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….
Hi Guys,
Elaine has added a comment below showing how well the channels capture the Price Action. With Mastery we will use this to our advantage 🙂
Guys, yesterday afternoon I began working on a software update and will continue working on it today as I’m in the zone.
I will be watching things but not trading, I might post an update if I see something worth commenting on.
The update is related to optimizing the horizontal Grid structure to make it clearer than it is now, based on some feedback.
Good luck trading, “Be The Bear” and wait patiently for those juicy salmon like the one that showed up at 2 pm yesterday 🙂 See below.
The screenshot above is of Alex’s winner yesterday. He used a Sell-Limit and let it play out so he didn’t have to sit watching the charts.
Both Elaine and Alex anticipated the setup and had winners. Joel and Rab also spotted it which is exactly what we want to nurture, an environment where we’re all looking for the same trades.
Well done Alex! It was a great end to your day, focus on the process, and how you felt when you identified it.
Below is Elaine’s setup, refer to her comment on yesterdays blog to see it in full screen.
The bears are in control following yesterday’s sell-off. Note how during the overnight session price moved up to touch the magenta line I put on yesterday.
The daily level of 12283 might act as Role-Reversal based on when it acted as resistance back in late February, see the down arrow.
Good morning!!
If price moves up after the London open, would you consider trading a Reversal FIBCON if price structure looks like one, or is it the environment too bearish for that?
Hi Alex, price has moved down since the 8am open so bears firmly in control.
I just passed on a potential REVFIB Buy trade, due to low probability.
A 5-Wick Reversal pattern was present on the M5 timeframe, and the top of the Hi-Lo GZ looked like a good target for price to retrace to (based on a higher timeframe H1 ABC), as it had acted as Support back on the 4 June. However, no Higher-High was present and there was resistance at the 12226 KS level shown by the wicky candles.
Price moved down and interacted with the Fib GZ, however couldn’t break through the 12226 KS level and price has since fallen through where I might have placed my Stop Loss.
Price might still find Support between the H4 midline 12182 and KS 12176 levels, and the D1 midline 12135 and KS 12134, as this zone is curently holding price well, however I’ll probably wait for a more significant break of the KS 12226 level before thinking about entering a Buy trade.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_11jun2020_0948_xxxxxxxx_xxx.png
Here’s a mark up of that higher timeframe H1 ABC pattern I mentioned in my last comment.
Is this the trade we should all be waiting for today?
Price needs to get through two or three big levels to reach it… (D1 12283, H4 12269 & KS12294)
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_H1_11jun2020_1000_xxxxxxxx_xxx.png
Hi Joel, that’s exactly what I have marked up on my H1 chart and the GZ would definitely be a great place to sell if price manages to get there. The zone between 12360 and 12296 was active previously as you pointed out.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev11/ge30.sb_H1_09jun2020_0400_xxxxxxxx_xxx_H1-Chart.png
Passed on the M15 MAB and the M1 MAB, because I wasn’t sure which direction price was wanting to move.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_11jun2020_1029_xxxxxxxx_xxx.png
Me too Joel, however in hindsight I think the M1 MAB was the best option as there was two opportunities to get on the move up.
Also, just want to point out the resistance level at 12305 which can be seen clearly by the wicks on the M15 chart. This level is confluent with the 50 FIB level if you take point A from M30 midline at 12458.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev11/ge30.sb_M15_11jun2020_1015_xxxxxxxx_xxx_M15-Chart.png
Good spot.
If the market is bearish enough, maybe this level will remain resistive and we will see a sell off from there and no H1 MAB?
Or the level will resist price long enough for the 1hour ema to work it’s way down into the GZ and we will see the H1 MAB later today or tomorrow?
Hi Guys, I took the trade at the lower level from the M15 chart as mentioned and got a 2R winner. I didn’t hold out for more because the Bulls looked strong but looking at price now I could easily have got more of of it.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev11/ge30.sb_M1_11jun2020_1057_11401850_sell_M15-FIBCON-2R-Winner.png
Interesting situation now with the 2 GZ lining up on the M1 chart…
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev11/ge30.sb_M1_11jun2020_1105_xxxxxxxx_xxx_M1-Chart.png
Took the REVFIB off the D1 boundary at 12283 and got a nice winner, however I moved my target a wee bit to account for the M15 MA which was confluent with some short term resistance on the M1 chart so didn’t get the full 2R.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev11/ge30.sb_M1_11jun2020_1125_11402150_sell_REVFIB-Winner.png
Hi Guys, I stopped trading after my 2 winners this morning as I am working on some updates to the website but I’ve just taken a look at the M1 chart and wish I had continue to trade as the price action has offered some great grade A setups which have all been captured within the Grid structure and M1 Bear Channels. I look forward to the days when I trade these setups with confidence, trusting structure and making the most of the profits on offer 🙂
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/bssdev11/ge30.sb_M1_11jun2020_1516_xxxxxxxx_xxx_M1-2R-Trade-Opportunities.png