Daily DAX

Mon 3rd 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.

Remember to:

12:22

GZ M1 Sell MAB

Just came back to my desk to see the GZ M1 Sell Micro-MAB at the H1 EQZ@11516.8, I might have been tempted had I seen it real-time…

11:49

GZ M1 Sell FIBCON

I marked up the above sell setup but passed and the earlier M15 Buy MAB, for now I’m wanting to watch and once again get back to basics.

November was a poor month for me, down -14.72% 🙁

I’ve reviewed my trades and many of  them were not MABs or FIBCONs. I’d chased price due to FOMO then ended up moving my stop thus increasing my risk etc.

Over the weekend I’ve gone through my trading plan and updated it accordingly but the one update I’m hard-wiring into my mindset asap is:

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

The heart of our edge is the A-B-C pattern, that’s why we’ve documented it in detail on the website. Yet in my day to day trading I keep getting drawn into trades that are not really valid setups. Sometimes they work out but often not and they have negative compounding effect on my results.

It’s time to move beyond this, it’s time to re-program and re-wire my mind-set for success!

08:55

GZ M5 Buy MAB

A decent GZ M5 Buy MAB, I was waiting for price to test the channel before entering and missed it.

07:54

GZ M1 Buy MAB

The spread was 2.3 so unable to take this great early buy setup.

Thu 29th Nov

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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:

18:43

Today’s results, -1.64R

Not great as I’m getting drawn into trades that do not conform to the MAB or FIBCON setup!!

It’s time to change that!!

09:50

Two winning trades, one small , one 2R 🙂

I took a poor quality buy trade after the break above the Open, not great but closed out for a small winner.

I then waited patiently for the retrace back up to the 11377 level and missed the sell entry due to speed of the spike as I was using the Trade Tool.

I keep forgetting to use the custom sell limit as it would have been perfect and resulted in a quick 2R or more if I moved the target down to the 11354 level.

I got away with chasing price on this occasion for a nice 2R winner!!

Note to self: Start using the custom limit orders !!!

09:45

Three sell trades, two losers, one winner

The only valid setup was the last one as price retraced backup to the 11377 level.

The first trade I chased price, broke my rules!!!

Wed 28th Nov

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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:

17:56

Today’s Results, -0.72R

I had to stop trading at 11am, another spikey, choppy range day which was tough to trade.

10:19

Passed on next sell setup, it was a winner 🙁

Oh the life of a trader in the making!!!

I passed on the next sell setup, again it was decent BUT I reasoned maybe price will move up to the bottom of the Lo-Hi zone (50% level of the session).

I blinked only to see had I entered the 2R would have come in!!

A reminder if it’s decent enough to be in those that we only need to be right 40-50% of the time then take it.

10:07

GZ M5 Sell MAB loser, -0.97R

I used a custom sell limit as I had to leave my desk which worked well to take the GZ M5 Sell MAB, a decent A-B-C but did not work out.

09:59

GZ M1 Buy Micro-MAB winner, +0.26R

I took the Micro-MAB after the Higher-High when price moved back up to test the Open. It was SO close to my 2R but failed, if I’d not had such a wide stop my 2R would have been at the Open.

I’m letting trades play out after missing out on several 2R’s over recent weeks, maybe I should have moved my target down to the Open??

09:55

GZ Three sell trades, 1 winner, 2 losers

I started with a winner after the break below the key level of 11325, I then sold twice based on A-B-C patterns but it all got a bit rangey.

I followed my process but the gravitational effect of the 11325 level meant they did not work out.

Tue 27th Nov

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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:

19:12

Today’s Results, -2.21R

I’m going to have get better at trading range days…

18:23

Three sells, two losers, one winner

I took three sell trades but due to the range only the last one worked out and due to my greed I only got +0.79R as I moved my target below the 11300 level going for the big hit!!

12:37

Missed MABs

I had to stop trading at 10am and have just returned to my desk to see two really good sell MABs.

An M1 and M5, both were structurally and contexually excellent.

