Mon 22nd June

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End of Day Review

+1.06%

4 trades taken.

1 winner, 1 loser, 2 break even.

09:31

Failed sell at TOR | -1.05R

Price was ranging for one hour at the time I took the trade, therefore I waited for it to arrive at the top of the range that was acting as good upside resistance, but it just didn’t work. 

10:10

M1 FIBCON | Breakeven +0.02R

It was a poorly managed winner… Glad that I took it, sad that I let it go empty handed! 

The good news is: easy to fix, just don’t touch your trade.

14:56

M5 MAB Sell winner | +1.68R

The M5 MAB worked almost to perfection. If you see my trade tool, the entry level was meant to be substantially higher, therefore my original 2R target was well above my final +1.68R.

But I don’t want to focus on that: I think that for the first time I’ve experienced a textbook Reversal FIBCON, a setup I’ve searched for and never succeeded! I was sooo focused on closing my trade that I completely missed it, even having already the FibTool in position, exactly as the screenshot. Look how perfect was the reversal at the 61.8 level, bloody amazing….! That was THE trade, a 2R winner in less than 120 seconds.

Mon 22nd Jun

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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:

17:14

Great But Fast Moving REVFIB

After seeing this REVFIB that Alex mentioned in the comments I decided to mark it up because it was a textbook REVFIB. It had:

  • Price had moved down strongly to a major support level, in this case, it was the midline@12207. See the M30 screenshot below to see that the level had recently supported price.
  • The M1 Sell MAB was a low probability.
  • Price moved to meet the M5 EMA resulting in a sell M5 MAB back down to the GZ.

The tricky bit would have been the speed at which price came down the 61.8 level – perfectly – and reversed back up.

Compare this with the examples on the website.

11:57

M5 Sell MAB Winner, +1.99R

I’m SO pleased with this trade, again, not because it was a winner BUT because I anticipated it using the Grid and was “The Bear” 🙂

After reversing off the High and seeing the M1 Sell MAB@12346 I reasoned that if the D1 EQZ@12281 is the bears’ target then maybe a sell setup will present itself. It did and I really liked the GZ and the RR from the earlier move up. The confluence was excellent:

  • M5 MAB (stopped just short of it).
  • 61.8 level@12330
  • Grid midline@12327
  • Great RR from earlier.
  • M1 Bear Channel midline – see screenshot below for this additional confluence

I’d anticipated this BEFORE point B had fully formed!!

What I had to do was Be The Bear and accept that price might not pullback. It felt good to be SO clear about that. At one point I had to leave my desk so I set up a Sell-Limit just in case – see screenshot below.

My stop was quite generous but I wanted to cover the Grid level above at 12337. I ended up entering using the Trade Tool and 8 minutes later it came in. 

It feels great to start this new phase with the updated Grid and have two winners. I used the Grid and stuck to my rules, the Grid is precise and accurate providing vital guidance  🙂

I’m done trading for the day as I have a few things to do then I have to go cut the grass…

The updated s/w looks good, let me know of anything unexpected, later in the week I’ll provide more details once things have settled down.

Below are two screenshots, both have the M1 Bear Channels overlaid. The first shows the anticipated setup, the second shows a Sell Limit as I had to leave my desk.

10:19

M1 Buy MAB Winner, +2.04R

Very pleased with this trade and not just because it’s a winner.

Today is my first day back trading for a few weeks due to the s/w updates etc. When I set up this morning I realized that I also have to get used to the updated Grid.

Note that /32 midlines are now displayed by default on the M1 time frame. The reason I added them is I noticed there were other micro-levels in play, switch to the M1 time frame, and scroll left. To see what level a midline is hover the mouse over it. They can be removed if preferred but it’s worth getting used to them. On some of the Forex charts such as the EURUSD they are very clear and add an additional level of granularity when trading the M1 and M5 time frames.

When I noticed that price had broken and closed above the 12355 level I watched see what happened. Looking at my higher time frame install I had the M30 chart displayed and it showed VERY clearly how important this midline was – see the screenshot below.

When price began to build a micro-base on this level I overlaid the M1 Bull Channels to see a channel boundary supporting a buy trade – see the screenshot below.

