Fri 9th Aug

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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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14:23

Reversal Buy FIBCON

After price broke down through the H1 EQZ@11772 it went on the test the D1 EQZ@11693 to produce a second really good reversal M1 Buy Micro-FIBCON. The comments about the earlier one apply to this one, Great:

  • Structure
  • Confluence, Role-Reversal
  • Context

14:07

M1 Sell MAB

After coming all the way back down price broke below the bottom of the range@11772 to form a decent M1 Sell Micro-MAB that I might have taken had I been watching at the time. 

Point B was barely a LL but the bears had taken control so the context was reasonable.

14:02

No trades taken, ranging market.

No trades taken this morning, however I was very close to taking the reversal buy FIBCON that formed when price tested the H1 EQZ@11772 and found support.

It had decent context as it was bottom of a range at the time plus it also had great structure and great role-reversal. Whilst I was debating entering the trade the massive bull spike beat me to it 🙁

Yes High was the top of the range and that’s what the bulls targeted.

Thu 8th Aug

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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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09:38

M5 Sell MAB small winner, +0.21R

I waited patiently for this M5 Sell MAB after the 8am sell off.

Point C was at Yes High so I placed my stop above the 61.8 level and it came close to taking me out got away with it. When price wetn down to +1.50R I moved my stop but it was too close to Yes High and look what happened!

I just got stopped out before price sold off, I’d also moved my target to just above the D1 EQZ@11693 so it would have been at least a 3.5oR trade.

The lesson is TRUST Grid structure and use it to protect stops by allowing room!

 

Tue 6th Aug

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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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13:12

Two trades, one loser, one BE

Price went into a range after yesterday’s (no trades taken) sell off followed by a retrace back up to the D1 EQZ@11694

I took a sell trade that didn’t work out, it was a decent setup but the context  – again – was the middle of a range. 

I then entered a second sell trade after another A-B down from the TOR, I trailed my stop and was taken out for BE.

Today is a reminder on how tough it is to trade ranges unless you’re taking setups that mean you’re Buying-Low or Selling-High.

Fri 2nd Aug

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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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10:27

GZ Sell FIBCON

I was not at my desk to see what followed the earlier sell M5 MAB but it turned out to be a decent sell FIBCON.

The retrace to the GZ was ideal along with the Role-Reversal structure.

NFP today so the market will slow down and go into a holding pattern wating for 1:30 pm.

 

10:20

GZ M5 Sell MAB

I passed on this one due to context. It had great structure and confluence. The earlier bear spike caused me to question the quality of the LL but it worked out and a great example of the power of the D1 EQZ@11987.70

Thu 1st Aug

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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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12:21

M1+M5 Sell MAB Loser, -0.23R

When price came down of the highs I took the sell M1+M5 MAB, once again this setup had great structure and confluence BUT the context was it was coming up off the bottom of a short-term range.

I should have locked in 1R instead of trailing my stop. However, on another day it might have broken through the BOR for multiple R.

11:48

M1 Buy MAB Winner, +1.90R

After the bull spike I waited for the M1 Buy MAB which took a while but eventually resulted in a +1.90R winner 🙂

Point A was taken from the earlier session high, it was perfect confluence with the M1 MA as can be seen.

11:09

Sell FIBCON Loser, -1.20R

I took the sell M5 MAB but it didn’t work out. It had good structure and confluence BUT poor context!

Price was coming up off the D1 EQZ Midline@12135.7 which was the bottom of a range.

10:46

Sell FIBCON Winner, +3.47R

Whne price came down off the session High I marked up a KZ and took the sell.

On this occasion it poked up through but I allowed myself to move the stop to just above protective micro structure. It proved a good call as I would have been taken out!

Even though it increased my risk it was one of those tweaks to the stop that structure justified.

 

08:47

Just missed M1 Buy MAB

Price went on to form a Micro-Buy M1 MAB that I was wanting to be perfect but not this time. The M1 MA produced the MAB above the Golden Zone so missed taking taking this one.

