Daily DAX

Wed 21st Aug

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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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11:22

M5 Sell MAB Loser,-0.98R

I took the M5 Buy MAB at the retrace to 11772 with my stop well below Yes High.

Price spiked down at the level showing how much pressure had built up. This was a case for using the ‘Custom Buy Limit’ order that switched from a buy limit to a buy stop and helps to protect against price spiking through the level only to reverse.

If the High is the top of the range which it could well be then this buy trade comes into the category of low probability as it’s in the top third of the range as price comes back down into it.

 

 

10:22

Passed on M1 Buy FIBCON

After waiting for a buy setup I talked myself out of the first decent pullback that had structure due to the M5 Buy MAB not far below.

Price has since gone on to the TOR above Yes High.

 

Tue 20th Aug

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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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20:38

Sell FIBCON Winner using Sell Limit order

This has to be my favorite trade for a while 🙂 It reflects the shift I feel within myself as I’ve progressed on the trading journey. 

Pure Price Action is concerned only with structure in the form of support and resistance, that’s it!

I used a sell limit in case I had to leave my desk after anticipating this one well in advance. It spiked up through the zone then triggered it on the way down. 

Below are screenshots of the setup:

1) The setup.

2) Limit Order Triggered.

20:31

More On The Double Sell Multiple ‘R’ Golden Zone

A more detailed screenshot of the setup.

Below is the M15 chart showing what it looked like, it was formed on a retest of the top of a keyzone.

15:26

Double Sell Multiple ‘R’ Golden Zone

After the earlier winner I left my desk and missed out on two potential sell trades that were ‘must take’ trades. Also, a very specific pattern formed that I’ve seen a number of times and have documented.

I call it the “Double Sell Multiple ‘R’ Golden Zone”!

It consists of an Outer and Inner FIBCON and offers two sell entries at the Golden Zone – Point C.

I’ve shown this with the two down arrows (trade entries), the second arrow was the result of the Inner-FIBCON sending price back up into the Golden Zone.

The second sell entry often results in multiple R as the bears sell it aggressively. This was a great example.

The idea is that the point C on the Inner FIBCON is where to take profit for the first sell, ideally 2R (a bit tight on this example). Then on the second sell move the target for multiple R accordingly based on structure etc.

This is a pattern worth specializing in, as always we don’t know when they’ll appear but when they do 4+ R is possible.

 

 

 

14:17

M1 Sell MAB Winner, +2.08R

I waited for price to break clearly below the BOR, also the D1 EQZ@11694 and was rewarded with an M1 Sell Micro-MAB 🙂

I had to sweat it out as it took a while to clear my target which of course then went lower but that’s OK. I resisted micro-managing the trade and closing out early etc.

10:04

BOR Reversal Buy FIBCON

I missed this one but it was a classic Reversal FIBCON off the bottom of the range at 11700, these reversal setups are much more common at the bottom than at the top.

09:57

Range Day So Far….

Price has been in a range so far between 11700 and Yes High. An M1 Buy MAB was on offer but I passed due to it being close to the top but it was a winner as price had not yet tested Yes High.

Price eventually punched through Yes High then fell back into the range offering no decent chances to enter a sell trade based on our edge.

When it’s clearly a range and price is at the top then sometimes it’s OK to sell at the top with a view to getting multiple R on the way back down?

Mon 19th Aug

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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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13:11

GZ M1 Buy Micro-MAB

I’ve marked up an great M1 Buy Micro-MAB that took place whilst I was away from my desk. Thank you Joel for drawing attention to this in your post.

This was a Salmon despite it being a Micro-MAB, if I’d have seen this in real-time I like to think I’d have taken it.

12:46

Bulls have taken over for now.

I’ve just come back to my desk to see that the bulls managed to take control and drive price back up above the 11694 level.

12:42

More Minnows than Salmon?

The retrace backup to the D1 EQZ@11694 was decent but I wanted more of a test of the level so missed out on that one.

The M1 Micro-MAB that followed was more of a minnow but had good structure.

Fri 16th Aug

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

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

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10:54

GZ M1 Sell FIBCON Loser, -1.00R

After the break back below the H1 EQZ@11516 I took the sell on the retrace back to the level. I was trading the move back down into the range but this one didn’t work out.

 

Thu 15th Aug

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

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

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12:45

M5 Sell MAB Loser, -1.18R 

I then took the M5 Sell MAB but it didn’t work out. The PW Low and the M5 MAB were confluent with the GZ but this one didn’t work out.

Coming up off the session low was maybe a reason to pass on it but that’s the only reason I might have talked myself out of it.

12:37

M1 Sell MAB Winner, +1.28R 

The sell salmon swam by so I took but should have got at least 2R if not more. A decent setup once price broke below the D1 EQZ@11398, price continued on down to the H1 EQZ@11261 so it was a tasty one but at least I caught it and took a good bite!

10:42

Possible Sell Setup?

If price breaks below Yes Low and targets the PW Low maybe we’ll see a sell salmon 🙂

10:36

Bottom Of Range Aggressive Buy?

The bears finally reasserted themselves and targeted Yes Low+Open. It was an aggressive buy for range traders.

The PW low is now in sight, maybe a sell setup will form?

