Daily DAX

Tue 28th Apr

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Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our Trading Edge and how we use the hybrid Blackbox Trade Controller for MT4.

Use the comments section below to post questions and read what others are saying.

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15:34

M1 Micro-MAB

A great M1 Buy Micro-MAB at 13:42, it had:

  • Great Structure & Context.
  • Great Role-Reversal.
  • Channel in play – note the Role-Reversal.

Also, note the channels from earlier in play.

15:02

How Price moves between channels

I’ve been busy on other projects since the losing trade earlier but I did take a quick look at the price action and overlaid a few more equidistant channels and note where price set the high after the move up.

A great example of how price moves between them very precisely.

09:48

GZ M1 Buy MAB Loser, -0.93R

I took the buy trade using the Trade Tool but this one didn’t work out. 

Structurally it was very similar to one I passed on recently which went on to be a winner so I took the trade as it ticked enough boxes and falls into the 50% that don’t go on to be winners.

Until price breaks below the H4 EQZ@10711 the bulls are in control and may well push price up to test the PW High?

09:34

Missed GZ M1 Buy FIBCON

I arrived at my desk just before 9am to see the following Price Action. I marked up the M1 bull channels along with the M1+M5 buy MAB that formed when price broke above the Open.

 The bulls then took control and drove price up to the H4 EQZ@10711 to then set the high at 10749.  I reasoned that price might want to test the PW High so I marked up the M1 MAB buy set up based on a retrace to Yes High. It had good Role-Reversal as it was also the earlier session High.

Mon 27th Apr

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Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our Trading Edge and how we use the hybrid Blackbox Trade Controller for MT4.

Use the comments section below to post questions and read what others are saying.

Remember to:

17:48

Today’s Video

 

09:36

GZ M1 Sell FIBCON Winner, +3.80R

When price failed to hold above the 10600 level and the channel boundary I took the Micro-FIBCON sell setup and moved my target down to above the H4 EQZ@10538.

I also added two equidistant channels to guide where price might target. 

This is another great example of how the Price Action Grid guides us in identifying high-value setups that we can take using the Trade Tool with precision whilst controlling our risk.

07:07

GZ M1 Buy FIBCON Loser, -1.06R

At 7 am when the spread dropped from 5.0 pips to 1.5 pips I took this buy setup. The confluence at point C was:

  • 10600 level.
  • 61.8 Level.
  • Top of the channel.
  • Good Role-Reversal on the M15 chart.

Price moved down to the bottom of the channel so this one didn’t work out but it ticked enough boxes for me to take it.

Fri 24th Apr

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Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our Trading Edge and how we use the hybrid Blackbox Trade Controller for MT4.

Use the comments section below to post questions and read what others are saying.

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11:13

Today’s Video

 

 

10:19

M1 Buy FIBCON Winner, +2.01R

I took the buy setup when price pulled back to the bottom of the channel and the IKZ@10319, I put my stop below Yes Low and just got away with it.

I left the 2R target where it was due to the resistance at 10354, however, not long after price moved up strongly to the top of the channel, typical 🙂

08:33

GZ M1 Buy FIBCON Setup

Just after 7am price retraced to offer a buy FIBCON and Measured-Move up to produce the top of a short-term channel.

At 8am price moved down to confirm the channel which was confluent with the top of an intraday KeyZone.

I’ve put channels aside for a while to focus on maximizing the power of horizontal structure, now it’s time to revisit them so they compliment the price action structure we use.

To be clear:

  • The Primary structure is Horizontal.
  • The Secondary structure is Sloping and when accurately identified can add enormously powerful confluence to our setups. See below for examples from yesterday.

 

07:35

Great Buy Back up into channel

From yesterday,

Above shows a buy FIBCON back up into the channel. This took place after the US open drove price up off the lows. See blog entry below for the earlier example of this channel in play.

07:30

Great Sell Back down into channel

From yesterday,

Above shows a sell Micro-FIBCON back down into the channel after price failed to hold above Yes High.

