Daily DAX

Wed 5th 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:

11:44

Great M1 Sell REVFIB at High

I’ve taken a look at the Sell REVFIB at the session High and noticed on the H1 chart why it had great context.

Another example of why two installs of MT4 on two monitors is vital to support us in our trading.

The REVFIB setup itself was excellent with great RR with the head and shoulders in GZ. See H1 chart below..

09:09

M1 Buy Micro-MAB

There was a decent buy M1 Micro-MAB at 8:28 with good RR at the 12688 midline.

Due to the family routine, I’m not sure how much trading I’ll be doing today but I will check in regularly.

08:23

Price back above 12577

After testing the 12281 EQZ on Friday/Monday we’re now back above 12577. If 12281 proves to be strong support we could be on the way up to 12873?

Thu 30th Jul

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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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17:02

Buy REVFIB Winner, +5.49R

At last, my best trade for ages 🙂

I was not planning to trade but I turned on the charts to see the Spike – Channel – Trading Range pattern was in play.  Price was coming back up off 12281 so I marked up the Buy REVFIB along with an M1 Channel and put some midlines on. The 61.8 level was perfectly confluent with the EQZ@12281, I made sure my stop covered the channel midline then entered using the Trade Tool.

I decided to go for multiple R so set my target near the channel boundary which was confluent with the M15 MAB, it took 52 minutes to work out for +5.49R !!

It was a nice recovery after two losers earlier in the session.

 

10:40

Buy REVFIB Loser, -1.00R

My first since last Friday, it was Buy REVFIB that failed.

I waited for the GZ to be tested before entering the trade, for me, it qualified once I saw evidence of support in the GZ.

However, 16 minutes later I was taken out, which tells me GZ was a valid battle zone but on this occasion, the bears won.

07:44

Price Remains in Daily GZ

The Daily GZ contained price yesterday apart from a poke up through the 12873 EQZ level.

This GZ has bullish energy in theory so if price moves down to the 61.8 level, the PW Low and Yes Low there might a buy REVFIB setup?

Wed 29th Jul

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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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12:36

H1 Buy FIBCON

This H1 chart shows the Buy GZ that formed at the bottom of the H1 KZ I’ve been posting over the last week. This KZ has produced a few of the great Buy REVFIBs that have been taken.

Earlier price produced a DB on the M1 chart due to a sell M1 MAB that sent price back down to test midline@12790 (on the M1 chart). 

Note the Open is perfectly confluent with the bottom of the H1 KZ@12799

After price did move up off the M1 DB the Buy REVFIB did form but barely retraced to the 50% level.

Not easy conditions again!

07:45

Finding Support at the PW Low + GZ

Note the GZ and how its acted as support along with the PW Low over the last few days. Will the bulls be able to push price back up above the PM High?

If price breaks below this zone and the 50% midline@12725 then the EQZ@12577 may be on the cards?

Tue 28th Jul

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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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09:41

Price Still At 12873 Level

I’ve just logged on to see that just after 8 am a Sell FIBCON formed when price moved up to test the PM High. This is shown on the M5 chart above and if you switch the M1 chart there was a Micro Sell REVFIB that due to the context you might have fancied taking?

Below is the H1 chart I posted yesterday showing the KZs and this move up at 8 am can be seen clearly and would have supported entering a sell trade.

Again, ALWAYS easy afterwards BUT by consistently marking them up we are building the neural circuitry required to master taking these!

Tough trading conditions right now but a decent setup does form, often a REVFIB as took place yesterday and both of those formed when price moved down to test the H1 KZ – see below – we’d marked up well in advance.

We’ll be preparing for the call tomorrow so will not be actively trading today.

Mon 27th Jul

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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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17:15

A Grade A Buy REVFIB

I’ve just come back to see the Grade A Buy REVFIB from earlier, well done Alex for taking this one 🙂

It was textbook:

  • Reversal from H1 KZ – see the H1 chart below.
  • Low Probability M1 Sell MAB
  • M5 Sell MAB
  • Excellent GZ

The 61.8 level was PERFECTLY confluent with the top of the H1 KZ at 12824, that’s why tested it so precisely as can be seen on the M1 chart above.

That’s two tests of the H1 KZ, 8 am and 1 pm, see below.

Not a lot going on today but this was the juicy salmon that swam by, everything about it was excellent, structure and context!

12:32

A Buy Micro-REVFIB from earlier.

A Buy Micro-REVFIB formed after the H1 KZ mentioned earlier was tested for support, since then it’s been tough as price has oscillated around the 12873 level.

I was not at my desk when this took place but it had great context as you can see below from the updated H1 chart showing the wick of the 8 am candle.

Yet another great example of the H1 KZ from last week in play this week. See the early morning blog where I posted the H1 chart anticipating the KZ coming into play.

06:38

In between the PW Low and the PM High

Since last Tuesday’s high, we’ve had a few down days and are waiting to see if this is a PB before another move higher or is there more downside to come?

The EQZ@12873 is key again, let’s let the PA guide us.

Below is the H1 chart with two KeyZones highlighted where possible setups might occur.

Fri 24th Jul

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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:

12:11

REVFIB Sell Loser, -1.00R

I set an alert to let me know if price reached the intraday GZ sell zone mentioned earlier and patiently waited for a setup.

This one did not work out but I felt I followed my process.

I’m done for the day.

10:47

Intraday GZ Confluent with H1 KZ

Elaine has just shown me this setup where the intraday GZ is confluent with the PM High and Yes Low. I’d also had marked up a KZ on the H1 chart from last week and they overlap…

If price can move up it might offer a sell???

10:16

Buy REVFIB – The Better Setup

After my two earlier buy trades, I left my desk but came back to see a second GZ had formed and that Elaine had taken it. It went on to be a 2R winner.

