12577.2 to form the current sesssion high.

Price sold off after failing to hold the level to produce a clear impulsive A-B leg. The GZ-RR zone was my preferred entry level but when price struggled to get back above:

  • PW High
  • Hourly keyzone boundary at 12556.2
  • M1+M5 MA’s

I entered at the 38.2 level as shown.

It was a 100% WTA and on this rare occasion I entered earlier than planned.

Below is the 5 min chart, note how it was supportive of the trade entry at that level due to the bear channel.

Thursday 12th

09:32

GZ M15+H1 Sell MAB Winner

I really liked this sell MAB as both the M15+H1 MA’s were in play.

I had a great entry as shown but closed out early, however, it was a 100% WTA and as per the trading plan I’m happy to take a small winner.

08:38

GZ M1 Buy MAB + GZ M1 Sell FIBCON

Two decent setups below that I didn’t take. Maybe I’m a little distracted due to the drama of last nights semi-final 🙁

Was VERY close to taking this but I talked myself out of this decent Sell FIBCON as price was reversing up off a daily bull channel. Price has since sold off down to the Open.

I passed on this very early M1 MAB just after 7am.  Structurally it was good, the GZ-RR was excellent.

Wednesday 11th

14:50

GZ M5 Sell MAB

After the early sell off price went into a range that was best avoided. I decided that if price broke below the bottom of the hourly keyzone at 12428.2 I’d consider a sell if the setup was good.

That finally happened at 14:00 so decided if price retraced into the GZ  I take it. The 5 min keyzone looked the best at 12436.8 

I did lower my target and trailed my stop to the original 2R level, it was at one point +4.80R but then a bull spike took me out for +1.87R.

Very pleased with the setup, very pleased that I waited patiently, a 100% WTA.

Price has since moved down and hit my 5R target 🙂

08:37

GZ M1 Sell Micro-MAB

After the London open price sold off down to an area of SUPCON. I passed on the M1 MAB as I wanted price to ideally reach the 61.8 level at 12469.4

I was too fussy, structurally it was decent, the realistic target was the bull daily bull channel+hourly bull mid-channel.

 

Tuesday 10th

15:47

Superb Golden Low-High Buy Setup

This is a great example of a Golden Low-High setup where point A is taken from the session Low and point B from the session High.

We’ve seen these in the past but now is the time to start looking for them. They occur regularly throughout the month, what we don’t know is the day and time. We need to make them part of our mindset and reasoning process during the session!

The sell off from the high retraced into the Golden Zone (point C) and was confluent with:

  • The 61.8 level at 12571.3
  • The Daily keyzone boundary at 12577.5
  • Yes High
  • The Open
  • The hourly MA

This was a superb setup with multiple R potential as shown. 

The very best ones usually have the Open in or close to the Golden Zone which makes sense from a structural POV.

Below is what the setup looked like on 1 min chart. The skill is entering a buy trade in real-time as close to point C as possible. Price bounced perfectly off the H1 MA and the Open before moving back up strongly.

In the past I’ve traded a few of these with some success, now is the time to master them. This one is exceptional and I wish I’d been at my desk.

10:14

GZ M1 Sell FIBCON Loser+Winner

The screenshot shows two sell trades, one loser, one winner.

Point A was taken from Yes High which resulted in the 61.8 level being confluent with the PW High+top of the hourly keyzone at 12556.2

FOMO meant I took the early entry and ended up moving my stop to cover the PW High. I was stopped out by 0.1 of a pip!!!!

I quickly reassessed the setup and entered again, this was the ONLY entry I should have waited for.

I was really pleased with the quality of the setup and my anticipation so 100% WTA.

However, I moved my target to just above the Low. It looked good then reversed, I rode out the ups and downs only to be stopped out for a +0.64R winner. 

So, great setup as shown but due to FOMO, moving my stop and being too aggressive with my target I’m net down -0.87R.