See below for what the channel looked like on the M5 chart.

Wed 22nd Apr

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Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our Trading Edge and how we use the hybrid Blackbox Trade Controller for MT4.

Use the comments section below to post questions and read what others are saying.

Remember to:

17:16

Today’s Video

 

 

15:33

M1 Sell FIBCON Micro-Setup

After the US open price tested the top of the IKZ@10389 and produced a micro-FIBCON sell setup back down into the zone.

Not easy to take in real-time BUT the context favoured a move down due to the 10389 level being in play this session, see M5 chart below.

11:40

M1 Sell M1+M5 MAB Winner, +3.81R

After the earlier loser I reasoned that if price failed to move higher then it might move back down to the bottom of the IKZ@10319 so I looked for a sell setup near the top of the IKZ@10389. 

When price retraced back up to the lower boundary of the channel and was confluent with:

  • 50% level@10382
  • M1+ M5 MAB
  • Decent Role-Reversal, Look-left.

I entered a sell trade and moved my target down to the bottom of the zone, 39 minutes later it came in 🙂

Very pleased with my reasoning and flexibility to change my thinking based on the Price Action.

11:35

M1 Buy FIBCON Loser, -1.14R

Price eventually broke above the IKZ@10389 so I entered a buy trade when price retraced to the level. It started well but turned out to be a false breakout.

Note the bull channel that was confluent in 2 buy setups.

07:45

GZ M1 Buy FIBCON

A decent pre 8am buy setup that I passed on 🙁

Tue 21st Apr

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Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our Trading Edge and how we use the hybrid Blackbox Trade Controller for MT4.

Use the comments section below to post questions and read what others are saying.

Remember to:

20:03

Today’s Video

 

 

14:31

M1 MAB Sell Winner, +2.18R

After being away from my desk and missing a few decent setups earlier I was pleased to spot this M1 sell MAB that worked out.

I did try for more profit but the PA at the 10319 level was supportive so when we got within 5 minutes of the US coming online at 14:30 I closed out for +2.18R.

So, after two losers yesterday I’m well pleased to have 2 winners today 🙂

 

09:20

Double Top Sell Winner, +3.41R

At 8am price tested the D1 EQZ@10514 to produce a Double Top.

Once again the wicks were a great clue to what might happen next, in this case a move down.

I was SO close to selling at the 10514 level after 4 wicks but passed so when price moved back below the M1 channel I entered the sell trade. I trailed my stop as I felt there was more than 2R available which proved correct, I was eventually closed out for +3.41R.

I missed the sell at 10478 when price retraced as I left my desk for a break. 

Must stay focussed and ‘In the Zone’ and flow with the Price Action, it’s getting closer each day 🙂

Mon 20th Apr

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Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our Trading Edge and how we use the hybrid Blackbox Trade Controller for MT4.

Use the comments section below to post questions and read what others are saying.

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15:56

M1 Buy MAB Loser, -1.00R

Just got stopped out on this buy trade after such a strong move up off the BOR and the US open. I took the 10600 IKZ level as my support level but price wanted to pullback further. 

My stop was based on the 2R being below the top of the IKZ@10669, SO, my bullish bias was correct, but this one didn’t work out.

 

14:03

Passed on Reversal Buy FIBCON Winner

After the losing trade I watched the PA and was SO close to taking the second setup which was a micro one compared to there first but was still valid.

As I was deciding price moved up and it would have gone on to be winner 🙁

So, very happy with calling the reversal zone of the current move down.

I’ve added the M5 chart that shows the Swing Low pattern – see wicks – that supported taking the above setup.

12:59

Reversal Buy FIBCON Loser, -0.99R

After a strong move down I took the first decent Reversal Buy FIBCON but it didn’t work out. It started well and I really liked the structure and context so right now I’d take it again.

 

Tue 7th Apr

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Welcome to the daily DAX commentary where we share with members our unique take on Price Action as the session unfolds. We comment on trade setups that conform to our Trading Edge and how we use the hybrid Blackbox Trade Controller for MT4.

