Daily DAX

Mon 21st Jan

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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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15:16

Video commentary

Today’s video below.

 

 

16:14

GZ M15 Sell MAB

I’ve had stuff on so have not been able to sit at my desk but have just come back to see another decent M15 sell MAB at  around 14:00, well done Joel for taking this one and getting +2.18R from it (see his post at 2:44pm below).

It had great structure, point C was confluent with:

  • D1 Bear Channel that price has been oscillating around today.
  • M5 EQZ Mid-line@11159.2
  • 61.8 level@11156.4

A great example where “Being The Bear” paid off 🙂

13:27

GZ M15 Sell MAB

I’ve just come back to my desk to see that an M15 Sell MAB formed at 12:10. The point A used is taken from the M5 MAB and the M15 chart, it produced the Golden Zone as shown.

So far the best structural ABC setups have been sells and my bias for buys meant I talked myself out of the one I posted at 10:12 below.

The Role-Reversal zone for this M15 MAB had great structure when looking left and when point A is taken as shown the the Golden Zone is perfect!,  see M15 chart below.

10:12

GZ M5 Sell FIBCON

Price has been correcting after Friday’s bull move. The FIBCON above on the M5 chart was structurally good with the Golden Zone at the D1 Bear Channel and the M5 EQZ Mid-line@11159.2

I talked myself out of it but it turned out to be a good sell setup.

08:34

GZ M1 Sell FIBCON

I had to leave my desk just after 8am and have just returned to see that a GZ FIBCON formed after price set the current low at the D1 Bear Channel.

A decent A-B-C sell setup though after Friday’s very bullish day we should be favoring buy setups.

07:02

What next?

After Fridays bull move up to the D1 EQZ Mid-line@11251 what next?

This level was in play during October and November last year acting as both support and resistance.

Fri 18th Jan

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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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16:49

GZ M1 Sell MAB Winner, +2.11R

Around 3pm I took a look at what had been happening to see that the bulls had continued to push price higher, above the D1 EQZ@11104.0 mentioned earlier today.

Whilst not planning to trade I took a coffee break from coding and liked the look of the break below the H1 Bear Channel. I marked up a short-term KeyZone in white then overlaid the FIB tool as shown. I reasoned if price came back up to test the H1 Bear Channel it was a decent M1+M5 sell MAB.

I entered using the Trade Tool and got a great entry as my 2R target was well above the Lower-Low. This one was counter-trend but worked out perfectly before the bulls reasserted themselves soon after.

This is a great example of how using Grid structure and the Trade Tool we can take micro setups such as these. It was structurally very good!

As I type price is still moving up and is heading towards the D1 EQZ Mid-line@11251.0, see below.

The update is looking good, needs a wee bit more testing then I’ll do a video and release it for use on Monday.

Below is the updated Daily chart, a day great to be in buy mode, some good setups formed based on our edge. The dream ticket is to get on and ride price up on days like these 🙂

08:32

GZ M1 Buy FIBCON

I’ve just taken a look to see what happened at the London open and noticed the GZ M1 Buy FIBCON as shown above.

This would have been a challenge to take in real-time!

If point is taken from the PW High (just below Yes High) the Golden Zone falls on the M5 EQZ Zone@10992.6 after a clear impulsive A-B leg. The Role-Reversal was also supportive at this level.

Taking this one in real-time would have been tough as the bear candle was fast moving and taking a buy would have felt counter-intuitive. A case of trusting structure as price came back down off the 11000 level.

If anticipated in time then a Custom Buy Limit would have been the best option at the 10992.6 level.

Price has finally broken up out of the range mentioned yesterday and it’s currently above the key 11000 level, if the bulls can maintain control then the next major target is the Daily EQZ@11104 as shown below.

Today I’m completing the update to integrate the screenshots and the blog today so will not be trading until Monday morning.

Thu 17th Jan

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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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17:19

GZ M1 Buy MAB

I’ve just taken a look at the afternoons action and spotted a decent GZ M1 Buy MAB that formed around 15:05 GMT.

Price eventually moved back above the 10900 level, the H1 Bull Channel then reversed price to setup a buy M1 MAB. The Golden Zone was just above the M5 EQZ Mid-line at 10894.6.

It was structually and contextually good, the impulsive A-B leg was clear, with patience and good timing a 2R trade was available.

As always, it’s easy to spot after the event!!

The update to allow members to upload their screenshots is coming on well and will be ready for use on Monday.

08:48

Reversal Micro-FIBCON off the bottom of the range

I’ve just noticed a decent reversal Micro-FIBCON as price tested the bottom of the range mentioned below.  The H1 Bull Mid-line was enough to reverse price back up to Yes Low, the next barrier is the H1 EQZ@10878.2

A counter-trend setup but it had good context as it was testing the bottom of the range. 

08:10

Software update in development

Just to let you all know that I’m working on an update that will allow members to upload their screenshots to the website so they can add a link to the comment section of the daily blogs.

This will make things much more interactive and keep everything in one daily blog. To make sure I have it ready for this Monday I’ll be concentrating on that instead of trading for the rest of this week.

For the last week or so price has been in a range between the D1 EQZ@10808 and the D1 Mid-line@10956 as shown in the screenshot below from the hourly chart.

Below the range can be seen on the Daily chart very clearly.

