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….
This M1 Buy Micro-MAB took about 7 minutes to form but had excellent structure and context.
Price was moving up towards the top of a H4 KeyZone@13240 so this was a good setup that was likely part of price making it’s way up.
The GZ was at the top of the KZ plus when you look-left the Role-Reversal (point B of the earlier M5 Buy MAB) was perfect. I entered using the Trade Tool with the 2R target just above point B, at the top of the next KZ.
This was a fast moving “Must Take” trade…
I was away from my desk when this M5 Buy MAB took place.
Well spotted Joel!
It was a decent buy setup that would have been a 2R winner!
Price reached the Daily 13167 level as anticipated and then broke above it.
I took the M1 Buy MAB as shown. It had:
- Good structure.
- Good context – Buy setup.
- The KZs were in play in at points A, B and C.
I trailed my stop once price broke back above 13175 but it failed to hold this level and took me out for a very small winner.
The only thing against the trade is the zone between 13167 (Daily EQZ) – 13176 (H1 EQZ), this is taking time to resolve. When you look left on the M30 and H1 charts you can see this has been an event zone between the bulls and the bears.
09:55 Update: The 2R just came in!
It’s been bullish overnight with 13167 the next target for the bulls.
Just above this level is the H1 EQZ@13175
Unlucky with the Buy MAB Phill. When this happens to me I usually critise myself for meddling with a trade where leaving the Stop Loss alone would have resulted in a winner, however in the circumstances it did look like price might be turning, that long bear candle down through 13176 would have put me on edge too!
Did you manually place your stop behind the H1 EQZ/ 13176 level or was it automatically trailing?
I manually placed it just below the 13176 level reasoning that if it fails it could continue on down.
Either way I really liked the trade as explained above, in particular the A-B-C confleunet with the top/bottom of the KZs.
Here’s an M5 MAB that just occured at 11:40am. I passed on the FibCon at 11:29am, and missed the M5 MAB due to not being at the computer!
Using the intraday keyzones as a guide +3R was possible from this trade and could see more if price pushes up to the High.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_04feb2020_1140_xxxxxxxx_xxx.png
I missed this one, I’ve been making a code update and video on how to use KZs for alerts.
A decent setup, maybe a bit choppy at the GZ but well spotted.