Mon 29th Oct

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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.

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20:12

Today’s Results, +0.16R

Just the one breakeven trade today, early finish.

11:36

Done for the day..

I’ve got to go work on a garage project that I started on Saturday, the sun is out and I need to open the doors etc.

Pleased I’ve not chased price after passing on two Buy FIBCONs and after missing the M15 Buy MAB@08:16

Have fun trading…..

10:26

Sell@RESCON, +0.16R

The D1 EQZ@11397.9 was a possible target as pointed out by Joel earlier.

I tried not to over think this one and entered as shown but also felt price might push a bit higher.

It started well but the M1 MAB was my reference point and if price moved back above the M5 EQZ@11388.8 I wanted out so trailed my stop to just above this level.

So was stopped out for breakeven and I’ll have to accept if it reverses and goes on to my 2R target.

Price has just reached my stop so it would have been a 1R loser.

There were two decent Buy Micro-FIBCONs on the move up to 11397.9 but no M1 MA in play due to the speed.

07:33

GZ M1 Buy Micro-MAB

Was waiting for price to retrace to the 11228.3 level for the M1 MAB.

After a gap down at 7am price moved up strongly setting up a short-term buy.

A good setup, good Role-Reversal structure, my 2R was just below the Open if I’d had a good entry.

Next time……..

2 thoughts on “Mon 29th Oct”

  1. Well done for cutting the RESCON sell before you took a loss.
    I held onto it when I knew I should have been closing the trade and came away with another loser. I was marking up those inner-fibcons as you have done, but didn’t pay enough respect to them!

    • I’m seeking to use the A-B-C pattern more and more to guide me.

      The M1 Buy MAB at the H1 Bull Channel was good structure and precisely where price would retrace to if it was going to continue higher – I reasoned. Trailing my stop on this occasion worked out as I’d have also taken a 1R loser.

      At the moment buy trades have been the better option, I’ve passed on two of those and took the sell@RESCON.

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