Thu 17th Jan

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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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17:19

GZ M1 Buy MAB

I’ve just taken a look at the afternoons action and spotted a decent GZ M1 Buy MAB that formed around 15:05 GMT.

Price eventually moved back above the 10900 level, the H1 Bull Channel then reversed price to setup a buy M1 MAB. The Golden Zone was just above the M5 EQZ Mid-line at 10894.6.

It was structually and contextually good, the impulsive A-B leg was clear, with patience and good timing a 2R trade was available.

As always, it’s easy to spot after the event!!

The update to allow members to upload their screenshots is coming on well and will be ready for use on Monday.

08:48

Reversal Micro-FIBCON off the bottom of the range

I’ve just noticed a decent reversal Micro-FIBCON as price tested the bottom of the range mentioned below.  The H1 Bull Mid-line was enough to reverse price back up to Yes Low, the next barrier is the H1 EQZ@10878.2

A counter-trend setup but it had good context as it was testing the bottom of the range. 

08:10

Software update in development

Just to let you all know that I’m working on an update that will allow members to upload their screenshots to the website so they can add a link to the comment section of the daily blogs.

This will make things much more interactive and keep everything in one daily blog. To make sure I have it ready for this Monday I’ll be concentrating on that instead of trading for the rest of this week.

For the last week or so price has been in a range between the D1 EQZ@10808 and the D1 Mid-line@10956 as shown in the screenshot below from the hourly chart.

Below the range can be seen on the Daily chart very clearly.