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….
I adjusted the Golden Zone and area of RESCON so that point A was taken from the PM/PW High on the H1 timeframe – see below.
The 61.8 level was therefore confluent with:
- H1 EQZ Mid-line at 12355.4
- Bottom of H1 KeyZone
When you look left along the 12355.4 level you can see the great Role-Reversal structure below on the H1 screenshot.
It took a few hours for price to eventually reach the area of RESCON but was worth waiting for 🙂
When price broke down through the bottom of the M5 EQZ at 12315.4 I got drawn into two sell trades. Neither of them were good trades!!
The loser was structurally a better setup but low value in the context of the current bullish mood.
I’ve updated the area of RESCON mentioned earlier. This point A is taken from the PM/PW High, this shifts the Golden Zone up to a better looking sell zone at the 61.8 level.
The RESCON consists of:
- 61.8 level
- H1 EQZ at 12355.4
- Bottom of H1 KeyZone
When you look left there is very good Role-Reversal structure.
I took a sell when price was struggling to break above the area of RESCON at 12326.7, it did not work out, a bit choppy whilst price resolves this area.
At 8am the price moved up above the area of RESCON consisting of:
- H1 Bull Channel
- H1 EQZ
- D1 EQZ
- 61.8 of current Golden High-Low zone
- H1 MA
When it failed to hold above it I sold the move back below it. I waited for a micro-retrace back up to H1 Bull Channel and entered a sell trade as shown.
I moved my target down to just above the bottom of the M5 EQZ at 12262.5, this worked out well resulting in a +2.75R winner 🙂
After Fridays sell off price is currently sat above the Open waiting for the London open.
On the H1 chart above I’ve marked up a Golden Zone where point A is taken from just below Yes High. If price was to move up then a juicy salmon might be seen around the 12326.0-12337.0 zone.
I found a better entry for your latest trade (at 11:52) with a 5min MAB, but didn’t make the most of the profit potential, and bad trades before and after it made it a bad morning. I must work on filtering out the minnows!
https://blackboxsoftwaresolutions.com/mon-01-oct-18/
Yes, my entry was not good at all, both of those sells I took at that time were poor value 🙁
However, I made up for them with the sell at RESCON (14:54 entry above). It took a few hours to get there but a great example of the Grid in action and the need to Be The Bear 🙂