So when price pulled back to the level and channel boundary I took the buy trade, my target was right on the 12392 midline, 7:17 minutes later it came in 🙂

So even though this was not a textbook A-B-C pullback to a very clear GZ I used the updated Grid (horizontal structure first then followed by the M1 Bull channels to look for additional confluence) to guide me. We have something very unique with the Grid, I firmly believe that learning to trust it will lead to profitability and mastery!

See the two screenshots below, one with the channels overlaid, the other is the M30 chart I was using to support the trade. I’ve highlighted the 12355 level to show how precise and important it is.

09:26

Rab’s Winner

I just wanted to comment on this setup that Rab took, it resulted in a winner – see comments below – with his target being just above the midline@12133

It’s a great example of a higher time frame setup with great recent RR structure at precisely the 61.8 level as shown by the top of the GZ.

 

06:55

Overnight FIBCON (H1 MAB)

Well spotted Rab !!

A sell H1 MAB formed overnight on the M15 chart. It has great structure with Grid levels in play:

  • Point A is at Yes High@12445
  • Point is pretty much at the bottom of the D1 EQZ@11992
  • Point C, the 61.8 level is at the High, just below the D1 EQZ@12281

The spread was 5 pips at 5 am but Rab took it, good luck!

06:27

Price Below GZ on Daily

After spending much of last week in the Daily GZ price broke below it on Friday. The 12281 (50%) level is still key, if price cannot break back above it then we may see a move down to 12133

Fri 19th June

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End of Day Review

-1.00%

4 trades taken.

0 winners, 1 loser, 3 break even.

10:47

10:52

M1 Double Top | +0.08R

Rushed Breakout trades x 2 | -0.88R

First trade +0.08R: I had marked the what I thought was going to be a double top with the pink / purple lines in the shape of an inverted W in advance. However, price went above what I marked as the top, therefore I deleted the lines and looked sideways. All of the sudden, price went down and the setup I marked earlier was on! I rushed the trade, at a different level of what I initially planned (12374.03 was the one), and therefore I moved my stop loss to breakeven out of fear as soon as I saw some margin. Market took me out and went down, it could have been a good winner had I stayed focused…

Second & Third trade: FOMO and frustration trades. I was still thinking on how I missed the double top I had marked, and it was violent the way price went up! I rushed two trades, wrong entry level, wrong stop loss, all about them was wrong, definitely the ones that I am not proud of, regardless of the result. 

All 3 trades happened within 5 minutes, a sample of how important is your state of mind at a certain point to avoid mistakes! 

16:20

M15 FIBCON Failed | -0.20R

I had such a nice feeling when price reversed just after my entry!!! I thought this was going to be the setup of the day!! 

The dream lasted 19mins, not without taking price above my 1R level first! 

I guess the whole thing here is my stop loss, I was extremely conservative (it’s not the first time), and therefore I made a winner trade to become a breakeven or loser trade… Something I definitely need to look into. 

Good news is: the market has plenty of fish to offer, see you next week!

Fri 19th Jun

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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:

15:53

Grade A M5+M15 Sell MAB!!

I’ve just taken a look at the charts to see a Grade A M5+M15 Sell MAB formed after price failed to move above the TOR@12429 – see earlier blog entry showing the Daily time frame.

This had great structure and great context in that price was coming back down after failing to move above the TOR, also note the Role-Reversal at the Grid level@12392

We are updating the section on range trading, the last few days range-bound Price Action has provided excellent examples.

13:04

Tricky REVFIB after bull spike

The bull spike which produced the new High off the Grid midline@12355 was a clue to the REVFIB being tricky!!

I’ve marked up a typical entry but would have been stopped out due to the overshoot of the GZ. The 61.8 level was ideal as it was at the Grid level of 12411

This is something we must note for the future, a spike like this is a purely technically driven move to a level, in this case, the middle of the current D1 EQZ and top of the range I mentioned at the start of the blog when commenting on the daily chart.

We must learn to be wary of these spikes, they can skew the expected symmetry. However, once the overshoot of the GZ had exhausted itself and price broke back below the 50% level it is reasonable to enter on the brief retrace back up to the 50% level.

If in doubt – stay out 🙂

 

 

 

08:55

Example of Alerts

A great use of alerts is shown. If price moves up to the TOR@Yes High or the BOR  then send an alert to the MT4 Terminal and Mobile device.

To set one up:

  • Drag the bssKeyZone script on to the chart, it will create a silver rectangle.
  • In its properties window set the Description field to # alert text
  • I’ve changed the color to Plum (see below), choose whatever you prefer.
  • Then place it where you want it to trigger and double-click it to unselect (activate) it.

