Daily DAX

Wed 15th Aug

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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:

16:47

Pleased with todays trading 🙂

Following on from yesterdays poor performance I’m pleased with how today went. Another four straight losers was not a good start BUT the key difference was the trades were reasoned out, they just didn’t work out, see below.

To then have two winners by being consistent in my approach and end the day with a small profit feels good. I controlled my risk and was close to being 2-3R in profit.

Yesterday hit me hard, not from having three consecutive losers but it was the emotional spiral that I experienced. Today I’ve benefited from:

  • Displaying and following my plan.
  • Anticipating setups well in advance.
  • Reducing my risk when the trade moves into profit.
  • Waiting patiently for a value entry which means I wasn’t tempted to move my stop.
  • Being The Bear!!

Onwards and upwards….

16:28

GZ M1 Buy FIBCON off PM Low

After the +2R winner I took a break, however, I should also have been anticipating a reversal FIBCON off such a key level as the PM Low.

I came back to my desk to see that’s exactly what happened and it was superb buy setup as shown. The retrace to the 61.8 level was perfectly confluent with the PM Low, price moved up quickly to the H1 Bear channel to form an M5 Sell MAB.

 

 

16:19

M1 Sell MAB Winner, +2.00R

I anticipated the move down to test the PM Low, just below the D1 EQZ mid-line at 12135.7 so once price broke through the H1 EQZ level at 12154.6 I took the M1 Sell MAB that quickly followed.

It played out as anticipated for a nice +2R winner 🙂

This means I’m in profit for the day, the traders equation in action, see below.

16:04

M1 Sell MAB Winner, +0.83R

This setup is the best so far, a proper Juicy Salmon!

I marked up the Role-Reversal zone and got a great entry as shown. It quickly went into profit and in my haste to move my stop I dragged it down to the H1 bull channel boundary and before I had chance to move it back up above the channel I was stopped out for +0.83R, it then went on to hit my 2R target.

Very happy with my anticipation and entry, not so happy with my trade management, should not have rushed it. Maybe after ten consecutive losers I was keen to lock in a profit?

14:39

Missed GZ M5 Sell MAB 🙁

Whilst updating the blog and making a cuppa I misssed this decent GZ M5 Sell MAB!!

With a good entry the 2R was available.

14:25

GZ M1 Buy MAB loser, -0.32R

This trade was again based on a reversal pattern, only this time off the Monthly MAB.

Structurally it was very good, my entry was late otherwise I would have locked in a profit. Instead I trailed my stop to reduce my risk.

I’ve now had ten consecutive losers as a result of yesterdays three howlers. We’ve mentioned how fine the margins are in trading, like golf, tennis, etc.

Today I’m OK with the trades taken, this last one should have been a winner, it was poorly executed. The traders equation will do its thing, one good winner and I’m break-even on the day 🙂

14:17

Just missed Monthly Buy MAB

I was having lunch when price moved down to the Monthly MA to produce a rare MAB.

When I returned to see it positioned the Trade Tool as shown just as price moved back up above the two mid-lines, a sort of micro FIBCON.

If I’d been at my desk maybe I would have taken it??

12:40

Buy loser -1.01R

This was a CT trade based on price reversing back up due to a combination of:

  • D1 Bull Channel
  • H1 Bull Mid-Channel
  • D1 EQZ level at 12282.6
  • H1 EQZ level at 12282.4
  • M5 EQZ level 12278.1

acting as an area of SUPCON.

For a while it looked promising but eventually the bears moved price lower. The reasoning behind the trade was that multiple R was possible if price moved back up into the D1 and H1 channels.

This has been observed many times, however on this occasion it didn’t play out as anticipated.

So that’s three losers – again – but the big difference  compared to yesterday is that I’m happy with my reasoning. It’s a wee bit frustrating to not have taken advantage of the strong move down.

12:32

Sell Stop loser -0.26R

For the first ime in ages I setup a Sell Stop PO with the 2R just above the 12331.0 M5 EQZ level. This was based on the pressure that was building up as price broke down through the H1 Bull and Bear channels plus the D1 bull channel.

