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….
At last, my best trade for ages 🙂
I was not planning to trade but I turned on the charts to see the Spike – Channel – Trading Range pattern was in play. Price was coming back up off 12281 so I marked up the Buy REVFIB along with an M1 Channel and put some midlines on. The 61.8 level was perfectly confluent with the EQZ@12281, I made sure my stop covered the channel midline then entered using the Trade Tool.
I decided to go for multiple R so set my target near the channel boundary which was confluent with the M15 MAB, it took 52 minutes to work out for +5.49R !!
It was a nice recovery after two losers earlier in the session.
My first since last Friday, it was Buy REVFIB that failed.
I waited for the GZ to be tested before entering the trade, for me, it qualified once I saw evidence of support in the GZ.
However, 16 minutes later I was taken out, which tells me GZ was a valid battle zone but on this occasion, the bears won.
The Daily GZ contained price yesterday apart from a poke up through the 12873 EQZ level.
This GZ has bullish energy in theory so if price moves down to the 61.8 level, the PW Low and Yes Low there might a buy REVFIB setup?
One trade, one loser.. Bad attempt to time the bottom.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/bbqtrader/ge30.sb_M1_30jul2020_0728_xxxxxxxx_xxx_Bottom-trade-loser-9.37.png
HBS kicked in (hungry bear syndrome)…. don’t be like me please!
🙂 🙂
1 trade, 1 winner… I was considering an M5 MAB Sell but price was struggling to get there. I had marked up a short term keyzone which seemed to be holding, so when price failed to get back above the M1 MAB I took a Sell.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_30jul2020_1054_11891245_sell_M1-MAB-Winner.png