Daily DAX

Tue 6th Oct

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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:

18:18

Juicy Salmon

I came in to see the ideal Juicy Salmon in the form of sell REVFIB off the High.

This is Perfect, this is a Must take trade !!

11:34

M5 MAB Buy Winner, +2.12R

I set a buy limit at 12808, just below the GZ due to previous recent structure. I did a similar thing last week and it worked out.

So did this though I did try for more profit I locked in 2R as soon as I could.

As I type the bulls are pushing higher after the brief PB that took me out.

I really like the buy setup, I had a bullish bias as mentioned earlier, it would have been nice to have stayed on this one but I did not want to give back the 2R.

10:36

M1 FIBCON Micro Buy

Wish I’d been at my desk for this micro buy.

09:47

M1 FIBCON Sell Winner, +0.86R

Will I regret closing out?

I used a sell limit as I had to leave my desk, it triggered, very happy with that.

After what happened earlier I decide to close out once price bounced up.

Maybe looking at the bounce off the Daily Bear channel got into my head as I’ve seen price move up strongly of these levels when they’re in play. 

I’ve also marked up the possible GZ based on yesterdays move. That also affected my decision to close out?

See screenshot below.

09:00

M1 MAB Sell Winner, +0.48R

We got the anticipated break and PB so I took the sell but only ended up with +0.48R, as I type price is coming back down – is this another case of trailing my stop too tight?

Answer: Yes – the 2R would have just come in!!

07:58

Possible Sell Setups

If at some point we see new lows breaking below the KeyZone shown then a PB to it we might get a decent sell setup?

 

07:37

Yesterday we reached 12973

After a choppy start yesterday morning price eventually moved up to the 12873 level, overnight we’ve had a PB.

Mon 5th Oct

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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:

13:14

Sell REVFIB BE

I took the sell REVFIB after 12799 was tested. I nearly got stopped out before the move down to the M5 MAB.

I then moved my stop to BE and got stopped out for a small loser due to the gap. Price then went on to sit right on my target before moving back up and as I type it’s coming back down.

06:47

Will we see Bullish Follow Through?

On Friday the bulls were able to push price back above the 12725 midline at the close.

Will they try and move on up to 12873?

Fri 2nd Oct

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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:

12:03

Buy REVFIB; +0.16R

After waiting for the M15 Sell MAB I switched to buy mode when the REVFIB set up quite quickly. At 1R I BE the trade buy should of kept my stop just below the GZ to let it play out – Trust Structure 🙂

 

 

07:37

Price Testing 12577 Level

Overnight price has moved down to test the EQZ@12577, I’ve marked up a potential GZ where the 61.8 level is confluent with 12577.

Today is NFP  so expect a slowing down late morning.

Thu 1st Oct

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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:

16:04

Three trades; 2 losers; 1 winner

Price did test Yes Low and provided a great buy REVFIB followed by a not great M5 Sell MAB.

I then chased price instead of Being The Bear and waiting for a PB into the GZ at 12708 AND the M15 bull mid-channel.

I moved my stop to just below the channel and look how close I was to staying the in the trade 🙁 FOMO – Poor trade to end of but overall a good start to October.

 

12:53

Buy M1+M5 Winner; +0.52R

As I’m typing price is testing 12799 again, if it gives then I’ll regret closing out for +0.52R but it was struggling.

I liked the buy setup, the GZ and RR was excellent.

11:30

Buy REVFIB Winner; +2.01R

When price sold off to the buy REVFIB GZ I decided to set a buy limit just below it on the 12743 midline due to the recent precision price had interacted with it – look left – got it perfect this time 🙂

We are starting to really leverage the Grid Guys!!

I settled for the 2R rather than try to get more, that’s been a mixed bag for me recently. Better build the bank unless it’s the top of a channel for example and structure suggests it may go back down into the channel.

08:26

Buy REVFIB Winner; +2.04R

After watching price find support between 12790-12799 I took the buy REVFIB after the M5 Sell MAB. I didn’t fancy the M5 MAB but really liked the PB to 12799 so marked it up ready.

I entered using the TradeTool and ended up with my faster trade so far 🙂

I used the M30/H1 charts to see how strong the 12799 level is to support the decision.