However, due to the speed it broke through the slipage meant my target was much lower. I trailed my stop and eventually got stopped out for -0.26R.

The trade was based on a breakout which did take place, it just didn’t work out. Trailing my stop meant I didn’t take the full 1R loss 🙂

Sell and Stop Limit PO’s do have their place in a traders arsenal, price did go on to move much lower. 

10:03

GZ M1 Buy MAB loser -1.00R

Took the sell M1 MAB back down to the session low but didn’t work out.

I took the trade because the PW Low was in play and I’d anticipated the 61.8 level BEFORE price had broken down through the PW Low.

I’m happy with the setup compared to the three sell losers from yesterday. I’d argue that 40% of these setups will be winners. It wasn’t the juciest of salmons but I wouldn’t class it as a minnow due to the PW Low.

I was pleased with my patience waiting for the entry and pleased I didn’t move my stop 🙂

Tue 14th Aug

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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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15:20

Learning the lessons……

Today has reminded me of how important it is to:

  • Have zero distractions whilst trading.
  • Follow my trading plan.
  • Be The Bear……

Over the last two weeks I’ve been updating the blog in real-time and also capturing video footage for the website. It’s gone well overall but it does dilute my focus and today I experienced how important it is to ensure my personal trading is the top priority.

Going forward I’ll update the blog when I’m not looking for setups. Distractions can be very subtle and one thing that’s been neglected is keeping my plan etc. in view along with visualization time to keep my mind focussed.

Having three consecutive losers is not what frustrated me, that’s to be expected and so long as we average 2R per trade a 40% strike rate is profitable. It’s the fact they were really poor trades that hurt.

Before entering a trade I need to ask myself the following:

  • Can I talk myself out of this trade.
  • Do I have that feeling of “Whatever the outcome, I’d take this trade again.”

Had these been present I would not have entered any of the trades taken.

I’ve looked at the price action since my three howlers and seen at least two great setups that would have ticked both the above.

Time to focus on the basics before blogging. Let today be one I look back on as a necessary learning experience, a minor speed-bump on the journey 🙂

It’s all about the Golden Zone, finding phi along with great confluence, a.k.a the FIBCON!!

09:04

3 Losers – Zero WTA – WTF!!

I’m currently in a state of shock at what’s just happened!!!

Since the bullish open there were three good buy setups, I  failed to take one of them. I’d been videoing and maybe that affected my focus. Either way it’s not blame for what followed.

When price reversed off the current session high at the  H4 MAB and H1 bear mid-channel I passed on the M1 MAB – Good call!

Then when price spiked down through the H1 EQZ boundary at 12428.2 I went into sell mode and sold the retrace. I then moved my stop – the result was a -1.64R loser.

A poor trade, counter-trend and against order-flow and a 100% Would-Not-Take-Again!

At this point a professional disciplined trader would have either walked away OR managed themselves accordingly.

Emotion took over, I sold again, the trade was in profit at one point, just over 1R but instead of moving my stop to break even or taking the 1R I took the full 1R loss.

I should have walked away BUT no, when price broke below the H1 EQZ again I sold on the micro-retrace, another loser.

None of the trades were:

  • With trend, order-flow.
  • Juicy salmon, all minnows.
  • Buy’s off support, I sold into support.

Right now I’m feeling very frustrated at my trading behaviour, I broke my rules, did not follow my plan and got drawn into choppy price action.

This hurts, I know I’ve made progress in these areas but today is a stark reminder of where I’m at.

Below are my results for this week so far 🙁

At least yesterday the first loser was a reasoned out M5 MAB, just not the best value option as the M15 MAB just below it was one to take.

The second loser was just a poor trade, I then stopped.

Let today serve as a major milestone lesson on my journey, let the pain I’m feeling right now be transmuted into positive energy 🙂

07:12

GZ M1 Buy MAB after bullish open

What a bullish start!

Price gapped down at 7am to just below the PW Low, this was also a 61.8 level – not shown. It immediately spiked up to setup a very fast GZ M1 MAB as shown.