Monday 9th

11:54

Sell loser analysis

I’ve looked at the Grid structure and can clearly see that had I paid more attention to the 5 min chart and ‘Looked-Left’ I might well have reasoned it was better value to wait for price to reach the 12542.7 level.

Always easy afterwards but I must admit I’ve been working on the blog and allowed myself to become distracted thus resulting in me not reasoning the setup out correctly.

Once again, total concentration is required!!!

11:33

GZ M15 Sell MAB Update

A Golden High-Low….

If you take point A from the High the 61.8 is perfectly confluent with the top of the 5 min keyzone at 12542.7, this is something we’ve called a Golden High-Low in the past.

Price has broken below the hourly bear channel so the 2R would come in had I used the high as point A and entered when price tested the 61.8 level.

11:16

GZ M15 Sell MAB Loser

Took the M15 MAB but did not work out.

I almost talked myself out of it because price had just broken back above the hourly bear channel.

The GZ-RR was decent but overall I would pass on this next time. Price has since gone on to test the channel then entered a short term range.

The 15 min chart shows how price has bounced strongly up off the Open and hourly bull channel.

09:50

GZ M1 Sell MAB

I waited patiently for a decent setup and entered the sell but I did not press the Ctrl-E correctly. In the moments after whilst I was checking if it was delayed for some reason price moved down and the value was gone.

It went on to be a winner but I’m pleased that I was The Bear and waited for it to form. I felt price might still want to test the Open/Low and hourly bull channel.

This played out so it’s a 100% WTA, just need to make sure I press the Ctrl-E correctly.

July 2nd-6th 2018

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Friday 6th

08:43

GZ M5 Sell MAB

Attended the ‘Red-Flag’ event yesterday where Mark Carney was speaking. Interesting few hours, I canna get over we’re the same age 🙂

Had planned to trade but it’s not a good fit as we have to focus on the website plus ANOTHER sell MAB has formed whilst I was away from my desk so I guess my routine is not tuned in this morning!!!

When the updated LL is used it results in the GZ-RR zone shifting down as shown. It resulted in a decent M5 MAB.

The 5 min chart is hugely supportive of this sell also, price reversed perfectly at the top of the keyzone plus a bear channel boundary.

Well done Alex for taking this one and achieving 3R 🙂

Once again – it’s SO easy after the event but I like to think had I been sat and my desk and in the moment I’d have taken at least one of the 3 setups shown below.

08:43

GZ M5 Sell MAB

Attended the ‘Red-Flag’ event yesterday where Mark Carney was speaking. Interesting few hours, I canna get over we’re the same age 🙂

Had planned to trade but it’s not a good fit as we have to focus on the website plus ANOTHER sell MAB has formed whilst I was away from my desk so I guess my routine is not tuned in this morning!!!

When the updated LL is used it results in the GZ-RR zone shifting down as shown. It resulted in a decent M5 MAB.

The 5 min chart is hugely supportive of this sell also, price reversed perfectly at the top of the keyzone plus a bear channel boundary.

Well done Alex for taking this one and achieving 3R 🙂

Once again – it’s SO easy after the event but I like to think had I been sat and my desk and in the moment I’d have taken at least one of the 3 setups shown below.

08:25

GZ M1 Sell MAB

Was not at my desk at the open and have just come to see a decent M1 MAB though it would have meant selling into an area of SUPCON.

The 15 min chart shows how key the 12492.2 mid-line level was in this sell setup when you look-left.

With point A taken from Yes High the GZ-RR zone is excellent!!

07:15

GZ M1 Buy MAB

Just arrived at my desk to see one of the earliest M1 MAB’s for a while. It formed immediately at the 7am open due to the gap up that produced the HH right at the hourly bear channel.

The GZ-RR zone is very clear and is just above the bottom of the 5 min keyzone.

Price has since sold off back down to Yes High but a great setup for those at their desk for the 7am open. 

Tuesday 3rd

15:49

GZ M5 Sell MAB

Just been watching the 1st half of Sweden-Switzerland and thought I’d take a look at the price action only to see yet another decent Golden Zone M5 Sell MAB. 

