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….
Elaine’s sell at 12799 has just come in and the H1 screenshot shows why it was a great level to consider selling.
Note how the KZ I’ve overlaid is based on the wicks from last week – look-left.
The only thing to have considered is the top of the KZ at 12817 but price stopped at 12803 then tried again – DT – and very gradually moved back down.
It was painfully slow when you’re in the trade but it produced a series of HLs and LLs, two of which were Micro-FIBCONs – See M1 Chart Below.
Well done Elaine, Joel, and Alex for taking the setups!
I returned from the dentist just as price was testing the 12799 level. Decided to watch and support those who took the sell setup. It eventually played out, just very slowly.
After the break below the Open a micro-REVFIB formed, it was decent as the DT at 12803 was a clue to the bulls struggling.
These are tough trading conditions but there are some very small salmon in the river 🙂
I took the sell at the PB to Yes High as it was also an M1 MAB and had good structure.
It took nearly 20 minutes to play out so the GZ was active but did not work out.
In my mind I was thinking of the MarkD teachings, my edge was present so I took it. Yes High is a key intraday level, the traders I needed to make the trade a winner did not show up this time 🙂
Just after 7 am the bulls tested 12873 as mentioned earlier. At 8 am the bears pushed price briefly below the Open, this produced a clear A-B leg with a GZ confluent with an existing KZ I had on the M30/H1 chart – see below.
The 61.8 level@12817 was perfectly confluent with the top of the KZ PLUS an M1 Bear Channel was also in play supporting the sell – so I took it.
My 2R target was above the Open and that proved key as price reversed back up before reaching it. Below is the H1 chart showing why I really liked the sell setup at the top of the white KZ at 12817 – this is a midline on the M1/M5 time frames.
My target was also in the GZ for a buy, Well Done Alex for taking that trade for a 2R winner 🙂
Once again the market is lacking direction and therefore ranging. The EQZ@12873 and the PM High above it are possible places where REVFIBs might form if price reaches them but fails to hold above?
Price is creeping up towards the EQZ@12873, this level is in between the PW High and the PM High.
If the bears are waiting we could see some selling and a REVFIB??
Morning all!
Trade your edge without hesitation!!
https://blackboxsoftwaresolutions.com/wp-content/uploads/2020/07/ge30.sb_M1_13jul2020_0701_xxxxxxxx_xxx_REVFIB-Winner-8.29.gif
Hope some of you are still on the trade!
Great trade Alex!!
I was just getting out and as you were getting in 🙂
Only one trader is needed to determine where price will go next, right Mark Douglas?
I am sure that you selling to take profits with your trade bank in the millions helped move the DAX in the other direction!! lol
I was off the desk when the M5 happened, but when I sat back and saw pice breaking the M1 MA and then finding support on the M5 MA I said “REVFIB”!
Well done both.
Unlucky with your second trade.
How do you feel about an M15 MAB near the Open?
Didn’t see this before I posted…
Price was driven down by the top of a GZ with point A at 12822, the top of the first bear candle in the A-B move on the M15 timeframe.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_13jul2020_1023_xxxxxxxx_xxx.png
The M15 MAB might still be on?
I’m not sure, because that move down to Yes. High was the one I wanted to trade if price had got close enough to the M15 ema originally.
Yeah, not sure either Joel..
M15 MA keeps going down, away from the role reversal area near the Open.
Price was sooo close! The canyon was loaded and ready to fire!
I think it’s a pass for me..
I like it!
M15 MAB at Open + Hi-Lo GZ 50%?
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_13jul2020_1018_xxxxxxxx_xxx.png
Hi Both, I have that marked up too. However I took the M5 MAB Sell but just got tapped out before price moved back down through my 2R target 🙁 My stop was just too tight.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_13jul2020_1006_11700920_sell_M5-MAB-Loser.png
The Hi-Lo GZ falls between 12804 and the Open so maybe this is one to watch instead of the M15 MAB??
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M15_13jul2020_0945_xxxxxxxx_xxx_Golden-H-L.png
A head and shoulders pattern could play out if PA gets to the 12799 level, with some previous resistance at the level a week ago.
I will probably let things play out and then look to take REVFIB and FIBCON Sell trades if we see resistance at that 12799 level.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M30_13jul2020_1030_xxxxxxxx_xxx.png
Yes Joel I think the 12799 level looks good for a Sell due to previous resistance and it falls nicely in the Hi-Lo GZ so let’s see if it gets there.
-1.00R on a REVFIB Sell from the 12799 level. Only just stopped out! Yet to see if it would have hit 2R…
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_13jul2020_1229_19415401_sell.png
And there it goes….. Maybe should have had my stop with more room above that SH.
Unlucky, with it that tight a micro-DT was a possibility, right at the 61.8 level of the Intraday GZ@12803
+1.81R REVFIB Sell, should have allowed the trade to hit +2R but closed manually when price was just above the M15 ema because of the support present.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_13jul2020_1245_19415546_sell.png
Great trading Joel in a tight zone. Proper micro-structure but after the Micro-DT at the 61.8 level (12803) of the Intraday GZ it was a clue that the bulls were struggling to push price higher.
I had to go for lunch so I set profit targets in a rush and price didn’t even touched my stop at my entry level but bcs of the spread I was taken out. Bad management on my side, also, having traded it on the M15 chart (something I will give up hopefully sooner) made this good pattern a breakeven trade!
https://blackboxsoftwaresolutions.com/wp-content/uploads/2020/07/ge30.sb_M15_10jul2020_1800_xxxxxxxx_xxx_Breakeven-REVFIB-12.07.gif
Well done Joel with your pair of trades, you show me what is possible to achieve without putting the stop loss on the roof!!!
BTW: heart rate still a bit high, but caused by running up the stairs to check the outcome of the trade!! 🙂