I wasn’t fast enough to get on this 🙁

Mon 13th Aug

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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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14:56

GZ H1 Sell MAB

I’ve been away for a few hours and came back to see an H1 MAB just after the US came online. Price reversed exactly at the 61.8 level and the H1 MA (short black line).

I’ve place the Trade Tool to show the ideal entry with the stop covering the H1 Bear channel and the PW/Yes Low.

 

14:49

Buy Loser, chased price!! -0.98R

I took a poor buy trade after price moved back up into M1 micro-channel. It looked good to start with but should ahve closed out when the doji’s formed.

A classic case of hanging on when it was time to close out. It was really the top of a range where you should “Sell High, Buy Low”.

 

10:21

M5 Buy MAB loser -1.05R

I took the M5 MAB right at the bottom of the Golden High-Low zone at 12356.0 BUT the value setup was the M15 MAB below it.

It’s one of those situations we’ve talked about where it’s better to take the higher value trade when two possible setups are forming.

In this case the M5 MAB or the M15 MAB. I’d alos failed to update some key structure that woild od caused me to pass on the M5 MAB, easy now of course!

If point A is taken from the M5 EQZ mid-line at 12323.2 then the 61.8 level at 12345.5 was perfectly confluent with the M15 MA. I’d also not projected the keyzone from earlier.

 

 

 

08:22

GZ M1 Buy FIBCON Setup

After a bearish start to the week price has moved up off the lows. At 7am price gapped up to the Daily Golden High-Low zone and has ranged since.

Just after 8am a decent GZ M1 Buy FIBCON at 12323.8 formed. It was confluent with the H1 Bull Channel and the M1 EQZ mid-line at 12323.2. I did not have this marked up, should have!

Price then failed to hold above the Daily Golden High-Low zone.

Fri 10th Aug

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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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10:55

A Slippery Juicy Salmon 🙂

I’m going to stop trading and switch roles to get some software updates done.

That last GZ M5 MAB was a Slippery-Juicy-Salmon and whilst it got away I’d take it again. I anticipated it at least 20 minutes in advance and could not talk myself out of it.

When I entered I had that feeling of “Whatever happens I’d take it again.” That’s key so very happy 🙂

 

10:31

GZ M5 MAB – Tricky Setup

The GZ M5 MAB I waited patiently for, it was a Salmon but a tricky one due to the spike up through the MA.

I just got stopped out then re-entered as shown. It all got a bit messy, I closed out when I should have left it alone and got 2R 🙁

So, it’s a 100% WTA 🙂

My execution was close to perfect but was just stopped out. Well done anyone profited from this Juicy but slippery Salmon!!

09:37

GZ M1 FIBCON

After the bear spike down price formed a good GZ M1 FIBCON when point A is taken from the hourly EQZ level at 12556.2, this is where the breakout started.

I talked myself out of it and was watching the M5 MAB, higher up. However, the 5 min chart below shows the same setup and structually it was clear that a sell at the 61.8 level at 12526.0 which was also confluent with the bottom of the M1 EQZ at 12527.0 was a good call with price moving back down the PW Low.

09:03

Breakout Sell Winner +1.58R

It’s been very bearish so far and when price failed to move back above the Daily EQZ level of 12577.5 I took a sell trade.

This was not a FIBCON BUT after watching the price action and the break below the M1 Micro-Channel I’d drawn I instinctively felt it was going lower.

However, I held off because I felt I was selling low, into support etc. At the moment I sold price spiked down resulting in the slippage shown. My trade size ended up being 0.6 thus pushing out my 2R.

Once again, fine margins and this trade was rare for me as it was not a FIBCON. Still it was a decent winner, I closed out early missing out on the 2R that would have come in.

Price is currently testing the PW Low……..

Tue 7th Aug

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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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09:48

GZ M1 Buy MAB Winner +2.44R 🙂

I know we’re not supposed to get attached to the outcome of any single trade but “Freaking YES!!” 🙂 🙂

After my earlier loser that was counter-trend, against order-flow and then having passed on two decent buy setups off of an M1 micro-channel my patience was rewarded.