This followed on from the earlier one I mentioned at 15:12.

It’s a great example of how a FIBCON or MAB may not look that good in terms of the impulsive A-B leg followed by the corrective B-C leg but so long as you accurately identify point A and use the Lower-Low then see what happens at point C.

We have to ‘Be The Bear’ and wait patiently for price to reach the Golden Zone and resist getting drawn into low probability, low value trade entries.

15:12

GZ M5 Sell MAB

Just came back in to see price continuing to pull back and in doing so form a decent M5 Sell MAB.

Once again the Golden Zone contains the Role-Reversal (RR) zone – Look-Left.

The setup is also shown on the 5 min chart, note how the 5 min channels capture the main price movements from point A to the LL.

13:49

Bulls in Control So Far

I’ve just returned home to see that the bulls have so far been in control. Price is currently pulling back from the session high after reaching an hourly bear channel and a daily bull channel.

08:10

GZ M5 Sell MAB

Was not at my desk at the London open but have just noticed an M5 MAB formed right in the GZ.

My rule is to not trade the first few minutes after the open due to spikes etc. but structurally this was a good setup and conformed to our trading edge.

Look-Left to see where price gapped up at the 7am open before it retraced. Not perfect due to gaps but functioned as a role-reversal zone.

07:26

Support found at Monthly MA

Morning All!

The daily chart shows that price has found support and moved back up off the monthly MA from within the daily key zone over the last few days.

Today has started in bullish mode, will price continue to move back up or will the bears step back in ???

As Price Action traders we must be ready for both 🙂

Monday 2nd

16:20

GZ M1 Sell FIBCON

Just spotted a GZ M1 Sell FIBCON after price failed to hold above the Open.

13:49

GZ M1 Sell FIBCON

Just missed this superb GZ M1 FIBCON 🙁

Once again, ‘Look-Left’ to see the role-reversal zone within the Golden Zone!

Also note the hourly bear channel functioned as a role-reversal level providing further confluence.

We sure do need to ‘Be The Bear’ but it’s worth it!

11:52

Failed GZ M5 Buy MAB

Not trading at present as we’re working on the blog updates but I did notice this M5 MAB that looked a good setup as shown by the Golden Zone.

However, on this occasion it failed though lower down it did form a weak M15 MAB that briefly moved up before also failing.

Price eventually moved down to Yes Low before moving back up strongly to the Open/Yes Close.

08:00

GZ M1 Sell FIBCON

I took an M1 sell FIBCON but closed out for break even. Price was testing both bull and bear daily channels so when the move back down stalled I closed out.

The bull spike at 8am would have taken me out as shown.

The screenshot below shows that price formed a Golden Zone M5 MAB when point A is taken from Yes Low.

Not an easy trade to take as the MAB took place immediately after the London open, however, structurally it is good with a role-reversal zone falling within the Golden Zone (Look-Left 🙂 ).

June 2018

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Fri 29th June 2018

Thu 28th June 2018

Wed 27th June 2018

Tue 26th June 2018

Fri 22nd June 2018

Thu 21st June 2018

Wed 6th June 2018

Thu 7th June 2018

Fri 15th June 2018

Mon 18th June 2018

Tue 19th June 2018

Wed 20th June 2018

Fri 29th June 2018

07:44

I’ll not be trading today as it’s a great day to enjoy my birthday and go for a 50 mile round trip ride up the coast and back 🙂

However, I sat down just afer 7am to see an M15+H1 MAB that had just reached it’s point C at around 06:50. It had great structure as shown on the 5 min chart below, the 15 min chart also shows this clearly.

The reason this was a Grade A setup can be seen by Looking-Left. Yesterday evening produced a short-term HH, overnight the market went into a range before the impulsive move up.

Price retraced precisely into the Golden/Role-Reversal Zone which was precisely confluent with the HH from yesterday evening.

