Daily DAX

Fri 16th November

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09:33

Buy @ SUPCON +0.06R

Remember the pattern where the bottom of the range is broken, prices comes back up, re-tests the previous support level and goes up? It was exactly that, and I was on that trade.

My entry level was good, my stop loss was good, but somehow I didn’t trust my instinct as I should have.. When I locked profit to breakeven, I knew I was risking an M1 MAB before it finally goes up. I was with the mouse on the close trade button to take almost 1R profit and then re enter at the MAB, and didn’t do it. In ten seconds, it went down, touched the M1 Moving Average, found support and went up to the M5 Movign Average.

My fear of losing 1R in a rangy day where I don’t know if there will be enough oppotunities was bigger than the trust on my trade. That’s enough reason to be +0.06R rather than 2R up. 

Fri 16th 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.

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17:53

Today’s Results, +0.74R

Just the one trade today. As mentioned earlier, very pleased with the anticipation but need to keep working on the trade management side of things.

12:34

Feeling Philly-Sophical……

I’ve just returned to my desk after taking a break and take a look at what happened after.

Note how my original (lower) M1 Micro-Channel held price as it sold off, whilst I felt SO frustrated earlier I’m chilled out now after walking away, a smart decision as I felt my emotions might have led to poor trading decisions.

I’ll focus on the positives and how well I read the setup, it’s only a matter of time before I master this and instead of a small winner I’ll take multiple R from these setups 🙂

12:06

GZ M5 Sell MAB Winner, +0.74R

I anticipated this M5 Sell MAB perfectly but once again I trailed my stop too close and got stopped out by 0.1 pip!!!!

I should have kept it above the mid-line and micro-channel I’d copied from the lower one that added to the confleunce at 11378

After passing on the first retrace to this level at 11:01 I was totally The Bear and waited patiently for this sell M5 MAB only to end up with a tiddler of a winner 🙁

I didn’t move my target, 2R was just fine, just wished I’d not moved my freaking stop – again!!

After standing aside all morning due to the choppy, spikey rangy price action I was only going to take a Grade A setup which this was so pleased with that but not pleased at all with my trade management!!

09:13

GZ M1 Sell Micro-MAB Setup….

A GZ M1 Sell Micro-MAB did form at the PW Low but I passed due to context, it of course then went on to be a winner 🙂

Structurally it was decent but the Lower-Low was more like the bottom of the current range so lacked the energy of a trend.

Thu 15th November

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08:55

GZ H1 Buy FIBCON +2.20R

Divine justice! 

Nothing to say, I waited to see confirmation and when price went above the Bear channel I entered the trade! Took profit right on time as well, yeah! 

08:55

Sell below SUPCON +0.66R combined

Price showed sudden weakness after the M5 MAB and I wanted to take advantage of it! 

The second trade was risky, poor and taken out of FOMO. It could have been a 5R trade considering that price is now near the PW Low (bottom of the screenshot), but the trade I should have left alone or managed better was the first one.

On trades like this one where you are playing a breakout rather than a retracement, you need to be cautious. And being catious means, for me, to take profit as soon as you have something meaningful, because you don’t know where price will bottom or come back looking for support to keep going down. 

I should have taken 1R when price tested the 11452.8 level and used it to enter again at the same level or above, risking basically the just taken profit rather than part of my bank. As I didn’t do that, I panicked when price retraced as it could have gone for the M1 MAB and decided to sell, only to see how it quickly came back down.  

08:55

M5 MAB  -1.10R 

I don’t like the “fine margins” wording to describe this. It’s anger!

Thu 15th 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.

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19:27

Today’s Results, +3.56R

I really enjoyed today!!

My best day so far this month, I followed the plan and was The Bear…

Passed on a few good setups and would take those I did again 🙂

18:24

GZ M1 Sell FIBCON loser, -0.51R

I missed the sell when price moved back up to the D1 EQZ@11397.8 but ended up taking the sell at 11377.0 which was structurally a good setup, just didn’t work out so I closed out for -0.51R

16:19

GZ M5 Sell MAB loser, -0.99R

I allowed myself one more trade if there was a good setup.

I passed on the M1 MAB but I took the GZ M5 MAB after price made a low at the D1 EQZ Mid-line@11251.0 but should have used the custom sell limit order to filter price spikes.

I entered a little early with the Trade Tool and there was a wee bit of FOMO which a limit order can help to avoid?

I was wary of price coming up off the low after a major sell-off but still went for it but this one did not work out. Structurally it looked good on the M5 and M15 charts with the 61.8 level at 11325.7, it just didn’t work out.

However, I followed my process and maybe skilled use of the custom limit order order might have kept me out, not sure??

15:03

M1 Sell MAB BE, +0.07R

After the sell off that I was almost on – One Day I Will 🙂 – I took the M1 MAB at the D1 Bear Channel. I closed out once it looked like it wanted to go higher.