When price tested  YesHigh I waited for the GZ M1 MAB and jumped on and also started recording so got some excellent footage for the website.

Note the M1 Micro-Channel I’d drawn on after the bull spike at 7am. These are very useful when drawn correctly and help fine tune trade entries.

I passed on two good entry points which was frustrating BUT Be ‘The Bear’ is our mantra and I didn’t chase price (jump in the river 🙂 ) and was eventually rewarded.

On this occasion the gap went in my favour for a +2.44R winner.

It’s 10am and I’ve got switch roles as my Best Friend and K9 Bestie are on their way home and it’s our silver wedding anniversary today 🙂

Well done to anyone who took some of the buy setups.

07:46

H1 Bear Channel Sell loser -1.00R

After the bull move up I sold at the H1 Bear Channel boundary. Ashort-term counter-trend trade, did not work out, low probability.

The bulls are in control short-term, the best setup was the M1 Buy Micro-FIBCON.

I effectively traded against order-flow, not good practice, not Being The Bear!

Mon 6th Aug 2018

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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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12:10

A few more thoughts.

I’m feeling Philly-Sophical 🙂

The losing trade below was a really good Buy setup after the strong bull spike. I would therefore trade the setup again!

My mistake was to wander into my office, see the bull spike, see that price had just pulled back to the Open/YesHigh and enter a buy trade without first checking to see where the best value was.

The Stop HAD to be below YesClose, mine was sat right on it and I resisted the temptation to move it.

Lesson: NEVER rush a trade and ensure to mark up the Golden Zone-Role Reversal correctly!!

The positive I take is that the setup was a good, just poorly executed.

11:38

Rushed trade, -1.11R loser!

I’m not supposed to be trading but came into office to see the bull spike and entered a buy trade without correctly marking up structure.

I paid the price with a loser….

The better value entry was at YesClose but I entered at the Open etc. 

Was NOT The Bear…

The 2R would have just come in!!!!!

10:10

Time to switch roles

No trades so far for me as explained below. It’s just after 10am and I’ve got to switch roles for a few hours.

I’m looking at the charts and bemused how I missed the recent GZ M5 MAB, probably because I was focussing on the Reversal Micro-FIBCON off the 12542.7 level and updating the blog.

I need to strike the right balance, the idea is that the blog does not detract from the trading.

However, I’m pleased to have not got frustrated and given in to bad habits like chasing price. ‘Being The Bear’ is vital to us being consistent and I’d rather have zero profit than have a losing day due to low value, low probabilty trades.

We must keep reminding ourselves when we’ve missed the value entry point:

“Another setup will present itself, we just need to be patient and ready to strike!”

The session has so far provided two great setups, the one at 08:02 was fast moving but tradable, the M5 MAB at 09:35 was text book!

09:48

Missed Great GZ M5 Sell MAB!!!!

Wow!!!

I’m not tuned in this morning, whilst updating the blog I missed a great GZ M5 Sell MAB that had the following confluent at point C:

  • H1 Bear mid-channel
  • 61.8 level
  • M5 EQZ level at 12579.9
  • D1 EQZ level at 12577.5

That’s two ‘Juicy Salmon’ I’ve just missed!!

I’m pleased I’ve not been drawn into chasing price but feel frustrated I’ve missed these two. Well done anyone who took these, they are crackers!

This Bear’s feeling a little sleepy this morning 🙂

09:28

GZ Reveral Buy FIBCON

I’ve not yet traded so far. After missing the Juicy salmon from earlier I’ve not wanted to chase price and have resisted selling into SUPCON though the one trade would have worked out.

I’ve marked up a GZ Reversal FIBCON that I did consider taking but passed, maybe if I’d had a few R in the bag I’d have taken it as with good timing at the 12556.2 level the 2R would have come in.

However, this was counter-trend short term and aggressive BUT the Gird structure supported the idea!!

08:14

Missed GZ M15 Sell MAB

I missed a great GZ M15 Sell MAB at the Golden High-Low Zone just after 8am 🙁

This is yet another great example of the session’s Golden FIBCON, in this case a Golden High-Low sell setup adding to the confluence.