08:46

GZ M1 Sell MAB small winner, +0.21R

My generous stop meant the 2R was below the 11325 level so I trailed my stop so it was protected by the M1 MA.

It got close and with hindsight of course I should have closed out below the Open. The reason I didn’t is that reasoned if the 11325 level broke price would move down sharply so I moved my target anticipating this.

It of course therefore did not happen 🙂

08:03

GZ M1 Buy MAB loser, -1.34R

At 7:30 price spiked up strongly to the H1 Bear Channel, I marked up the A-B-C to find the Golden Zone was perfectly at Yes High.

I entered a buy trade at the M1 MAB, it was a decent setup but one of those mad price spikes and not a valid A-B impulsive leg as shown by the way price came ALL the way back down.

It was structually very good with Yes High in play but one of those that didn’t work out.

Mon 26th Nov

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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:

18:45

Today’s Results, -3.02R

I ended up in sell mode when the better setups were buys and with order flow.

The only winner was a buy trade then I had to stop trading for the day.

18:25

A setup worth waiting for….

This sell setup at 17:10 was a cracker and a reminder of what a great setup looks like. I was not trading when this took place but it was a MUST take trade!

With skill this was at least a 3R winner down to point B, the Role-Reversal structure was excellent.

18:17

Three quick trades…..

I got into a mode where I was taking sell trades when the best one’s were buys.

These three cancelled each other out but selling into the D1 Bear Channel proved to be bad call.

The buy winner worked out (only just) because it was with order-flow.

13:06

Missed M15 Buy MAB@D1 Bear Channel

I’ve just come back to my desk to see the M15 Buy MAB.

It was decent since it was confluent with the D1 Bear Channel that’s been supporting price plus the M5 EQZ mid-line@11317.9, the move back up to 11325 was the probability.

12:22

GZ M1 sell Micro-MAB loser, -1.01R

This was structurally good but contexually poor!!

It started off well but I should not have considered this one due to the 11325 level/zone being such a battle ground.

As my 2R was above the D1 Bear Channel this time I talked myself into it. Maybe 50% of these will work out but on the back of two losers it feels like a very poor trade.

11:24

Two sell losers, -0.71R, -1.18R

I took two sell trades when price broke back below the key level at 11325ish….

So far the D1 Bear Channel has held resulting in two losers.

The bottom of the M15 KeyZone is at 11300, that is where my 2R was intended.

Note the 11354 level and how precisely the bull spike reversed at it. Trading the M15 channels has lots of potential, but not so far today when the D1 Bear Channel is in the way of a move down.

Fri 23rd Nov

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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:

17:23

Today’s Results, -0.49R

Use of the custom sell limit order would have resulted in a profitable day!!

11:53

GZ M5 Sell MAB loser+winner, -0.69R, +1.20R

I waited patiently for the pullback to the GZ for the M5 Sell MAB@11167.0

I should have used the custom sell limit to filter a spike, it would have resulted in a 2R winner on the move back down.

I re-entered as price spiked down so my 2R was lower than intended resulting in a +1.20R winner.

10:43

Sell Limit Option???

I’d marked up the sell zone at the 61.8 level@11184 then had to leave my desk.

Of course, price then spiked up and fell away for what would have been a quick 2R winner!!

A great example of when to consider a Sell Limit..

10:02

Sell@RESCON loser, -1.00R

Was too early on this as it was still structurally a BUY as the Golden Zone shows.

I had the zone marked up from earlier – look left – it was actually a Buy!!

07:55

Early GZ M1 Sell Micro-MAB

Early breakfast for those alert and in the moment…

Tough to execute but structurally excellent.

Thu 22nd Nov

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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:

17:23

Today’s Results, +1.19R

Had to stop trading at 11am, a decent day, one winner, one loser…

10:35

GZ M5 Sell MAB loser, -1.00R

I almost didn’t take this as price was coming up off the bottom of the H1 EQZ@11133.5 but decided it was in the category where you only need to be right 40% of the time.