Once again note how good the structure is, all the setups posted to this blog conform to our trading edge. When setups like this come along it’s hard to talk yourself out of them 🙂

Blackbox will see you on Monday, enjoy the great British weather 🙂

Thu 28th June 2018

11:33

I was away from my desk for a while and have just returned to see that the bears are still in control and a decent Micro-FIBCON has recently formed.

Once again the Price Action Grid is capturing all the key turning points to produce high quality setups 🙂

Repetition repetition repetition !!!

The mind loves it when learning a skill, all the setups we put in the blog conform to the Blackbox Trading Edge, this latest one below shows how vital it is that the Golden Zone defined by points A and B line up with previous (Look-Left) Role-Reversal zones.

09:27

Had a late start but was in time to spot a great looking GZ M5 MAB, took it and got my +2R 🙂

I’ve not had a pure 2R for weeks due to the routine etc. so it felt good and was a 100% WTA! I knew this before I entered, that feeling I’ve mentioned a lot.

The only thing I’d maybe do differently is not have such a wide stop.

I’d also marked it up on the 5 min and 15 min charts and as you’ll see from the screenshots below they were totally supportive, thats why I liked it so much.

Here it is on the 1 min chart, note the confluence in the Golden Zone at point C.

Here it is on the 5 min chart. Note how points B and C precisely interact with Grid structure.

Here it is on the 15 min chart, note the key zones marked up.

They are vital to have in place when ‘Looking-Left’ 🙂

Ignore the FIB levels as I forgot to remove them from an earlier setup.

Point C can be seen to be perfectly on the hourly bull mid-channel level that had been resistance (Look-Left) earlier before the impulsive leg broke through it.

Wed 27th June 2018

16:05

I’m done for the day but just came in to spot this sell setup.

Please scroll down to see any other entries that I’ve added throughout the session.

After a strong bull move up price topped out at PW Low. I wasn’t at my desk but have just come in to see a great Golden Zone M1 Sell FIBCON.

You’d only take this if you thought the price action and Grid structure supported the switch to sell mode. The higher TF charts do support this imho 🙂 but easy afterwards!

12:15

Whilst enjoying the weather the following FIBCON formed, it’s decent with points A-B-C being found precisely at Grid stucture.

A second leg up resulted in the following Golden Zone M1 Buy FIBCON. The HH was at the top of a 5 min keyzone (12277.4).

Point A when taken from the bottom of a 5 min keyzone (12209.5) resulted in a perfect 61.8 (12235.5) retrace to the hourly bull channel. 

Our mission is to identify FIBCONs and MABs that have Golden Zones (ideally the 61.8 level) confluent with additional Grid structure.

We ‘Look-Left’ for Role-Reversal zones….

 

10:39

The bull spike formed a Golden Zone FIBCON which is shown below on the 5 min chart.

The 61.8 level (12222.1) was confluent with the top of the 5 min key zone (12225.2) and the bull/bear 5 min channel intersection.

The 12282.6 level is an hourly AND a daily key zone boundary so a valid point A for this type of structure.

It takes great anticipation and timing to trade these but with practice and daily repetition we believe it’s possible to master them!

10:05

The following screenshot shows Elaine’s winning trade for the same FIBCON mentioned below.

Well Done!

09:41

I just missed entering the sell setup because I was wanting my stop above Yes Low. If I’d also adjusted point A (12209.5) to be the bottom of the keyzone guess what?

 The 61.8 level (12177.6) was exactly where price reached.

Very very happy with the read and anticipation of sell setup. Need to work on timing, however, I resisted the temptation to chase price 🙂 though on this occasion it would have worked out!

The Trade Tool shows where I was waiting….

08:55

The bears are in control so the M5 MAB mentioned earlier has evolved into the following. Price is currently in a zone of SUPCON

08:34

Possible M5 MAB if price can get back above Yes Low and retrace deep enough???

Golden Zone right in middle of 5 min keyzone.

07:45

A decent GZ M1 FIBCON occurred just before 07:30.