06:52

Are we in a short term range?

We are currently between Yes Low and 12946ish. Let’s see what the first day of the month brings?

Wed 30th Sep

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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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06:54

Midway Between 12873 and 12577

The overnight session has moved price back down to 12725, the midpoint of the current EQZ.

This zone provided support yesterday morning.

Tue 29th Sep

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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:

08:44

M1 Sell MAB Loser; Buy REVFIB Loser

The M1 sell MAB was aggressive but it was taken at the key level of 12799.

The Buy REVFIB also at 12799 did not work out.

07:37

M1 Sell MAB Winner

Just after 7 am there was a decent M5+M15 Sell MAB just above the Open and below Yes High plus it was the 12900 level that I missed. After the break below 12873 I really liked the PB for the M1 sell MAB so I acted:

“Without reservation or hesitation on our edge” (Mark Douglas)

It was a must take trade!

06:39

Move up from 12577 to 12873

Yesterday the bulls drove price up from the 12577 to 12873, will see follow-through today?

Also note how price has moved up from the bottom the Daily bull channel to the top – see arrows.

It also worked the same bull channel in late July – see arrows.

Mon 28th Sep

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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:

06:31

Overnight bullish follow through

The bulls stepped in on Friday at the bull channel (see arrow) and pushed price back up to 12577. So far we’ve had follow-through by the bulls.

Fri 25th Sep

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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:

13:31

REVFIB loser, -1.00R

I took the buy REVFIB that didn’t work out so decided to stop for the day and enjoy the earlier sell trade!

10:53

Best Trade So Far, +8.62R 🙂 🙂

After taking a -1.39R loser on the M1 Sell MAB I reassessed things and reentered based on the M5 Sell MAB AND the M15 channels – see below.

I moved my stop on the M1 MAB to cover the M5 MAB and M15 Channels; look what happened!!

After a few minutes, I noticed the structure was still holding so I reentered and reasoned that if I’m right the bears might target Yes Low and the bottom of the M15 bull channel so I moved my target down to below Yes Low and above the bottom of the bull channel.

I then walked away for over half an hour and came back to see it playing out, I adjusted my stop and walked away again.

I’d also reasoned that the EQZ 50% midline was also a possible target, that played out to the pip!!

When I reentered I didn’t feel any negative emotions even after only just being stopped out, once I’d decided it was a move down the channel to provide multiple R it felt worth the risk.

Below is the M15 chart with channels to show why I reentered. Over the last few weeks I’ve been learning how to make the most of the M15 channels, they are seriously helpful

So, finally, a dream trade to end the week 🙂 🙂

07:46

M1 Sell MAB loser

This sell had the following going for it:

  • GZ
  • M1 MAB
  • 12633 midline
  • M15 bull channel midline
  • RR

I’d take it again even though it didn’t work out, we keep playing the probabilities game.

06:34

Support at 12577

Yesterday price found support at the 12577 level and after testing it again around 20:30 it climbed back up during the overnight session.

Thu 24th Sep

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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:

13:29

Sell winner, late REVFIB entry

Real pleased with this one after missing the M5 MAB.

I used the M15 channels to guide me on getting a wee bit more out of this one.

12:32

Two sells

I decided to sell down to the M5 Buy MAB, that worked out BUT I ended up missed the M5 Buy MAB!!

It had great context and structure but I’m pleased with the sell winner.

 

 

08:42

Two REVFIBS, 1 BE, 1 loser

I’ve taken two sell REVFIBs, should have gotten more out of the first one, it nearly hit my 2R then reversed and I gave it all back 🙁

The second one was aggressive off the 12577 level.

 

06:47

Bears back in control

I’ve left the GZ from yesterday to show how price reached the 50% level@12831 before selling off again. It was also the bear channel boundary.

I had to go out as price was topping out, a REVFIB took place, and once 12799 gave way it was all downhill with some decent sell setups during the afternoon session.

Wed 23rd Sep

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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:

07:03

Daily Chart

After Monday’s huge sell-off we had a move back above 12577 and are currently at the EQZ 50% midline@12725. I’ve marked up a GZ with the D1 channels and the 12873 levels confluent.

This is a potential event zone?

Also, summer is officially over 🙁