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….
A proper Doji day yesterday as the market struggles to stay above the EQZ@13169. With so much uncertainty in the world, it’s going to be interesting to see if the bulls can move price back up to the all-time highs just before the COVID sell-off at 13761.
These are not easy conditions to trade as price is so range-bound, that is why we must identify areas where a REVFIB might occur, set alerts, and wait patiently.
Yesterday was a write-off due to the migraine during which we had an email from the semiconductor company in Malaysia. They’ve put together a detailed project proposal that we have to go through and get back to them.
I need to focus on that today but will be watching the PA action and posting anything I think is worth sharing.
Good luck with that! Hope to see some action soon on the markets, it’s been challenging lately!
Yes, very challlenging as we wait for traders to decide where next after nearly moving back up to the pre-COVID all time highs.
Just missed the M1 MAB Buy which was confluent with a shorterm keyzone that I had marked up. However once price pushed on up and was struggling to move higher at 13215 I took a Sell off the 13206 level based on the higher timeframe context of H1 FIBCON and the apex of the M15 channels.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_23jul2020_0925_11831324_sell_H1-FIBCON-Winner.png
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_H1_22jul2020_2216_xxxxxxxx_xxx_H1-FIBCON-Chart.png
Just one trade, I thought that breaking my entry level would mean market going further down, I was wrong.. It grabbed the buying volume it needed and went back up. A pity!
https://blackboxsoftwaresolutions.com/wp-content/uploads/2020/07/ge30.sb_M1_23jul2020_1000_xxxxxxxx_xxx_M1-FIBCON-BE-09.50-It-was-a-winner.gif
You called the buy setup correctly, your 2R at Yes High was ideal and your stop was covering the midline@13160.
It’s never easy when price wants to retest (DB or DT) your entry zone, especially after moving into profit.
Trusting structure and letting the trade play out is such an emotional challenge, I guess we must review our trades to see if over a large enough sample size the data tells us to maybe walk away??
H1 MAB / FIBCON Sell from 13141 which was confluent with a keyzone that I identified yesterday and had projected forward.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_23jul2020_1507_11835201_sell_FIBCON-Winner.png
Two great winning trades for you today Elaine! Perfect stop loss placement on your first trade and good use of the keyzone for the second trade, I don’t utilise them enough.
I took an M1 MAB Sell at the Open, which ended up touching the bottom of your keyzone before moving towards my target, I’ve posted a comment with the screenshot below.
Only trade of the day; I liked the way price broke below the Open and 13132 level and retraced back up to previous support. M1 MAB Sell from the Open.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_23jul2020_1341_19547689_sell.png
Great trade Joel!
I saw this setup around 3pm and said to Elaine that it was for me a decent one well worth taking.
Thanks Phill. I hadn’t been solidly sat at the charts today, just checking every now and again. When I saw the move down through the Open I couldn’t resist!
There was good interaction with Elaines keyzone drawn from yesterdays PA before moving to my target.