09:16

GZ M1 Sell MB Loser, -0.65R

Since the open price has been ranging, this is expected after yesterdays HUGE sell off as the market digests the move.

Things did settle down a bit and I took the M1 MAB sell setup as the Role-Reversal was good, best seen on the M5 chart. However, the context of a ranging market meant it was probably more a minnow than a salmon – easy afterwards – but I like it enough to take it.

I’m pleased that I didn’t chase price afterwards, been there – done that!

 

Wed 14th Aug

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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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15:43

GZ M5 Sell MAB

I’ve just taken alook at the afernoons action so far to see a decent M5 Sell MAB at Yes Low., just below the D1 EQZ-Midline@11545

This was with trend and offered the only Salmon I can see since price sold off down to current Lows. After such a strong sell off price can often bounce/retrace quite strongly so any setup must be high quality and this one certainly was. 

Had I been trading I’d have taken this as it’s supported by the higher TF context on M15/M30 charts.

12:16

Todays Video

 

10:36

GZ M1 Sell MAB Winner, +2.43R

After missing the earlier sell setup at 11740 I took the M1 MAB sell that followed once price had broken through the D1 EQZ@11693 for a+2.43R winner.

It ticked all the boxes to qualify as a salmon 🙂

Price has since moved on down but pleased with a winner plus I captured most of it on video.

Below is the screenshot of the anticipated sell setup that I missed out on due to being too fussy and seeing if the M15 MAB was going to take place. I’m pleased with my read and pleased that I didn’t chase price etc. after missing the entry.

Tue 13th Aug

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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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11:46

Todays Video

 

 

 

10:42

M1 Sell Micro-FIBCON Winner, +2.69R

As mentioned earlier, price need to break clearly below Yes Low to offer a sell setup, at 10:11 it did this so I watched very closely.

I was initially looking for a pullback to Yes Low once a LL was formed but price kept going on down after the first LL at 11956, I then cross referenced with the higher TF chart where I had a KeyZone marked up from several days ago. 

This provided guidance to a valid level for the Micro-FIBCON 61.8 level at 11595 (top of the zone), see below. It also gave me guidance as to where to move the target (bottom of the zone) for a little more profit!

Another great example of “Being The Bear” and patiently waiting for a Juicy Salmon to come along 🙂

Below is the H1 chart showing the KeyZone mentioned , look-left to the 5-7th August to see why this zone provided key guidance for the sell setup.

Another great example of using all timeframes to trade!

09:36

M1 Buy Micro-FIBCON

Price has been in a range so far this morning so only minnows have been sighted 🙂

The Micro-FIBCON above is an example of this and was probably the best setup so far. Price needs to break cleanly below Yes Low for a sell setup, the Price Action is making it a tough morning so far!

Mon 12th Aug

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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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14:55

Today’s Video

Today’s video below. I had to switch to other projects after the sell trade closed out but there’s been a few decent A-B-C sell setups since.

Somehow the video was shot in the wrong resolution but it’s watchable.

 

09:39

GZ M1 Sell FIBCON Winner, +2.09R

At the London open price moved up strongly to the top of the current range it’s in, see screenshot below. I was close to taking an M1 MAB buy but it didn’t pullback to the MA so I passed.

I was looking for a sell on the way back down to the H1 EQZ@11772 but no setup formed. When price broke firmly through this level I took the Micro-FIBCON Sell where the GZ was confluent with the Open@11750, my stop was generous so my target was right on the session Low.

It took a while but got there in the end, the Low is often a target for the bears in this context so it worked out 🙂

Below is a screenshot from the M15 chart showing the current range between the D1 EQZ@11693 and the D1 EQZ-Midline@11840, if price had reached Yes High I might have considered a sell at the level based on what happened on Friday – Look Left!

Fri 9th Aug

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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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14:23

Reversal Buy FIBCON

After price broke down through the H1 EQZ@11772 it went on the test the D1 EQZ@11693 to produce a second really good reversal M1 Buy Micro-FIBCON. The comments about the earlier one apply to this one, Great:

  • Structure
  • Confluence, Role-Reversal
  • Context

14:07

M1 Sell MAB

After coming all the way back down price broke below the bottom of the range@11772 to form a decent M1 Sell Micro-MAB that I might have taken had I been watching at the time. 

Point B was barely a LL but the bears had taken control so the context was reasonable.

14:02

No trades taken, ranging market.

No trades taken this morning, however I was very close to taking the reversal buy FIBCON that formed when price tested the H1 EQZ@11772 and found support.

It had decent context as it was bottom of a range at the time plus it also had great structure and great role-reversal. Whilst I was debating entering the trade the massive bull spike beat me to it 🙁

Yes High was the top of the range and that’s what the bulls targeted.

Thu 8th Aug

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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:

09:38

M5 Sell MAB small winner, +0.21R

I waited patiently for this M5 Sell MAB after the 8am sell off.

Point C was at Yes High so I placed my stop above the 61.8 level and it came close to taking me out got away with it. When price wetn down to +1.50R I moved my stop but it was too close to Yes High and look what happened!

I just got stopped out before price sold off, I’d also moved my target to just above the D1 EQZ@11693 so it would have been at least a 3.5oR trade.

The lesson is TRUST Grid structure and use it to protect stops by allowing room!