This is yet another great example of the Grid helping us to identify zones where a reversal might take place, the H1 chart is excellent at showing this, that’s why I posted the earlier screenshot and trade alert.

This is what it’s all about, patiently waiting for salmon to swim by, we’ve had a challenging few days due to the range behaviour but yesterday the bears took over and there have been opportunities.

Time to switch to semiconductor stuff, Be The Bear guys 🙂

Below is the H1 chart showing what happened at the KZ.

09:31

Buy REVFIB One Loser, -1.00R, One Winner, +1.38R

I took the Buy REVFIB at the GZ, got a great entry but did not work out.

Then when a Triple Bottom produced two bull candles I entered another buy trade. When the M5 MAB looked like it would send price back down I closed out only to see my 2R would have come in.

I’d not planned to trade today but when I saw the H1 KZ mentioned earlier being tested I decided to watch and enter if our edge formed which it did.

I now have to switch to other projects but am pleased with the trades, for me they both qualified. I’ve seen many times the first setup play out, but not this time. I was also ready to reenter if the PA was supportive, which it was due to the context of the H1 KZ.

 

08:13

Price back down to 12873

Overnight the bears have continued to push price back down the EQZ@12873, this level is key if the bulls can maintain the current level.

Below is the H1 chart with a KZ at 12799 that has obvious RR when you look left.

Thu 23rd Jul

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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:

07:10

Price remains at 13169

A proper Doji day yesterday as the market struggles to stay above the EQZ@13169.  With so much uncertainty in the world, it’s going to be interesting to see if the bulls can move price back up to the all-time highs just before the COVID sell-off at 13761.

These are not easy conditions to trade as price is so range-bound, that is why we must identify areas where a REVFIB might occur, set alerts, and wait patiently.

Yesterday was a write-off due to the migraine during which we had an email from the semiconductor company in Malaysia. They’ve put together a detailed project proposal that we have to go through and get back to them.

I need to focus on that today but will be watching the PA action and posting anything I think is worth sharing.

Wed 22nd Jul

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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:

09:28

Resistance at 13169

I developed a migraine late yesterday which has trashed my sleep so am feeling wiped out just now and need to go back to bed for a while.

Yesterday price failed to hold above the EQZ@13169 so a move back down to the 50% midline@13021 just above the PW High might be on the cards?

I was out yesterday afternoon so missed the excellent sell M5 MAB that took place at 15:55

Also, at points A, B, and C a micro-REVFIB formed, I’ve never seen this before where all three points have such a clear REVFIB.

I’m not suggesting these that these are easy to trade as retrospective analysis is SO easy BUT I am pointing out the Pure Price Action patterns that do form. We just don’t know when and that is the challenge we have as intraday traders.

I do like the idea of developing the sharing of comments etc. where we let others know that we’ve seen something promising and then we each decide to trade accordingly.

See the screenshot below from yesterday.

Tue 21st Jul

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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:

10:23

Spike – Channel – Trading Range

No trades so far but buys setups are with the dominant bullish energy.

This morning has been a great example of the market cycle Spike – Channel – Trading Range.

Today I’ve felt much more tuned into the PA than yesterday, it was so weird looking back.

06:39

Bulls in Control

Yesterday the bulls drove price above the PM and PW High and have just broken above the EQZ@13169. What now?

I had a poor day yesterday which resulted in over-trading BUT there is one thing I learned:

When price is coming up (or down) off a REVFIB get out of the way!!

Just after 8 am yesterday price found support in a KZ I had marked on the H1 chart, it produced a choppy buy REVFIB then never looked back. This MUST become a rule I hardwire in my decision-making process even if it means at times I miss winning trades.

Mon 20th Jul

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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:

13:07

Sell FIBCON Loser, -1.00R

After the test of 13000 and the PW High I reentered, did not work out!

When it’s ranging like this the GZs are less effective compared to obvious targets like the 13000 level and the PW High, had I entered at 13000 instead of the GZ it would have been a much better value trade.

 

12:52

Sell FIBCON Loser, -1.05R

I liked the sell setup so took it. However, I did not cover the PW High so might regret that?

11:26

Five more trades!!

Wow, I’ve taken 9 trades this morning and have ended up BE overall.

Selling at Yes High was NOT a good choice as I should have – like Joel – waited for the REVFIB setup once the PW High had been tested – and I KNOW this!

After not trading last week I’ve been undisciplined this morning, I’ve not been the “The Bear” at all. I took two aggressive buy – FOMO – trades before I steadied the ship and took the REVFIB sell after the DT.

However, I was just stopped out but re-entered as I’d reasoned it was a great place to sell, and unlike Joel, I’d not protected my stop by at least the High.

This last trade was the best one I’d taken all morning and I used a KZ on the H1 chart to guide me getting a bit more profit out of it for +3.08R

So, not good trading at all but I’m pleased to be BE overall.

The sell REVFIB at the PW High was the one to anticipate so well done Joel for Being The Bear. I’m going to take a break after an intense few hours…

 

09:44

Two sell losers, One Buy Winner.

After not really trading much last week I’m not having a great morning. I’ve taken two more sell losers and a buy winner that was a FOMO trade that worked out.

My second trade was aggressive on a micro PB to Yes Low, the third one was at least based on a FIBCON GZ but was against the bullish energy.

My buy winner was a FOMO but it worked out.

Not great trading at all.

 

09:04

M5 Sell MAB Loser, -1.00R

I took the M5 Sell MAB at 12873, did not work out. The GZ was holding until the 9 am rollover which took me out.

06:40

Holding above 12873

We are currently above the EQZ@12873 level waiting to see if price can move above the PM High. If it can’t and it falls below 12873  we will be in sell mode looking for a FIBCON…