I was wrong about the MAB. I was expecting a slow climb to the 5min ema, so when this Bullish spike happened, I sat well back.
Is this the point I was talking about yesterday, where my concentration isn’t at 100% and I should step back for the day before I make any more mistakes?
Or has price found a target at 11500, and start to move up to the Hi-Lo GZ and 1hour ema?
RESCON formed by the interesection of M5 Channels and the11550 level, and the Daily EQZ midline for good measure.
I didn’t take this trade because it looked like price was on the rise, and I didn’t want to sell against that. I would have been looking to bring in 2R with a small move back to the Open.
Another decent setup, another chance goes begging!
The Fib tool here is drawn from the Low to the H1 EQZ midline which had been acting as Support previously.
It’s all good and well to spot them, but at some point I need to hit CRTL+E!
Too fussy waiting for a pull-back to touch the top of the 5min EQZ and 5min ema, and missed out on a good trade.
I did not make a note of the time. Had I seen that it was at the turn of the hour, I’d have taken a less-then-perfect entry. Even without noting the time, I shouldn’t have let this one go.
At least I was there to mark it up and notice it. Next time…
At 07:00 there was a gap up,right to the 11600 level. Price is currently working around a keyzone formed by the gaps white space.
Today I’m expecting a similar day to yesterday. A rise in price in the morning, perhaps up to meet the 4hour ema at the Daily Bull Channel and H1 EQZ, and then a drop in price with the Previous Weeks Low, Daily EQZ (11397.9) and Daily Bull Channel as a target.The 11400 level is also in that area, and I’m interested to see how the “hundred” levels play a part today.
I don’t see price rising much higher than the Daily EQZ at 11693.8, and I suspect that the SUPCON of the previous week will now act as RESCON.
Today I will be looking for a session high, and then switching to Bear Mode to ride price down.
Hi Joel,
What made the M5 MAB low probability on this occasion was the context, price was coming up off two levels of SUPCON, the H1 EQZ@11516.8 and I’ve also got an H4 Keyzone@11504.7
Other than it was structurally a good setup.
Price did move up strongly to the top of the H4 KeyZone@11567.2 then reversed back down to the D1 EQZ Mid-line@11545.9 just above the Open.
https://blackboxsoftwaresolutions.com/wp-content/uploads/2018/10/dax30sb_M1_19oct2018_1334_xxxxxxxx_xxx_h4-keyzone-ping-pong.gif