Tue 7th May

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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.

Remember to:

16:30

GZ M1 Sell FIBCON at Yes Low

I’ve been away from desk this afternoon and just returned to see that price has sold off below the D1 EQZ Midline@12135.7 which was confluent with Yes Low.

Not easy to enter at the Yes Low level following the two bull candles but this is where we must trust the Grid!

It had good context and would have been a great trade.

11:47

Today’s Video

No trades taken so far…

11:09

GZ M1 Sell MAB

Price eventually broke below the PW Low but I struggled to find an entry I really liked. The first M1 Sell MAB was too close to the Open.

I’ve marked up the second M1 Sell MAB which with hindsight is decent but I talked myself out of it as price was reversing off a perfect bounce off the D1 Bear Channel at 12222.0

Apart from context it was a good enough setup to take looking back.

08:50

GZ M1 Sell MAB – Poor Context

The move backup off the PW Low offered a sell M1 MAB but the context was very poor.

Selling into key Grid structure at the 12283.0 level after testing the PW low was low probability.

Price is currently in a micro-range.

A clear break of the PW Low could offer a sell setup?

08:08

GZ M5 Buy MAB

At 8am price moved down to test the D1 EQZ@12283.7 and the H1 EQZ@12282.6 which produced an M5 Buy MAB.

However, the spread was 1.6 and it was so close to the 8am open I passed even though it ticked a lot of the boxes.

At 08:03 the spread dropped to 0.8 but the value entry had passed.

Trading Plan Members

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We’ve put together something that’s a little bit different to support us in hardwiring our trading plan into our mindset.

It’s a ‘Trading Plan Movie’ that combines a combination of visual and auditory information. It’s designed to be watched prior to trading and at 3:20 minutes it can easily be fitted into the routine.

Fri 3rd May

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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.

Remember to:

11:52

Video Commetary

NFP today so time to switch to other projects.

I’ve taken two trades, one breakeven, the other a +2R sell winner.

They are described on the video below.

12:02

Screenshots Below

Thu 2nd May

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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.

Remember to:

12:26

Beware the GBP Monetary Policy at 12 noon!

I’ve just noticed the bear spike just after midday, it’s a great reminder of the need to know when Monetary and Interest policy reports are announced from the major economies.

This one was by the Bank of England at midday, not a time to be in a trade!

12:05

Video Commentary

 

 

10:46

Decent GZ M1 Buy MAB

At 10:13 price finally pushed above the PM High and Yes High then went on to test the key level at 12400 which is also confluent with the H1 Bull Channel Midline.

This setup a clear A-B impulsive leg so I marked up the setup, the M1 MA and the 61.8 level was confluent with the PM High and Yes High.

I decided to use a Buy Limit order and set it up as shown below as I had to leave my desk. On this occasion price stopped short of my entry level with the MA being enough to send price back up for a possible 2R as shown.

I’ve placed the Trade Tool to show what might have been!

The setup was decent, a clear A-B-C pattern with the PM High and Yes High acting as Role-Reversal at the Golden Zone.

Below is the Buy Limit I placed.

09:08

Ranging Session so far….

After yesterdays German Bank holiday the DAX opened this morning with a gap down. Since then its been in a range offering no clear A-B-C setups.

Tue 30th Apr

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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.

Remember to:

09:09

Three decent setups so far

I’ve got to go switch to outdoor projects as thw weather is good but here’s a quick look at the session so far.

I’ve not taken any trades but was very close to taking the GZ M1 Sell FIBCON at 08:24

Price is contining to range but the M1+M5 MAB above offered a decent sell setup.

The GZ M1 Sell FIBCON below was the best looking one and I was SO close to entering but talked myself out of it due to the H1 Bull Channel. The M5 EQZ@12315.4 was great Role-Reversal.

 

The M5 Buy MAB below was the first A-B-C setup of the session that qualified. I passed due to the H1 Bull Channel being so close.

A winning trade was possible but the move up was the B-C leg of the following Sell FIBCON just mentioned.

07:39

Last day of month

The daily chart shows price testing the key level of 12400 (magenta line) which is taken from the weekly chart.

I’ve marked up a Golden Zone which may come into play if price fails to hold above the D1 EQZ@12283.7, if so it could move down to the D1 EQZ-Midline@12135.7, just above the Golden Zone which also contains the Daily MA.

A clear break back below the 12283.7 level may offer sell setups?

Mon 29th Apr

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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.

Remember to:

12:53

No trades today

Back at my desk today but no trades this morning. THere have been no A-B-C patterns that conform to our trading edge.

After the recent bull move up the the D1 EQZ@12283.7  price is consolidating and ranging.

Thu 25th Apr

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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.

Remember to:

10:12

GZ M1 Buy MAB

Just taken a look to see what’s been going on and spotted an M1 Buy MAB after price found support at the D1 EQZ@12283.7.

Point B was not a stand-out Higher-High but it had good context coming up off support. There was also good Role-Reversal in play.

Retrospective analysis is easy to do but when you’re not trading it can be useful as it helps to develop the pattern recognition skill required.

08:50

GZ M5 Sell MAB

First day back at my desk after an extended trip to Israel.

A tricky M5 MAB took place as shown above. the 61.8 level was confluent with the Open and entering with a very tight stop at the level might have resulted in being stopped as price wanted to briefly push through the M5 MA before the bears were able to drive price back down.

It was structurally a decent A-B-C with point A being the high of the 8am candle. 

The D1 EQZ@12283.7 is a key level.