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….
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.
I liked the sell setup so took it. However, I did not cover the PW High so might regret that?
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…
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.
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.
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…
Same trade, same outcome, it looks like a 61.8 retracement from the 12947.47 level as point A.
Would take it again though!
Me Too!
REVFIB Sell winner after the Double Top at the High.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_20jul2020_1027_19500087_sell.png
You are a sniper Joel! Lucky sniper on this one I think, but sniper after all! Well done!
I was a bit lucky with that move up to the 13021 level, but I expected price to do something like that, hence putting my stop above the High. I put my trust in the grid structure and it worked out!
Great trade Joel!
You patiently waited for this one, unlike me this morning who’s been all over the place 🙁
M1 MAB Sell loser, I thought the 12965 level would offer enough resistance and saw PM High as possible target for price.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_20jul2020_1122_19500685_sell.png
You only just got stopped out otherwise it would have come in.
Lucky on my first, unlucky on my second
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_20jul2020_1156_xxxxxxxx_xxx.png
You correctly called the direction on both trades, the stop placement was the challenge.
We must look to protect our stop with Grid structure without ending up with a profit target so far away the value disappears.
A too-distant profit target was what I was worried about with the second trade. I wasn’t sure if price would push past the 12938/PM High levels, so wanted my 2R above those; ideally above the 12947 as that had shown resistance previously but that would have made for a tiny stop.
Maybe the plan should have been to put my stop behind Yes. High and then settle for 1-1.5R.
REVFIB Sell loser. I gave myself more room with the stop this time around, and still got stopped out!
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_20jul2020_1223_19501440_sell.png
What a setup!
Moved my Take Profit near the Open for a 4+R trade, and I broke my rule of not moving my stop loss anymore to let this great REVFIB go away!
Glad I took it, this is the way!
https://blackboxsoftwaresolutions.com/wp-content/uploads/2020/07/ge30.sb_M1_20jul2020_1242_xxxxxxxx_xxx_REVFIB-BE-Moved-Stop-14.39.gif
I did not see this one Alex but Yes, these are the ones to take and let play out.
Next time 🙂