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….
Just taken a look and spotted an M1 Buy MAB that was decent.
Point B, the Higher-High at the top of the KeyZone@13020 was strong and clear enough to consider a buy on a retrace. The M1 MAB played out perfectly sending price back above point B to the bottom of the next KeyZone@13033
If you were to take point A from the top of the KeyZone@13004 the GZ would have been confluent with the bottom of the KeyZone above AND perfectly confluent with the M1 MAB.
That’s why is worth trying to fit points A & B to either the top or bottom (using the wicks and closes) of the KeyZones in play. We NEVER force-fit but let the price action and Grid guide us.
Just noticed a Micro Reversal Buy FIBCON that formed when price tested the BOR again.
VERY tough, near impossible to trade in real-time but the thing to note is the structure and context.
Only using the Trade Tool could you consider anything close to these and control risk at the same time.
I’ve just noticed the Buy Reversal FIBCON that formed as price moved back up.
This did have good structure and context plus the 61.8 level was confluent with the 13000 BRN level.
I’ve seen several of these lately but not in real-time, this one was worth taking especially as I’d passed on the M1 sell MAB due to reasoning price would be trying to move back up off the BOR.
The A-B impulsive leg was very clear with point B produced by an M5 Sell MAB.
These Reversal FIBCONs Buys have some common traits:
- The M1 MAB will be low probability.
- The M5 MAB often will produce a point B
- Price will retrace into the Golden Zone offering a high value entry.
I’d left my desk for a while and missed this – We MUST ask ourselves :
“If price is testing the BOR or TOR then MAYBE a Reversal FIBCON will form?”
This is where the synergy of community can benefit us all…….
The M1 Sell MAB after the break below 13007 was a low probability setup due to the context. The H1 EQZ Midline@12984 is the BOR and can be seen clearly on the M15 chart.
If price does break clearly below 12984 then a sell setup might form?
I passed on the M1 Sell MAB due to the choppy context as price resolves the D1 Midline@13020 (and the BRN of 13000), this one would have worked out.
However, after testing the 13000 level again at point B price moved back up sharply.
We need to see price break break above the H1 EQZ@13048 to consider buy setups.
After Friday’s big sell-off down to just above the D1 EQZ@12873 price has moved back up to the Midline@13020.40
We need to see if price continues to move back up or if the bearish mood continues to push price lower.
If price break up through the H1 EQZ 13048 level, this might be a set-up to keep an eye on.
H4 potential 4hour MAB | Sell
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Sure is, there is some decent Role-Reversal in play if it does.
I just passed on this potential 1min MAB Sell at 10:09am due to it being low probability.
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This trade seemed to have everything; clear set-up, role reversal, 1min MAB, top of keyzone, higher timeframe keyzone boundary (13007) to place stop behind.
I passed on this trade as it was low probability. Price was coming up off the H1 EQZ midline (12984) which had previously acted as support and the bottom of the range. The weekly ema was also underneath price.
Hi Joel, we are in sync – how cool 🙂
I’ve just posted this setup with the exact same comment!
This is one of those where on occasions it will go on to be a winner BUT the context said BEWARE. We must learn to be OK with missing trades and be consistent in our reasoning.
I’m pleased to have passed on that one. It would usually be a trade that I would talk myself into taking due to the confluence of everything I mentioned.
A Would Not Take Again trade well avoided.