Use the comments section below to post questions and read what others are saying.

Remember to:

17:21

Reversal FIBCON

Reversal FIBCONs are the dogs!

By specializing in them it’s possible to take high probability setups trade after trade after trade. 

The very BEST ones involve the M5 MA to form at point B.

There are variations on this theme depending on the context.

17:21

Reversal FIBCON

I’ve just marked up the Reversal FIBCON back up through Yes High. 

Crystal clear now but in real-time I did not see it.

It was text book in that the M5 MAB – point B – sent price back down, the Role-Reversal was good.

17:09

GZ M15 Sell MAB Winner, +2.01R

Real pleased with this one after two losing trades.

I could not see a decent Reversal FIBCON in real-time – easy afterwards – but I’d identified the M15 Sell MAB at the top of the IKZ@10389, it had decent Role-Reversal on the M5 chart so I entered at the level using the Trade Tool.

I left the 2R target alone and after what seemed an age it came in before moving back up.

A challenging day, the clearest – buy – setup for me I missed due to being a bit fussy at 08:32 so very close to a profitable day. However, the traders equation means I’m break-even on the day 🙂

16:31

GZ M1 Sell MAB Loser, -0.99R

After price broke below Yes High I took the M1 sell MAB setup, it ticked all the boxes except that price was coming up off the low of the move down.

The Role-Reversal was very good but after 10 minutes the bulls drove it higher.

That’s two losing trades today, both had good structure. 

10:13

GZ M5 Buy MAB Loser, -1.02R

After missing the earlier buy setup at the 10389 level I took the M5 Buy MAB as shown. This one ticked all the boxes but did not work out.

Mon 6th Apr

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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:

09:49

GZ M1 Sell FIBCON Winner, +2.00R

I anticipated a break below the GZ from earlier so made a note and waited. I also overlaid the KZ from the earlier SH that provided perfect Role-Reversal for the M5 Buy MAB at 07:17 which I did not see in real time.

When price broke below the GZ and began to pullback I overlaid the GZ (in magenta) and noted the 50% level was perfectly confluent with the KZ just mentioned which was now a Role-Reversal zone. I used a sell limit order with my stop above the top of the GZ and the bottom of the IKZ.

My 2R was right on the bottom of the H4 EQZ@9845, it worked out perfectly 🙂

This KZ was support in the M5 Buy MAB and now resistance in this sell setup, a great example of a Micro Role-Reversal zone. 

 

Mon 30th Mar

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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:

10:23

H1 Sell MAB winner, +2.02R

This sell trade was an H1 MAB that had decent structure where point A was taken from the move up after the 8am open. Point C was confluent with:

  • The 61.8 Level.
  • D1 EQZ@9628
  • The H1 MAB
  • The bottom of the IKZ@9617
  • A projected Measured Move from the bottom of the IKZ@9477

I used a sell limit order, it worked out!

Thu 19th Mar

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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:

07:41

GZ M1 Buy FIBCON Winner (8.5 pip spread), +2.00R

First blog for a while, we’ve been busy on other projects plus the BTC s/w has been updated so I’ve been trading on demo.

The last few weeks have been pretty wild due to the Coronavirus effect, huge volatility and sell offs.

This morning the spread went from 5 pips overnight ot 8.5 pips at 7am, never seen this before. However, I’d spotted a setup just after 7am, marked it up and took the trade. 

The only reason I took the trade was because I was on a demo account otherwise I’d have passed. However, it worked out as shown. I was over-generous with my stop and should have had my 2R target at or below point B.

Price had to move 157.65 pips to reach my target and it did – before 8am, these truly are unprecedented times just now.

I have been trading on demo at times during this period and what stands out is how the A-B-C pattern we trade scales accordingly and is therefore in play as normal. The obvious difference is the pips moved compared to normal but the structure of the setup remains the same.

This is Pure Price Action in play…..