You can then minimize/hide the charts and do other stuff. Turn the volume up on the PC, so long as there’s not any other noise to drown out the alert you can hear it from other rooms.

This is a very useful feature if you’ve decided what levels you’re interested in but don’t want to sit and watch every tick.

Test it out, have a play…

08:51

S/W Updates

Today I will be completing the last few s/w updates, ready for Monday.

07:47

Daily GZ

Price is still contained within the GZ on the Daily chart as shown, the 61.8 level is confluent with the D1 EQZ midline@12429, we are currently in a range between 12429 – 12207

Thu 18th Jun

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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:

10:44

Nano-REVFIB at High

I’ve been away from my desk for the last 90 mins and returned to see the Nano-REVFIB following the move up to current high which is also a Grid midline@12485.

Very fast-moving but structurally and contextually it was very good and look what happened afterwards. A challenge in real-time but another great example of the REVFIB pattern acting as lift-off for a move in the opposite direction.

I’ve also placed an arrow where Joel was waiting to take the sell at Yes High and the 50% Grid midline@12429.

07:47

Grade A Text Book REVFIB at 3:50am

I’ve just spotted this Grade A REVFIB that took place a few hours ago at 3:50 am. Everything about it is excellent, I’ll not go into any detail but take a quick look at the webpage on REVFIBs and note the characteristics of great setups, e.g.

  • Low probability M1 Sell MAB as price comes off the low.
  • Price reaches the M5 MAB for a possible sell back down to the GZ.

The pullback reaches EXACTLY the 50% level of the Outer FIBCON, confluent with Yes Low and the M5 MAB.

This one was a multiple R setup, shame it was so early on.

See 3rd April and the 14th May example for similarity, these Juicy Salmon MUST be mastered and shared when spotted.

Below is what it looked like on the M5 chart, it shows how strong the move up was after the REVFIB acted as lift-off!

06:53

Price Contained By Daily GZ

Look how price was contained by the GZ yesterday. We are currently at the 50% level which is a D1 EQZ@12281, look-left to see how resistive it was during the big sell-off after price broke below it.

Let’s see what today brings, strong moves away from this level could offer some setups.

Thu 18th June

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End of Day Review

+1.86%

4 trades taken.

2 winners, 1 loser, 1 break even.

09:33

Resistance Breakout winner | +1.54R

Call them risky, low probability, but I always had a thing for this kind of trades.

If you are looking to price (and by that I mean, every movement that price is doing every second or so), it’s not hard to anticipate that a breakout attempt is coming. There are cases where below the resistance level all of the sudden price starts to move up with great energy, and if that energy causes price to stay above the resistance level for a few seconds, the set up is on.

I could have left it on for a bit more, but looking left there was some wicks in the past that could serve as role reversal levels, therefore I happily took the profit.

I must say, every time I take this trade, as soon as price goes around 0.50R above my entry level, I move my stop loss to breakeven to prevent false breakout attempts from giving me a 1R loser.

Also, note the BuyLimit order placed around the 12318.54 level, it will come into play(adapted to the new price action) an hour later.

09:44

M1 Buy FIBCON failed pair of trades | -0.71R

I really liked this one, having in mind (not shown in the chart) how the area around the Yes High was of strong resistance in the past I thought a FIBCON could be in place, helped by the M1 Moving Average going up.

When I opened the first trade price moved up quickly, therefore I moved my stop loss to breakeven level to protect my previous profit.

After taking me out, the next two minutes I saw them as consolidation of the price at that level, which I took as a bullish sign and entered a second trade with a more attractive 2R level. 

However, bears took over, drove price down aggressively and took me out of the trade. The -0.75R was originated in a change in price at the moment I entered the trade, modifying my risk/reward. 

10:39

H1 MABCON locked in profit | +1.03R

On my first trade I had a BuyLimit zone already placed from before price attempted the breakout. After such price action, I updated the possible setup, placing the FibTool between YesLow and this session’s High. The result: the H1 MAB coming up slightly above the 61.8 level and above the 12318.54 level, an area that acted as support yesterday!

However, I went away because the market was still far away from this level, but when I sat back down I see that tremendous candle that touched YesHigh and came down very fast near the Open level. 