I’ve highlighted the precise levels that the retrace reaches as a zone goes through a role-reversal (Look Left 🙂 ). When identified correctly they offer vey high value trade entries.

Tue 26th June 2018

16:47

Just came in from enjoying the sunshine to seethat price had continued to sell off and in doing so formed another great Golden Zone Sell M5 MAB perfectly confluent with Yes Low.

The move back down to the hourly bull channel at 12227 was a good target.

Note that the M1 MAB at 12225.0 would have been tempting in real-time, it did cause price to reverse to the bottom of the keyzone but then reversed again. 

I’m sure I would have taken the M1 MAB as it would have looked good in real-time.

Below shows the same setup on the 5 min chart. Once again the quality of the setup stands out when you ‘Look Left’ to see the earlier wick that marked what was to become a Role-Reversal zone.

These great setups display a consistent pattern of structural confluence, let’s filter all except these!!!

15:16

A winner at last but got greedy instead of taking 2.60R off the table.

I moved my target hoping for more after the bearish few days but today of course it didn’t play out. It’s a WTA for sure, I liked the A-B leg off the Open that setup the 61.8 level at 12291.1

The 5 min chart below shows where I should have closed out, the arrows marks the bottom of the range structure at 12262.5

Good to have a winner though not a day  – so far – when the bears are selling each retrace and driving price lower. The market is consolidating after such a bearish few days, when the market is consolidating it will tend to range, which is why I should not have moved my target below the 12262.5 level.

Below shows where the realistic profit target was based on Grid structure.

12:17

Just had a loser, I liked the setup and the only thing I didn’t like was price was bouncing up off Yes Low, effectively a double-bottom from yesterday.

I moved my stop 🙁 to cover the M5 MAB and an area that may have functioned as a barrier but not this setup.

Structurally I liked it, WTA but was too early. Price came up to where I’d moved my stop to which was above the 61.8 and M5 MAB.

The following 5 min chart shows why the trade I took failed BUT also why the setup was a sell. I did move my stop to the bottom of the golden zone but not the top which is where price reached!!!

A great sell setup, my entry was way too early as I’d missed the golden zone shown. 

An example of how important it is to ‘look left’ when determining point C.

09:58

The screenshot below is taken from the 4 hour and shows how price had sold off from point A to point B, starting just above and ending just below the daily key zone boundaries.

If price does bounce back up then maybe the Golden Zone that encloses the PW Low may come into play?

The 4 hour MA and previous wick that formed the PW Low will add their energy to the stream of confluence maybe? Also note that the 50.0% level is confluent with an hourly keyzone boundary (12428.2).

To reach it price will have to push up through some channels boundaries.

09:35

The following GZ M1 FIBCON was a good setup and worth a comment.

The 61.8 level was just below the top of the 5 min keyzone at 12327.4 when you take point A from the hourly and daily bear channels.

When you look to the left the previous wicks suggested it might want push up through the 61.8 level which it did until it reversed down to point D. I’ve used a black line to show that when price reversed it was doing so where it had used this level in the last hour or so as shown by the previous wicks.

Tough to trade but the core structure was there. Also, if you took point A from the High the 61.8 level is perfect.

Wished I’d taken it!

08:42

Back at desk this morning after the weekends ride and recovery 🙂 We had a great trip down to Hartlepool Marina, wonderful weather and scenary.

From now on the latest blog update will be at the top of the page.

Yesterday I did mark up a great M1 Sell FIBCON that reached the PW Low and the 61.8 before selling off.

The following screenshot was taken yesterday.

Today has been a bit rangy after more selling yesterday.

There was a pre 8am M1 Buy MAB earlier back up to the hourly & daily bear channels.

Wed 6th June 2018

Off to Scotland the day so packing this morning. Just spotted the following sell M1 MAB, was not at my desk but I like to think I’d have taken it, it’s a decent setup after a spikey London open.

The impulsive A-B leg that produced the LL clearly stands out, that’s what drew my attention to it when I looked at the chart.