Wed 12th Dec

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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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13:45

Video Commentary

I’ve decided to do a video on this mornings action after I failed to execute the GZ M15 Sell MAB I’d anticpated well in advance.

I’ve already mentioned that a major weak spot in my process is not reviewing my trades and general performance after each session including weekends when the markets are closed freeing the mind up from distractions.

Earlier this year I regularly did a video commentary and looking back it provided a feedback loop that I benefited from. Today will be my last trading day of the year due to other commitments and plans for the christmas holiday.

This video is intended to to remind me of the need to trust Grid structure and not over-think things. I hope other people find it useful!

 

 

13:12

GZ M15 Sell MAB

I anticipated this great GZ M15 Sell MAB but over analysed it and ended up not taking it!!

The answer to the questions:

  1. Can I see the A-B-C with excellent role-reversal.
  2. Do I have good structure.
  3. Do I have good context.

is YES!!

Yet I failed to execute and can only put it down to my mindset after the recent period of drawdown.

Fri 7th Dec

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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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17:34

Today’s Results, -3.79R

Very poor trading day, only 2 out of the 7 trades were structurally good and I followed my rules, the rest were not setups!

Not good enough!!

11:30

GZ M1 Buy FIBCON

The first trade was structurally good, an M5 sell MAB at 10878.2 but did not work out.

After that I broke my rules as can be seen by the cluttered mess on the chart.

The last trade was an M1 buy MAB that stopped just short of the 2R, it was a good setup.

The trades between the first and last were howlers!!

Tue 11th Dec

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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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09:09

GZ M1 Sell MAB loser, -0.21R

A decent M1 Sell MAB formed afrer the break below the H1 Bear Channel. There was good Role-Reversal so I took the trade, it started well then spiked back up so I closed out for a small loser.

Once again I should have trusted Grid structure, the 2R would not have come in by 0.1 pip before price moved back up. Had I not touched the trade it would have been a 1R loser due to the spread and the finest of margins.

A good setup and should have at least got a profit from it!

Mon 10th Dec

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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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10:31

GZ M1 Buy MAB

An M1 Buy Micro-MAB formed after price broke above the H1 Bear Channel and the D1 Bull Channel.

It was structurally very good though contextually you could argue it was maybe the top of a range??

The components of the Grid are once again playing a key role in the formation of this mornings setups.

09:37

GZ M1 Buy FIBCON

An M1 Buy FIBCON formed after the move back up off the PW Low.

The setups so far ths morning have all used the H1 Bull Mid-Channel@10690 for their Role-Reversal.

 

09:11

GZ M1 Sell MAB

An M1 Sell Micro-MAB would have worked out but I passed due to the context as it would have meant selling into SUPCON which includes the PW Low

08:44

GZ M5 Buy MAB

A decent M5 Buy MAB took place at 8:25, it was structurally good, I passed due to the dominant bearish mood at present and wasn’t sure if price would test the PW/Yes Low and M15 MA just below it.

Thu 6th Dec

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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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16:01

Missed M5 MAB 🙁

I marked this one up then missed it as I had to leave my desk.

Maybe I should have set a custom limit order?

This was a great setup, ticked all the boxes….

11:16

Passed on M5 MAB, it formed a micro channel point

I passed on the M5 Sell MAB but have noticed that it formed at the upper boundary on a micro-channel.

10:51

Possible sell at RESCON+PM Low

If price can move back up to the area of RESCON:

  • PM Low
  • 61.8 level
  • The 11000 level
  • H1 EQZ
  • H1 Bull Mid-Channel
  • M5 EQZ

then a sell might be on offer?

I’ve not seen a decent opportunity to jump on the move down unless I’d broken my rules and I’m SO not wanting to do that!!

I’ve just passed on the M5 Sell MAB due to context as price is coming up off the lows, at present it’s looking like it’ll be a winner.

07:42

61.8@RESCON

When the DAX opened at 11pm last night it sold off 270 points in 3 minutes!!!

The 61.8 level is the current session Hi-Lo at RESCON:

  • H1 MA
  • D1 Bull Mid-Channel
  • H1 Bear Channel
  • M15 KeyZone boundary@11118.5

Let’s see what happens if price reaches it?

Wed 5th Dec

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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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09:57

GZ M1 Sell FIBCON loser, -1.14R

My first trade for December is a loser BUT in answer to the question:

“Can I see the A-B-C with Excellent Role-Reversal?”

my answer was Yes!!

The 61.8 level at 11228 was confluent with:

  • H1 Bull Channel
  • H1 Bear Mid-Channel
  • H4 KeyZone Level

I reasoned this was in in the category of those that are good enough to take and we only need to be right 50% of the time.

I followed my process, I did not chase price, I anticipated it well in advance, I got the exact entry I wanted.

07:30

GZ M1 Buy FIBCON

After the gap up at 7am a GZ M1 Buy FIBCON formed but at present the spread is 2.2 between 7am-8am so it’s not a trade I’d take.

However, this one would have worked out if the 2R target was at or below the 11217.5 level.

Tue 4th Dec

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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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09:58

Head & Shoulders Topping Pattern@PW High

A clear Head & Shoulders Topping Pattern took place at the PW High not long after 8am.

I passed on it. There was a Micro-A-B-C but the M1 Buy MAB plus Yes Low put me off.

I’ve also passed on the micro-sell setups that followed as I didn’t want to sell into the 11400 level but they would have worked out.