I waited for it, hoping it would lose some of the impulse, and it just reversed after my trade, as if I had any power over the market with my tiny trades!! 🙂 

Conscious of the energy of the movement down, I set Lock In Profit levels and left it alone. After being slightly above +1.5R, the bull run was over and it took me out at +1.03R.

I still need to be able to enter these trades with more confidence on the M1 chart, with a lower 2R target, but I will eventually get there to max out each trade.

Wed 17th June

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End of Day Review

The day of great setups and a lot money left on the table!  

+2.15%

5 trades taken.

3 winners, 1 loser, 1 break even.

09:18

Failed M1 REVFIB | -0.99R 

Low probability setup? 

I didn’t have enough structure to support my trade. I guess it was more related to my desire to catch one. Will have to thoroughly review how and when they form in order to master these trades.

10:17

Wild entries | +0.40R  

Ok, none of the above were planned like that.. 

On both ocassions price was moving so fast that between the time my brain decided to press “Ctrl+E” to take the trades and the time they executed, the entry level on both was different to what I planned, particularly on the -0.11R trade.

Now, execution was poor, but the idea was there: 12374.03 bulit as support, and I started to see Lower Highs forming and had the trade tool ready to go. However, two minutes before my +0.51R trade, price moved up and seemed like going above the 12392.53 grid level, so I deleted my trade tool and looked away. In no time price moved down, broke the support and I arrived a bit late. Hesitating as to whether the trade was good or a price chaser I manually closed it. I will not lie here: 2 seconds after, price broke the key 12355.53 level marked again on the grid. I rushed the second trade, but when pressing Ctrl+E, price moved wildly down and gave me that horrible looking entry that I quickly closed.  

10:43

10:50

M1 Reversal FIBCON | +1.89R (5R 2 after 2 minutes)

M15 FIBCON | +0.85R (5R after 5 candles)

Great structure, great anticipation (if you see my previous screenshot on wild trades, you’ll see where my trade tool was placed, that’s almost exactly where I took the +1.89R winner), poor trade management.

Don’t get me wrong, I am proud of having been involved in those trades. Even a 10R wouldn’t have made me a millionaire at this point on my trading journey, but anticipating these set ups will definitely get me closer to it, therefore today is a great day!

AFRC

Wed 17th Jun

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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:

12:04

Middle Of Range Sell Low Probability?

I took the sell setup at 12374 without fully concentrating, however, I closed out once I reaccessed the context, it proved a good call.

Why?

If we are in a range then the middle of the range setups that are opposite to the direction price is moving can be low probability. In this case a sell trade against the momentum of the move back up the range.

We will update the section on the website with rules for trading ranges.

One such rule is that (in this case) we favor buy trades over sell trades whilst price is moving back up OR stand aside until price reaches the TOR. We can set alerts to inform us and take a break whilst this plays out.

We can never know for sure what will happen, at times these middle of the range setups work out but we must learn to deal in probabilities and context.

 

10:32

Sharing Comments

I’m about to upload the latest BTC, the Community Blog window has been updated as above. You can add a comment of up to 200 chars if you want.

The ‘Share Comment’ button will notify others that you’ve posted a comment on the blog. 

When new comments are shared you will be alerted and they will automatically be displayed. If you want to look at the comment history at any time use the ‘Comment History’ button.

This is not intended to replace posting comments on the blog, just to allow you to tell others without me sending out a blog update.

However, it can be used to send a simple one-liner if you want.

Start using once you update and we’ll see how it goes. Below is what the display will look like. It’s a floating window showing the current months shares with linefeeds between days.

09:59

 Shae Comment Button

Guy’s, I see you’re using the ‘Share Comment’ button. 

Are you getting notifications?

It’s still in development, will be completed later today.

09:05

 Yes High at Key 61.8 Level

After reading the comments below from Alex and Joel regarding the Daily GZ and Yes High I took a look at what happened on the M1 chart yesterday afternoon – Wow!!

As they commented, by identifying this structure we can reason out that there might be:

  1. A move up to it offering buy setups (Joel)
  2. A possible sell setup if price fails to move above it (Alex)

A sell REVFIB formed with great structure and context 🙂

Note once again that:

  • Point A was at a Grid midline level@12429
  • Point B was at a Grid midline level@12355
  • The GZ 50% level (point C) was at a Grid midline level@12392

This is way beyond coincidence and each day we are seeing how precise the updated Price Action Grid is.

