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:
- Follow your Trading Plan.
- Practice Visualization Techniques.
- Review and journal your trades at the end of each session.
- And above all else Be The Bear….
This M1 Buy MAB was the best trade for me so far today. It was a micro-setup but one of those I spotted and really like after the HH above 13463 which had resulted in the M5 Sell loser.
I should have used a Buy Limit so my 2R was not above point B, that would have been a 2R winner.
I was late using the Trade Tool and only got a small winner when the setup was for a 2R for sure.
This M5 Sell MAB was a much better setup but didn’t work out.
The only negative was that price was coming back up off the lows. It started well but not this time.
Not pleased due to the indiscipline that took place resulting in 2 losers!!
I took the M1 Sell MAB – Terrible Context!!!
I then chased price out of revenge!!!
I’ll put this down to first day back rustiness but no excuse, I knew better!!
When price moved back above the H1 Midline@13494 I was interested in a buy setup. I entered as shown but this one did not work out. The 61.8 level was decent support and it took over 11 minutes before the bears drove it down to take me out for a 1R loser.
In the context of price moving back the range I liked this one plus it was a buy trade which I’m favoring just now. However, price has been more choppy than rangy!
First day back after the holidays. December was a write-off due to a bug I picked that last for 3 weeks which consisted a very painful migraine that meant I was also unable to sleep 🙁
I’ve a bias to buy trades but so far no salmon have swum by.
I also got drawn in by that 5min Sell MAB at the D1 EQZ (13463.29).
The set-up looked good, but price was coming up off a 4hour MAB, and the 15min MAB was looking a good possibility. I was hoping for a move down closer to Yes. Close after the 5min MAB, before moving back up to the 15min ema.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_13jan2020_1228_16710176_sell.png
Hi Joel,
Not a bad setup apart from the context.
It was the M1 Buy Micro-MAB that followed that I really liked but failed to get the 2R as I used the Trade Tool. A Buy Limit would have been perfect.
Here’s a 2R 1min MAB Sell trade I took, at 14:00 just after price broke down through the Open/PM High. A couple more good setups formed after this, but I was away from my computer after I entered this trade.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_13jan2020_1400_16711233_sell.png
I also got 0.5R from this Buy trade, with a confleunce between the 4hour ema, Yes. Low and the H1 EQZ (13430.89). As price moved close to my Stop Loss, I moved my profit target to break even, assuming that price would hit the underside of the H1 EQZ and start moving downwards, and hoping that I’d get taken out of the trade at break even in the process.
I got a bit of luck as price spiked up, giving me 0.5R rather than breakeven. If I had walked away from the trade, as I did with the previous one, I’d have come away with +2R!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_13jan2020_1611_16714295_buy.png