Daily DAX

Mon 27th May

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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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15:26

GZ M1 Sell FIBCON

I’ve not traded since this morning but I’ve just taken a look at the afternoon session and spotted a decent M1 Sell FIBCON that formed around 14:50

It’s been a range day since the early move up to set the session high but this was a good setup after price failed to hold above Yes High – again.

The A-B leg was nice and clear.

Note the excellent Role-Reversal at the 61.8 level@12078.82, it was precisely where price reversed. If you’re ‘Being The Bear’ this was worth taking.

11:01

GZ M1 Sell MAB loser, -0.98

I took the next M1 sell MAB but did not work out.

Price was range bound and was coming up off the bottom of the range.

10:52

GZ M1 Sell MAB loser, -0.39

I took the M1 Sell MAB and moved my stop once price moved back below Yes High. I probably would have been stopped out for the full 1R but should have not micro-manged it.

A good setup, decent A-B-C…

 

 

 

 

Wed 22nd May

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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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12:40

Missed GZ M1 Sell MAB 🙁

I missed this Grade A M1 Sell MAB after price sold off from the session High. Due to the context it was one where moving the target for more than 2R would have made sense.

A great reminder of how Grade A setups form, we just don’t know when, we must “Be The Bear” 🙂

12:18

GZ M1 Buy FIBCON

First trade this week due to routine etc., this was the first decent A-B leg and I got a great entry after passing on the M1 MAB which was too high above the Golden Zone and Yes High to be good value.

My stop was probably a bit generous but the 2R target was below point B. I kept my stop tight and got taken out for +1.10R, I should have not micro-managed it.

Pleased with a winner of at least 1R but had I left it alone the 2R would have come in 13 minutes later.

After a tight range earlier in the session I’m pleased I waited for a clear A-B leg, marked up the setup and took a decent trade 🙂

 

 

Tue 21st May

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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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08:30

GZ M1 Sell Micro MAB

At 8:20 a micro M1 Sell MAB formed that turned out to be great trade if you’d taken it and reasoned price might want to test the Open.

I marked it up and was positioning the Trade Tool when price spiked up to 12103.7 then fell away before I had chance to enter.

A sell limit order would be a good option in this case.

Micro setups are often very fast moving so you have to be ‘in the zone’ and ready!

Price reached the top of the M5 EQZ@12066.5 then moved back up very strongly to the 12100 level. 

 

Thu 9th May

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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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13:25

GZ M1 Sell MAB

Not trading this afternoon but just spotted this decent Micro M1 Sell MAB as price is making its way back down.

Point A is at the D1 Bull Channel Midline, point B is at the H1 Bear Channel Midline. The Grid in play!

12:23

Today’s Video

 

11:31

Grid Structure

The M15 chart above shows how Grid structure has contained price over the last 48 hours.

Late yesterday it failed to push above the area of RESCON marked up, also note how the H1 Bull Channel has contained price.

11:24

Still Micro-Range

Price did move down to Yes Low and moved up strongly off it. It is also confluent with H1 Bull Channel which added to the SUPCON.

I’ve marked up an M15 Sell MAB that I did not see in real-time that formed when price broke above the top of the micro-range around the 12100 level.

 

08:55

GZ M1 Sell MAB, Breakeven

I took the M1 sell MAB at the H1 EQZ Midline@12090.9 and ended up with a BE trade. Since then price has entered a micro range though the M5 sell MAB was clearly what traders were watching for.

A break below Yes Low is one to watch.

Wed 8th May

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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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15:10

Today’s Video

A bit late today as I had to pop out for a few hours.

 

10:45

Sell winner

I marked the correct A-B-C after the micro sell loser. I missed the best entry BUT decided to enter due to the context and bearish price action since setting the high. 

I moved my target down and closed out for a +2.54R winner 🙂

Price has continued to sell off but I’m pleased with my discipline, the earlier micro sell was not great and taking the winner was a good call. 

10:40

Micro Sell loser

I took the micro sell MAB but did not work out.

10:31

Topping Pattern

Price set the current session high just below the H1 Bear Channel, after that I was looking for sells.

I was close to taking the two shown above. The first one was a micro sell FIBCON and I was waiting for price to come up to the 12172.3 level but it stopped just short. Structurally is was decent with good context as part of a topping pattern.

The second one I was waiting for price to come up to the H1 EQZ@12145.6 but it stopped at the 50% level and M1+M5 MAB. 

The fine margins of trading!

09:03

Great Micro Buy FIBCON

I was close taking the Buy setup after price broke above 12135.7 but passed as I was waiting for the M1 MAB.