09:25

Just having a coffee break and noticed a buy MAB after the spike up to form the short-term HH.

A tough trade to take as price is ranging, however, the golden zone I’d already marked up from earlier and the 12800 level provided support along with the M1 and M5 MA’s.

I’m not sure I’d have taken as I think I would have talked myself out of it.

Thu 7th June 2018

11:50

It’s a wonderful June day in Greenock but due to change tomorrow.

We’ve had broadband problems so am currently using my mobile as a hotspot. I’m not trading today but did notice a superb M5 MAB at 09:53.

It had a clear impulsive A-B leg to form a LL, point C was perfectly confluent with the 61.8 at 12874.5,  the hourly bear mid-channel, the daily keyzone boundary at 12873.5, just below the hourly bull channel and last but not least the M5 MA.

Also note how the 5 min chart shows the bear channel acting as resistive confluence.

 

I’ve just noticed another superb M5 MAB that formed at 10:50. Not such a standout impulsive A-B leg but still a LL with point C confluent with the 5 min keyzone boundary at 12860.1 and the M5 MA.

This is a good example of how the earlier M1 MAB at the mid-line (12852.3) was not structurally a value setup, the M5 MAB was clearly a value setup.

14:10

I’ve just looked at the charts to see yet another high quality M5 MAB that took place at 13:48.

Once again the M1 MAB was structually poor value, it was the M5 MAB at 12844.5, the 61.8 and the 5 min keyzone boundary that offered the value.

It’s always easy afterwards but how cool if you can ‘Be The Bear’ and wait patiently for such high value setups 🙂

In real time it wold have been tempting to enter the M5 Sell MAB at 11:41 but even if you did then the traders equations saves the day. Potentially 3x2R winners – 1x1R = +5R 🙂

I’ve just noticed it was followed by decent M15 Sell MAB at 12:00

 

 

 

Fri 15th June 2018

11:50

I’ve just noticed the bear spike down below 13103, good call so far.

The first LL at 10:57 provided point B for either the M1 or M5 MAB that followed, the best value was the M5 MAB at 11:16 at level 13109.0

The next LL was followed by an M1 MAB that was a GREAT sell structurally because it was using the first LL as a Role-Reversal level at 13086.6

Good luck today, would like to have traded yesterdays bull spike day that followed the FOMC Wednesday evening.

Note how well the Grid captured yesterdays bull candle, after moving up all day it topped out at 13167, confluent with the bottom of the daily keyzone and the daily bull channel

Structurally the question is “Was yesterdays bull spike for real, if so how deep is the correction before another leg up”

Blackbox are going to have a crash day since it’s too windy for a ride and we’ve got plans this weekend, a day of relaxing is called for 🙂

Mon 18th June 2018

07:50

Just had a +0.40 sell M1 MAB winner but had I not moved my TP then it would have been a +2R.

Pleased to have a winner after not trading for over a week but on this occasion should have left the TP alone, look how close it was to being stopped out, it was a bull M5 channel that kept it in the trade.

First day back at desk today, will trade this morning then plan to update blog tool.

09:57

Was away from desk and just spotted a great GZ M5 MAB sell setup!

Tue 19th June 2018

10:15

Not traded this morning, at 6am I was raring to get on with the blog alert feature on the Trade Controller. It will make it easy to send alerts plus they can be automatically displayed as soon as they are detected including sound 🙂

Price has continued the sell off after last Thursday’s bull spike after the FOMC announcement. As of this morning it’s moved down two daily bull channels since it’s high last week.

I noticed the GZ M1 FIBCON at 08:39 after the London bear spike. Tough to trade but the 61.8 level offered best value at 12647.0  and it was confluent with the daily and hourly bull channels.

Below is a video on how to use the blog update/alert tool.

 

Wed 20th June 2018

09:35

I arrived at my desk at 08:30 due to a poor nights sleep thanks to a migraine that came on late last night.