09:32

GZ M1 Sell MAB winner, +2.19R

After missing the earlier GZ M1 Sell MAB I took the second as it was a MUST take both structurally and contexually.

 

Wed 21st Nov

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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:

16:54

Today’s Results, -0.18R

A breakeven day but should have been profitable had I not broke my rules.

So, as is said in the video I posted below, you have to DECIDE to do something if you want to move on in your life so:

I’ve DECIDED to stop breaking my rules!!

09:53

Another sell trade, broke rules…

Ouch – Huge dose of FOMO!!

There was NO setup…

09:40

Four sell trades, broke rules…

Came back to my desk to see price selling off again and got caught up in things.

My read was correct in terms of a sell setup but got it wrong due to rushing things and ended up breaking my entry rules.

I used a sell stop to catch the break of the H1 EQZ@11133.5 but failed to spot the M15 MAB in play. 

08:53

It’s all in the Mind!!!

I didn’t trade yesterday due to a poor nights sleep that left me very sluggish and I found the price action difficult to read as the PM Low was tested.

It’s become clear that my current challenge is a mental one, I know my edge, I believe in my edge and have observed the Price Action Grid day after day capturing 90% of all the key battle zones, both micro and macro.

Whilst getting on with stuff that didn’t require the concentration that trading does I did a bit of research on mind-set and the importance and power of beliefs. It’s a vast area and there’s no shortage of information out there so we each have to find that which vibes with us personally.

I’ll leave it at that for now but below is a 10 minute video that stood out, so much so I’ll put the link below. Some of the ideas in it might not be everyone’s cup of tea but if they are you will enjoy it!!

08:38

Sell@RESCON winner, +2.08R

When price struggled to get above the RESCON@11670 I sold the move back down to the H1 EQZ@11133.5 and with the 2R just above it it worked out perfectly.

Below are two buy MAB’s, the M1 MAB just after 7am, the M5 MAB just after 8am.

I missed the M1 but passed on the M5, shame it was with short term bullish mood and structurally good.

Mon 19th Nov

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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:

18:23

Today’s Results, -3.21R

Another day of such fine margins!!

I read the sell sell up but used the wrong point A then entered again only to JUST be stopped out, that would have been breakeven.

17:22

Used the wrong point A for sell setup

I read this sell setup but used the wrong point A.

I used 11325 instead of 11354 which was clearly – after the event – the correct one.

I ended up moving my stop to ONLY just get stopped out then re-entered and again – JUST stopped out!!

14:27

GZ M1 Sell Micro-MAB loser, -1.77R

I took an almost identical M1 sell MAB but this time did not work out.

Moved my stop to protect it with the M5 MAB but it’s coming up from the bottom of the short-term range.

12:24

GZ M1 Sell Micro-MAB winner, +2.72R

That’s more like it 🙂

I took the sell at 11325 and moved my target to just above 11300 and walked way.

11:41

GZ FIBCON loser, -0.24R

WTF is wrong with me!!!!

I wait patiently for the  retrace up to 11363 as mentioned earlier, get a PERFECT entry then close out when price does a micro-double-top???

I guess the only thing I can do is walk away once I’ve entered the trade. It was a freaking great setup and absolutely was one of those that I’d take again – win or lose.

Trailing my stop to just above the 61.8 level would have been a better option.

I never used to be like this and it’s affecting my results, as Adam Khoo points out it will sabotage my performance.

Totally happy with the anticipation, Totally unhappy with my trade management!!

10:38

Passed on GZ M5 MAB…

I’ve been sat waiting for a retrace back up to the 11363 level but not happening so far.

I passed on the GZ M5 MAB and it’s turned out to be the best setup of the session so far….

08:42

Sell loser, -0.41R

I took an aggressive sell on the break of the H1 EQZ@11388.8 but had forgotten to mark up the A-B-C !!!

I sold into the Golden Zone, I closed out as soon as I realised..

Always mark up the A-B-C in real-time.