I’ve been waiting for the M5 MAB at the H1 Bull Channel@11380 but it’s taken ages and I didn’t like price action so passed on it when it eventually took place, because I passed it would have been a winner 🙂

13:42

Sell@Micro-RESCON winner, +1.34R

I said to myself this morning “I want a 5R day” and have just done that 🙂

However, I knew I needed 1.35R to get there and ended up closing out when there was no need to when seconds later the 2R came in!!

I also missed a great GZ M1+M5 Sell MAB that soon followed once price got going after breaking below the 11435.6 level (an M15 KeyZone). After “Being The Bear” for so long I only got +1.34R from a potential 4R+ sequence of two sell trades.

However, I’ve had best day this month so far! I’ve felt “In The Zone” and anticipated each trade for four winners 🙂

11:47

GZ M1+M5 Sell Micro-MAB winner, +1.28R

The break below the PW Low and the H1 Bear Channel setup a decent M1+M5 sell Micro-MAB on the retrace back up to the PW Low.

My 2R was at the Open and has just come in but I closed out due to it being such a tight range and was happy with anything over 1R due to the context.

10:46

GZ Sell FIBCON winner, +0.40R

I used a custom sell limit that triggered straight away as there was no spike. The 11388.8-11397.9 zone is a major battle ground just now and if price breaks below it might move down quickly.

The retrace back up to the Open looked good on the M5 and M15 charts and it started well but after yesterday I knew the bulls could step in so I trailed my stop once it had moved below 11388.8, this proved a good call.

Price then moved up to the M5 EQZ Mid-line@11423.7 AND the 50% level of the current Lo-Hi zone, look at this level on the M5 chart on full screen to see the previous price interactions with this level. It was also the 61.8 level when point A is taken from the H1 EQZ Mid-line@11452.8 as shown below.

09:31

Missed Sell FIBCON…

Had to leave my desk and missed the sell FIBCON at the D1 Bull Channel and H1 Bull Mid-Channel when the H1 Buy MAB sent price back up.

A great example of how one trade can roll into another when you’re in the zone…

09:02

Sell Winner, +1.97R

When the 2nd M5 Buy  MAB was only able to produce a Lower-High at 11484.4 I sold the break of the:

  • D1 Bull Channel
  • H1 Bull Mid-Channel
  • M1 Micro-Channel

My 2R was just above the PW Low and H1 Bear Channel so I walked away to let it play out. I returned 10 mins later just as price was about to hit my target.

This was a break-out trade based on the reasons given, this one worked out 🙂

08:20

GZ M5 Buy MAB Missed

I passed on a decent GZ M5 MAB just after 8am!!!

It was structurally good and definately falls into the category of those where we only need to be right 40%-50% of the time.

This is a mindset and consistency thing I’ve got to work on as I did the same thing yesterday at 7:14am with a good M1 Sell MAB at the PW Low. I then took a poor trade where I chased price and moved my stop.

Depending on what you read trading is 80% mindset no matter what style you gravitate to, I need to work on mine as not taking these good setups will ultimately skew the traders equation.

Wed 14th November

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10:40

M15 Sell MAB using new Sell Limit feature – missed!

Almost!!!! Would have made 2R already!

09:11

Buy @ RESCON +2.07R

It is common to see a support level become resistance and vice-versa. Price attempted to brake several times  the 11325.1 level until it did. However, it didn’t last long and came back above such level. Once broken on the way up, price retraced, touched it and started its way up. 

Wed 14th Nov

by

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:

19:43

Today’s Results, -2.18R

After a series of poor decisions to start the session I was pleased to end the day only down one winnning trade 🙂

12:07

Great use of custom buy limit, M5 Buy MAB winner, +1.91R

I came back from walk and just happened to see the M5 Buy MAB setup.

I used a custom buy limit at the PW Low and bottom of M1 Micro-Channel and it operated exactly as intended. Price spiked through to just above the stop but I wasn’t in the trade so was not bothered :), it then reversed back up and entered the trade to go on and be a text 2R winner….

A perfect response to a morning of poor decisions, SO glad I took it!

 

10:12

M15 Sell MAB loser, -1.00R

Another loser but a better trade – I think?

Either way it’s not happening for me today so time to stop and walk and bath Harvey then take Elaine to the station for her trip to Scotland.

 

09:43

Two sell losers, broke rules!

I passed on an M1 MAB at 07:14, it was decent with the PW Low in play.

More poor decisions followed 🙁

Two losers, I chased price which often results in moving the stop.

Whilst waiting for the M5 MAB I had a dose of FOMO and then closed out as I knew I shouldn’t be in the trade.

I’ve been waiting for the M15 MAB at the D1 EQZ@11398…

 

Tue 13th 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:

20:12

Today’s Results, -2.97R

Another day of fine margins…

The 3rd and 4th losing trades were due to FOMO and resulted in me not entering where I’d decided to based on an M15 zone.

18:30

GZ M1 Sell Micro-MAB loser, -0.93R

After price finally broke through the 11450 level there were two possible Sell MAB’s, the M1 and M5.

