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….
12:13
Today’s Video
This shows the GZ Sell M1 Micro-MAB….
11:49
GZ M1 Sell MAB Sell Winner, +2.00R
I was just about to start the video and spotted this M1 Sell Micro-MAB setup so I ended up videoing it and it worked out 🙂
09:15
GZ M5 Buy MAB Sell Limit
After missing the earlier M5 Buy MAB I setup a Buy Limit order for the next one only for price to stop just short of it before moving back up!!
09:09
GZ M5 Buy MAB
After price reversed back down from the RESCON at 11104 etc. I talked myself out of the M5 Buy MAB as I was not sure about buying into the RESCON but the clue was the strength of the A-B impulsive leg just after 8am.
Should have taken it 🙁
07:54
GZ M5 Sell MAB pre 8am
An M5 Sell MAB formed at 7:40am but the spread was 2 pips so did not take as we want the spread to be 0.8 pips. The spread is reduced at 8am, pre December 2018 GKFX used to offer a 0.8 pip spread at 7am.
06:49
Daily Golden Zone
An interesting looking Golden Zone when point A is taken from the D1 EQZ@10808.1, when you look left to Oct/Nov 2018 the Role-Reversal zone suggests a support zone between 10985-11037….
The D1 EQZ Mid-line@10956.0 is also just below this zone.
I was wrong about the SUPCON at the D1 EQZ I mentioned yesterday, price bust through those levels with relative ease! There’s now support at the H1 EQZ midline which is where the best fit 61.8 Fib level lies. There was the possibility for a trade, but I just wasnt sure so left it alone.
Will price turn around now, or continue its descent? The 11000 level looks like a good target, and there’s some good Role Reversal to support it! Until price tells me otherwise and starts to break through resistance levels, I think I’m going to be in a bearish mindset today, looking for sells.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_H4_22jan2019_0900_xxxxxxxx_xxx.png
I passed on that first M5 MAB (at 09:09) Phill, for the same reason, I did not want to trade up into the structure.
The second one was very unlucky!
Such fine margins!!!!!
Here’s what my chart looks like for the second 5min MAB. I like having the ‘100’ levels drawn on for this reason; I would have been looking to take the trade on or above that 11100 level.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_22jan2019_1059_xxxxxxxx_xxx.png
Yes, the 100 levels are important. You make a good point and had I set my entry just above 11100 the buy limit would have triggered.
Another 15min MAB just passed, that I really should have gone for!
The set up looked good, there was great confluence with the D1 EQZ, H1 Bull and Bear Channels, 15min ema and the 5min ema coming down from above to add to the resistance.
I had the trade tool set up and ready to go, but chickened out when looking at the M5 timeframe, where a larger set up with Point A at the open was a possibility, however it did not have the confluence within the GZ like this set up had.
I went against my gut and let this one pass by!
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_22jan2019_1247_xxxxxxxx_xxx.png
I was away from my desk during this one but came back to do a quick video before headingout and ended up taking a GZ M1 Sell Micro-MAB winner and captured it 🙂
We must learn to trust our ‘gut’ as well as the ‘Holy Grid’ 🙂