It’s still active so was not planning to trade BUT ended up taking a sell trade that resulted in a loser. The setup was good but I did not mark up point A correctly at 12760.0 so entered too early.

Note how perfectly price retraced to form point C at 12736.8, it was also an M5 + M15 MAB!!!

I’m going to blame my lack of precision on brain fog 🙂 because the more I looked at it afterwards it was a superb A-B-C setup as shown.

I’m also pleased I did not move my stop but on this occasion it would have kept me in the trade.

13:05

Interesting sell setup maybe???

Did not work out but Would Take Again. Structure on the 5 and 15 min charts were also supportive.

Thu 21st June 2018

09:11

Interesting M5 MAB maybe??

It might not pullback that far but there’s good confluence if it does.

09:32

Another take on the setup with the M5 MA moving down???

09:25

I took the M1 MAB at 07:18. The 2R was on the Open and eventually came in. I should have left it alone but moved my stop to reduce risk.

WTA though the chart comment should “Good setup” and not ‘Great’.

10:17

No M5 MAB so far though the following FIBCON turned out to be the sell setup.

I was very close to taking it but talked myself out of it.

10:30

Price has sold off down to the bottom of the daily key zone at 12577.5, the daily chart shows this clearly, will it bounce back up into the zone or carry on down?

10:58

No M5 MAB so far though Golden Zone FIBCON sell setups are there as shown below.

I did consider the sell at 12595.6 but talked myself out of it 🙁 due to the zone of SUPCON I was selling into. I reasoned that it might move up to meet the M5 MA where another Golden Zone could be drawn.

The earlier LL turned out to be point A at 12622.5 and on this occasion and it makes sense structurally, however, I was focussed on the M5 MAB at the time and didn’t mark this up until after point C was clear.

11:30

Still interested in the M5 MAB that may happen soon.

11:56

Took the M5 MAB but the bulls have stepped in so instant loser!

I stayed out earlier due to the zone of SUPCON price is in but talked myself into the first M5 MAB of the session. I moved my stop to protect it but not a good call this time.

Whilst waiting for the M5 MAB I talked myself out of two sell setups. I Would Not Take Again due to the context and area of SUPCON I was selling into.

As mentioned earlier, there was a high probability price would bounce (at least temporarily) back up ino the daily key zone off the 12577.5 level.

12:17

The more I look at the trade the more I see why I wouldn’t take it again due to context. I’ll also blame some of it on not having traded for the last few weeks and not feeling tuned into Price Action rhythmns 🙂

The M5 MAB was quickly followed by the M15 MAB which would have been a winner!

 

15:21

Been outside cleaning bikes ready for the weekend and just came in to see this superb M1 MAB. Point C was perfectly confluent with the 12556.2 key zone boundary plus the MA and the LL made 29 mins earlier is now role-reversal mode.

Price has now broke below the PM Low so as Alex mentioned, expect further weakness. It is currently testing a mid-bull/bear daily channel intersection.

 

Fri 22nd June 2018

08:28

I did not trade this but whilst in a short-term range a decent sell MAB formed not long after the London open. Trading these requires total focus and timing but the FIBCON structure is there.

This is a test bookmark link

08:35

Also, remember yesterday the M5 MAB loser I had after waiting all morning. Take a look at what the bull spike formed on the 15 min chart.

A perfect GZ M15 MAB.

Had I marked that up then maybe I would have passed on the M5 MAB. When point A is at the hourly bull/bear intersection the 61.8 level is perfect.

29th Jan-2nd Feb 2018

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Friday 26th Jan 2018

Friday 26th Jan 2018

Below are two excerpts from last Fridays commentary. The first one contains a short piece of commentary, the second shows a live trade. Both highlight how key the Price Action Grid is to trade setups.

A GZ M1 Buy FIBCON Setup.

If the 50-61.8 zone on this setup is projected into the future it’s also the one in play in the sell MAB setup below.

Superb Fibonacci Symmetry!

A GZ M1+M5 Sell MAB setup.