It would have been a 2R winner.

08:39

Sell Loser

The sell FIBCON after the 8am open did not work out. Decent structure and context, would probably take it again.

Note the M5 Sell MAB just after 7am, it was the same sell zone, another reason why I took the loser.

Wed 31st Jul

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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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16:47

Double Sell Golden zone

This price action is a great demonstration of what I’ve called a “Double Sell Golden Zone”.

The ideal way to trade these is:

  • Enter the first sell entry (point C) and take the 2R.
  • If price retraces back up to test the 61.8 level sell again ONLY this time consider moving the target based on the structure.

I’ve observed this pattern many times and plan to trade it as above BUT today I did not see this until after price action had played out.

It has the potential for 2R + 2R or more if the price action is decent. The idea is that if the second test of the GZ fails then price will fall further than it did with the first test.

This is a common pattern but tough to identify and trade in real-time, time to characterize and specialize as it’s a proftibale pattern.

16:32

Outer-Inner FIBCON

This shows a classic Outer-Inner FIBCON pattern where the GZ of the Inner-FIBCON was the best place to take profits.

16:23

Sell FIBCON winner, +0.61R

When price reversed after setting the session High a FIBCON formed. I moved my target and ended up only taking a +0.61R winner after trailing my stop.

Due to the rangy price action I should have expected the Inner FIBCON, see above.

10:09

Sell FIBCON small winner, +0.21R

This second sell was an A-B-C that is much cleare on the M1 chart. If I’d taken it on the M1 chart I’d have maybe got a better entry and profit level.

Price is in a micro-range just now after digesting yesterday’s huge sell off. I trailed my stop once it had gone over 1R in to profit.

09:45

Sell@High Loser….

I sold the first test of the session High after 8am on the M5 chart. It was also an H1 Sell MAB.

It started well then price spiked up to take me out for a 0.90R loser.

Not a bad trade, not a great trade! It was not an A-B-C setup but was based on Grid structure and I’ve seen these work out, but not on this occasion. 

Tue 30th July

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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.

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17:47

Todays Video

 

14:16

M5 Buy MAB

The Reversal Micro-FIBCON went on to offer a great M5 Sell MAB. If point A is taken from the PW Low the setup is perfect. I’ve just come back to my desk to see this and would have taken this as it ticks all the boxes.

Today is a great reminder of how it’s so vital to be patient during a strong move where we’d have to ‘bend’ our rules to find an entry. I was close to entering a sell earlier on but was waiting for an A-B-C that was clear etc.

‘Being The Bear’ paid off with a great 2R winner plus I almost took the CT Buy trade as mentioned earlier on.

The M5 Sell MAB just mentioned is another example…

13:23

Reversal FIBCON off D1 EQZ-Midline

This shows the multiple R that was available on my earlier sell trade. Price continued on down through the H1 EQZ, out the other side and found support at the D1 EQZ-Midline@12135.7

After such a bearish session so far I reasoned that maybe price will pause at the key Grid structure and offer a Counter-Trend buy trade.

I marked it up and was waiting for the perfect entry on the 61.8 level but was too fussy on this occasion and missed out.

Below is what happened and this was one of those CT trades that would have worked out and had great structure and context.

12:20

GZ M5 Sell MAB Winner, +2.01R

After not finding a decent entry to enter the move down I anticipated this one well in advance.

I entered just below the M5 MAB due to the Grid structure at 12283 where both the D1 and H1 EQZs were confluent. It was a great setup, the only thing I’d do differently is move the profit target as the bearish momentum was strong. I considered it but talked myself out of it…..

After not trading since late May I guess I wanted a nice clean 2R winner 🙂

Fri 5th July

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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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15:38

Post NFP GZ M5 Sell MAB

I’ve just taken a look at the charts after NFP and spotted a decent M5 Sell MAB. After breaking below the D1 EQZ@12577 price retraced for an M5 sell MAB.

It had good structure and good context, well worth taking – imho!