Due to the D1 Bull Channel, the H1 EQZ Mid-line@11452.8 and the H1 Bear Channel I chose the M1 MAB. The better value was the M5 MAB at the original point B mentioned earlier.

This was a great example of where to use the custom Limit Order to filter a spike at the 11458 level.

18:01

Sell Stop Breakeven, +0.10R

I don’t use Sell Stops that often but the M5 EQZ@11468.8 had a lot of pressure building up if price broke below it. My 2R was just below the D1 Bull Channel but I knew price would have to break below the earlier point B that I extended across.

I moved my stop to BE when it got close to that level as it had previously moved up quickly off it.

I got stopped as price almost moved up to reach my original stop. Since then it’s struggled to get below the point B until just now when it spiked down to my 2R target!!

Yet another should have left alone…

17:04

GZ M1 Sell FIBCON loser, -0.20R

This was a good GZ M1 Sell FIBCON that formed part of the topping pattern. I trailed my stop to just above the M5 EQZ Mid-line@11476.6 but once again had I left it alone the 2R would have come in!!

I liked the setup and context, should have the 2R though, would take it again.

16:31

Two losers@RESCON, -1.00R, -1.00R

After not trading since this morning I got drawn into two sell trades at RESCON just after 16:00

I was SO close and had I stuck with a zone on my M15 chart then I’d have had a winner, another case of FOMO!!

The Trade Tool Entry level@11495 is the top of an M15 zone that had I not changed anything I planned to sell until price looked like it was struggling to go higher at around the 11475 level.

I’d got the entry perfect just gave into FOMO – Again!!!

10:47

Golden Sell Zone

I’ve not been trading since popping out earlier and as always it’s SO much easier to see good setups after the event.

I’ve marked up two A-B-C zones with the second one having an M5 Sell MAB followed by a FIBCON.

The first A-B-C pattern is the Inner-FIBCON where point B is the M5 MAB that Joel took.

Both A-B-C patterns had good Role-Reversal structure when looking-left 🙂

09:13

The Energy of the M1 MAB

This is great example of the power of the M1 MAB when in context.

The move up above the PW Low in the M5 EQZ was followed by a micro-range (aka a bullish rectangle). Price was waiting the M1 MAB to catch up and when it did it produced the final exhaustive push up before stalling and reversing.

I was waiting to sell at 11450 and the H4 MAB but it fell just short.

 

08:20

Late M1 MAB winner, +2.05R

After the early bullish mood I took a late M1 MAB just after 8am.

Price did pullback to just above my stop for another M1 MAB and that was enough to send price up to the PW Low which I reasoned was the first target of the bulls. The 2R was just below the PW Low so this one played out well.

I had considered selling at the PW Low but a much better value sell looks to be the H4 MAB at the 11450 level where the D1 Bull Channel and H1 Bear Channel form a zone of RESCON.

07:44

Sell@RESCON loser, -0.99R

This was a sell at the High plus the M5 EQZ@11363.0 plus the D1 Bear Channel plus the H1 MAB.

I got a good entry and it started well but but then pushed on up to the H1 Bear Mid-Channel.

On the M15 chart when you take point A from the  PW Low it’s a GZ with the 61.8 level@11358.9 which is why I took the trade.

It was also a top of a range sell that didn’t work out.

Mon 12th Nov

by

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:

Fri 9th November

by

09:19

M5 Sell MAB -0.99R

I didn’t like the FIBCON supported by the M5 MAB. When price started to retrace I thought I missed it, but then price moved up really fast passed the M5 moving average and I went for it. 

I was looking at the RR structure, visible on the M5/M15 charts. Even though price stayed for 2 minutes near my entry level, it suddenly went up towards the M15 moving average, finding support once again around the bottom of the 5M equidistant zone.

Given the strenght of the first leg up I should have anticipated that the trend wasn’t gonna end there. I had a chance to exit the trade and didn’t do it. I should probably have skipped this trade!

08:40

GZ M5 sell MAB +2.03R

Great trade!! 

In a progress towards managing my greed, I closed it at 2R, and I am happy about it! 

PS: Price reached my original 5R level just now. I miss my greed. 🙂 

08:11

M15 Sell MAB  +0.94R

I traded the same structure that I just missed, knowing that very often price re tests the same resistance before going lower. 
It didn’t work exactly as planned, as price went further up to the M15 Moving Average. However, a nice MAB was in play and I managed to take a 0.94R profit. Could have left the trade alone, but my entry level wasn’t perfect, which means that any re-test would put me in loser territory. Therefore, when price reached the M1 moving average and bounced, I sold.

08:01

GZ Sell FIBCON – Missed it!

Price was below my 1R profit traget on my trade tool. I watched at the keyboard to get ready the Ctrl+E, watched back to the screen and… it was gone!!! 2 seconds to do the spike up and retrace! 

What a nice movement! As I type, price rached my 2R level! Amazing…