Of course it went on be a great buy trade off Micro structure

08:57

Losing sell trade, chased price!

I broke my rules and chased price after anticipating price would reverse after the move up to the D1 EQZ Midline@12135.7, did not work out!!

Tue 7th May

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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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16:30

GZ M1 Sell FIBCON at Yes Low

I’ve been away from desk this afternoon and just returned to see that price has sold off below the D1 EQZ Midline@12135.7 which was confluent with Yes Low.

Not easy to enter at the Yes Low level following the two bull candles but this is where we must trust the Grid!

It had good context and would have been a great trade.

11:47

Today’s Video

No trades taken so far…

11:09

GZ M1 Sell MAB

Price eventually broke below the PW Low but I struggled to find an entry I really liked. The first M1 Sell MAB was too close to the Open.

I’ve marked up the second M1 Sell MAB which with hindsight is decent but I talked myself out of it as price was reversing off a perfect bounce off the D1 Bear Channel at 12222.0

Apart from context it was a good enough setup to take looking back.

08:50

GZ M1 Sell MAB – Poor Context

The move backup off the PW Low offered a sell M1 MAB but the context was very poor.

Selling into key Grid structure at the 12283.0 level after testing the PW low was low probability.

Price is currently in a micro-range.

A clear break of the PW Low could offer a sell setup?

08:08

GZ M5 Buy MAB

At 8am price moved down to test the D1 EQZ@12283.7 and the H1 EQZ@12282.6 which produced an M5 Buy MAB.

However, the spread was 1.6 and it was so close to the 8am open I passed even though it ticked a lot of the boxes.

At 08:03 the spread dropped to 0.8 but the value entry had passed.

Fri 3rd May

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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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11:52

Video Commetary

NFP today so time to switch to other projects.

I’ve taken two trades, one breakeven, the other a +2R sell winner.

They are described on the video below.

12:02

Screenshots Below

Thu 2nd May

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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:

12:26

Beware the GBP Monetary Policy at 12 noon!

I’ve just noticed the bear spike just after midday, it’s a great reminder of the need to know when Monetary and Interest policy reports are announced from the major economies.

This one was by the Bank of England at midday, not a time to be in a trade!

12:05

Video Commentary

 

 

10:46

Decent GZ M1 Buy MAB

At 10:13 price finally pushed above the PM High and Yes High then went on to test the key level at 12400 which is also confluent with the H1 Bull Channel Midline.

This setup a clear A-B impulsive leg so I marked up the setup, the M1 MA and the 61.8 level was confluent with the PM High and Yes High.

I decided to use a Buy Limit order and set it up as shown below as I had to leave my desk. On this occasion price stopped short of my entry level with the MA being enough to send price back up for a possible 2R as shown.

I’ve placed the Trade Tool to show what might have been!

The setup was decent, a clear A-B-C pattern with the PM High and Yes High acting as Role-Reversal at the Golden Zone.

Below is the Buy Limit I placed.

09:08

Ranging Session so far….

After yesterdays German Bank holiday the DAX opened this morning with a gap down. Since then its been in a range offering no clear A-B-C setups.

Tue 30th 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:

09:09

Three decent setups so far

I’ve got to go switch to outdoor projects as thw weather is good but here’s a quick look at the session so far.

I’ve not taken any trades but was very close to taking the GZ M1 Sell FIBCON at 08:24

Price is contining to range but the M1+M5 MAB above offered a decent sell setup.

The GZ M1 Sell FIBCON below was the best looking one and I was SO close to entering but talked myself out of it due to the H1 Bull Channel. The M5 EQZ@12315.4 was great Role-Reversal.

 

The M5 Buy MAB below was the first A-B-C setup of the session that qualified. I passed due to the H1 Bull Channel being so close.

A winning trade was possible but the move up was the B-C leg of the following Sell FIBCON just mentioned.

07:39

Last day of month

The daily chart shows price testing the key level of 12400 (magenta line) which is taken from the weekly chart.

I’ve marked up a Golden Zone which may come into play if price fails to hold above the D1 EQZ@12283.7, if so it could move down to the D1 EQZ-Midline@12135.7, just above the Golden Zone which also contains the Daily MA.

A clear break back below the 12283.7 level may offer sell setups?

Mon 29th 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:

12:53

No trades today

Back at my desk today but no trades this morning. THere have been no A-B-C patterns that conform to our trading edge.

After the recent bull move up the the D1 EQZ@12283.7  price is consolidating and ranging.