Note the inner FIBCON’s 61.8 level at 12638.3 is just above the 50% level of the Golden High-Low zone. This is confluent with:

  • M15 MAB
  • Yes Close
  • The M5 EQZ mid-line at 12640.7

I did not mark this up in time but what a great early sell setup just after the London open at 8am.

This was a “Juicy Salmon” for sure, below is the 5 min chart that shows it very clearly. Note the Role-Reversal zone when looking-left.

07:42

GZ M1 Sell Micro-FIBCON

An early M1 Sell Micro-FIBCON with good structure just after the 7am gap down. I passed due to selling into possible RR Zone on 15 min chart?

 

Fri 3rd Aug 2018

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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:

16:43

Freaking Awesome Double Golden Buy!!!

I’ve spent the afternoon updating The Blackbox Community page with the video footage I shot this morning. Do take a look, it’s been a while since I did a video and trying to trade live when not very practiced at it is challenging but I’m happy with it and we can get better at this.

I’ve just taken a look at the charts and spotted an AWESOME FIBCON pattern that I’ve seen before but not captured or in time to trade. Next time I want to trade it because it’s a freakingly high probability setup 🙂 🙂

The session’s current Golden Low-High is displayed automatically and I’ve added a magenta coloured FIB tool to clarify it’s reference points from the High and Low.

Note the recent Inner FIBCON where point A is taken from the Daily EQZ KeyZone level at 12577.5. It’s point B (HH) formed at Yes Close/Open. Note where it’s 38.2-61.8 (blue FIB tool) zone is!

It’s perfectly confluent with the Golden Low-High zone!!

I’ve put an arrow to show where two amazing BUY point C’s formed, the confluence was:

  • 61.8 level of the Golden Low-High Zone.
  • 61.8 level of the  recent (inner) FIBCON.
  • Hourly Bear Mid-Channel
  • Top of the 5 min EQZ.

This was an A+++ Buy Setup that caused price to move up to Yes Close/Open…

We’re going deeper into the Fibonacci code that’s at the heart of Price Action, let’s keep going 🙂 🙂

11:07

1 Sell Loser -0.59R, 1 GZ M5 Buy MAB Winner +2.16R

I have been videoing again and did a much better job today 🙂

I took the Golden High-Low Sell, took a -0.59R loser but a WTA for sure. Trying to video and talk at the same time does affect timing etc. but pleased with the footage.

I then took a great GZ M5 MAB with video off so I could concentrate then videoed it after that, a nice +2.16R winner 🙂

The screenshot shows them both, I’ll now edit the videos for use on the The Blackbox Community page.

NFP in just over two hours, be careful!!

08:55

Possible H1 MAB at Golden High-Low??

There’s a possible H1 MAB if price gets up to 12595.6, the 61.8 level of the current Golden High-Low.

That looks like a salmon if it gets there??

 

08:15

No salmon yet!!

Tough price action so far, I can’t see anything resembling a salmon 🙂

Also, it’s NFP today so as the session passes expect the market to go into a holding patttern until the numbers are released.

Thu 2nd Aug 2018

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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:

10:36

Such fine margins…

We’ve mentioned many times how fine the margins are between losers and winners. I’ve been sat looking at the price action whilst enjoying a cuppa and allowed myself to visualize how different this morning could have been.

I was not totally focussed early on because I decided to video the setup and myself taking the M5 sell MAB trade. I feel sure I would normally have taken it.

It was also a very bearish follow on from yesterday so I might have moved my target accordingly. Maybe I would have got +4R – maybe?

Then when price produced the next GZ M5 sell MAB I would have – maybe – taken that and got at least +2R.

That’s +6R (+6%) by 9:30am!!

I know this is easy to say afterwards but one thing we’re clear about at Blackbox is we do not want to be in the camp who can talk a good talk via retrospective analysis, there’s no shortage of ‘traders’ out there who do this.

We want only to be the ‘real-deal’, ‘walking-the-walk’ and putting our money where our mouth is. The only way to do this is to trade a live account and prove you can be profitable using the pattern reocognition skill you teach!!