When we get used to seeing these chart patterns (GZs) they offer multiple R as can be seen by what happened. A reasonable target would have been the D1 EQZ@12281.54

The updated s/w will allow us to share more effectively this information. Even though I’ve not been trading the last few days I’ve really enjoyed feeling the synergy that’s developing between us. It’s time to take things to another level 🙂

07:20

GZ M1 Buy FIBCON

Yesterday’s High was just above the midline of the D1 EQZ@12429, it was also the 61.8 level of the GZ marked up at 12418, when you look left you can see that the midline was in play during last week.

Also, note that the wick on Yesterday’s candle is pretty much the height of the GZ. 

Today I hope to complete the s/w updates ready for release.

Tue 16th June

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End of Day Review

+2.17%

2 trades taken.

1 winner, 1 loser, 0 break even.

08:57

Failed SUPCON | -1.00R

I had marked a possible support area earlier on this morning, and when price approached it that fast, I jumped the gun and entered the trade.

I could have waited a bit more, but given that after my trade the next two candlesitcks were still there, I am sure I would have entered the trade anyway. 

Didn’t work, not particularly an edge trade, so I should really save these kind of attempts for the future once I start to read the market a bit better. 

11:20

M1 FIBCON Winner | +3.17R

Oh boy I was longing for a trade like this one.

Right when the feeling of relegation was starting to kick, it felt like a last minute goal that saved me from falling deeper.

It wasn’t free from emotions I must say. After I entered the trade, that candle and the next two stayed hoovering around my entry level. I was like “why does it need to hang around there? Just go up!” I’ve seen so many cases where price effortlessly retraces that those 2+ minutes of indecision were painful. I set my lock in levels (you will observe two small horizontal lines, one between 1 and 2R, another one above my 2R level) and I went away.

It was a recomforting to come back with price above my 2R level and about to touch my target price. 

There was role reversal (multiple times if you keep looking at the left on the 1 /5 or even 15 minute charts) and there it was the M1 Moving Average going up to help the reversal. That’s Blackbox’s edge. 

00:00

00:00

Tue 16th Jun

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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:

13:59

M1 Bull Channels

I’ve just taken a look at the charts and thought I’d see what the M1 Bull channels (plus midlines) look like since the bulls are currently in control.

In particular, note that Alex’s M1 buy MAB was PERFECTLY confluent with a channel boundary. 

I’ve added a few arrows to show where price has clearly interacted with the channels, this is a great example of the ability to add/remove channels from the chart depending on how helpful they are. 

We trade primarily horizontal levels, then we overlay channels to see if they add additional confluence to our trading decisions.

12:25

Great REVFIB following Alex’s M1 MAB Winner

After seeing Alex’s winning trade – see comment below – Elaine also identified it was followed by a great REVFIB sell after price failed to stay above the D1 EQZ@12281

Note that:

  • Point A is precisely on the Grid midline@12318
  • Point B is precisely on the Grid D1 EQZ@12281
  • Point C (50% level of GZ) is precisely on the Grid midline@12300

And finally, price then moved down to the M5 MAB and reversed back up off the Grid midline@12263, the 61.8 level of the earlier M15 Sell GZ.

Having such precise Grid structure does not guarantee success but it provides great guidance once mastered, that’s why we call it ‘The Holy Grid” 🙂

 

09:23

M15 Sell MAB at Precise Levels

I’ve just sat down to see this setup that took place at 8:35 am, another great example of how the updated Grid precisely captures price.

This is the M5 chart, it seems to work very well with the Grid as much of the M1 choppiness is smoothed out. Note the GZ between 12243.99 – 12263.75, it falls EXACTLY between two midlines of the Grid.

This is not a one-off!! I’m seeing it on other markets that I’ve applied the Grid to. Look at yesterday’s blog where I show the Grade A sell from Wed 10th at 2 pm – note the GZ!

If things go well today I will complete this phase of updates, meantime, if you want to use this Grid simply:

  • Load a new GE30.sb chart.
  • Right-click and select indicators.
  • Select bssConsole – Inputs.
  • Set Auto Update Channel Structure & Auto Update Equidistant Structure to true.

The horizontal Grid will automatically be overlaid, it will auto display the midlines based on the time frame you’re on. This can be overridden, I’ll cover that later.