This is our mission and passion, something we’ve seen very little of over the years!

10:00

Missed another great GZ M5 Sell MAB……

After missing the great M5 sell MAB earlier I had to leave my desk only to come back later to see price has continued to sell off and produce another great GZ M5 sell MAB!!

With point A taken from exactly the London open at 8am price formed a short-term double-bottom at the upper boundary of the H1 EQZ zone at 12556.2. Once again the M1 MAB was low value and low probabilty due to context but the M5 MAB was much bettter value and turned out to be the one – again – to take.

It feels a little frustrating to not have profited from either of these but I’m also pleased that I’ve not been drawn into bad habits such as chasing price etc.

I hope this reflects a maturity in my personal trading, time will tell.

I’m not feeling tuned into the charts today so will work on the website. Well done to anyone who took either of these great GZ M5 Sell MABs 🙂

08:16

Missed great GZ M5 Sell MAB……

I’m regretting deciding to video the M5 MAB that formed after the 7am open. I just missed taking the sell, probably because I was talking and showing different chart perspectives.

It turned out to be a cracker if you’d moved your target based on it being a very bearish mood just now. Still, that’s life and others will come along 🙂

Price is still selling off as I type….

Another great lesson in the importance of ZERO distractions when price comes into the anticipated buy or sell zones.

On a positive note, it was another great early setup!

Wed 1st Aug 2018

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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:

16:27

Major Reversal Buy FIBCON

Have been unable to trade since earlier today, I’ve noticed that price continued down to find support at the bottom of the H1 EQZ at 12701.4 followed by a great GZ Reversal FIBCON as price moved back up into the zone.

The arrow shows trade entry and was confluent with:

  1. The 61.8 level
  2. Hourly Bull Channel
  3. Hourly Bear Channel
  4. Daily EQZ Mid-line at 12725.5

Below is the 15 min chart and shows clearly the reversal pattern.

09:35

Golden High-Low M5,M15,H1 Sell MAB Winner +3.31R

Wow!! What an intense 42 minutes!!

As I was updating the blog with the anticipated Sell setup (Juicy Salmon 🙂 🙂 ) price spiked up to my sell zone. I had the Trade Tool roughly in place and managed at high speed to get a good entry.

Also, what helped to make this a ‘must take’ trade was the cluster of 3 MA’s at sell zone. The M5,M15 and H1. These are shown in real-time on the screenshot below, pre-trade entry.

My 2R target was at 12795.0 , just above the start of the huge bull spike candle. I moved my target down to just above the Daily Bull channel (see below) and rode out quite a bumpy ride down but prevented myself from closing out early by letting Grid structure guide me.

Over the last few weeks I’ve studied price interacting with the Price Action Grid more closely than ever. It captures most of the key decision points as price moves up and down. 

This therefore tells me when to expect price to battle it out and so long as structure holds then I trail my stop accordingly.

 Eventually I was able to move my stop to lock in the original 2R just above the 12791.6 M5 EQZ zone and push for a bit more due to the GZ M1 Micro-MAB that formed at that level.

I manually closed out as shown for a good profit, great way to start August 🙂

After I’d marked the trade up in anticipation, just before I posted the screenshot to the blog below I’d already decided I was going to take the trade so long as price moved up to my entry level, it was a JUICY Salmon, I was Being The Bear :):)

Below are two more screenshots related to this trade.

  1. The 5 min chart shows very clearly the Golden High-Low sell setup, marked by the arrow. 
  2. The 1 min chart mid-trade.

08:49

GZ M5 Sell MAB Setup?????

Just entered sell on spike.

06:52

7am GZ M1 Buy MAB

A fast moving GZ M1 MAB at 7am. I sat down at my desk at 7am so was not able to take it but spotted it straight away.

Just before 7am price moved to the top of the hourly EQZ at 12829.8 to produce a Higher-High. Despite the gap down at 7am it was structurally very good. Note that the 61.8 level of the M1 MAB was confluent with the 50% level of the current Golden Low-High zone.

In fact, the 38.2-61.8 M1 MAB zone is very close to the 50-61.8 of the Golden High-Low zone.