Tue 23rd Jun

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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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13:44

Two M5 Buy MABs

I’ve not taken any trades so far today but buys trades were the best value and there were two M5 buy MABs on offer.

The first one, just above the Pw high was the best. As I mentioned earlier, I’m still tuning back into things and like to think that had I put the BOR KZ on using the swing-high wick(s) above the PW High I’d have taken it.

10:53

Highlighting the Micro-Range

I’m tuning back into marking up the charts using the updated Grid. I’m feeling a little rusty after the s/w binge but the juices are starting to flow.

One very useful thing to do is to watch for the Swing Highs/Lows and use the wicks to mark up a KeyZone. Had I done this at the PW High and projected the KZ between the midlines (12485-12494) forward I might have entered a buy trade when the M5 MAB took place.

It ticks the boxes of:

  • Buying at the BOR for the best value.
  • Having a bias to buy trades when the bulls are in control.

The 2R would have been below the TOR, ideal!

As I keep saying, retrospective analysis is SO easy but it’s also vital as it wires the neural networks and develops the pattern recognition skill.

It’s my intention to develop and future this type of intraday commentary now the s/w updates are over. I find it helpful and I hope or members do also.

So far today two juicy salmon have swum by:

  • The buy on the pullback to the PW High.
  • The M5 Buy MAB at the BOR, just above the PW High.

10:32

Price in Micro-Range at the Highs

I passed on the second buy setup, a good entry would have worked out due to the Double-Top.

We are now in a micro-range after the bull move up, the M5 MAB is currently moving price back up a wee bit.

I’d like to see a clear move below the PW High for sells, if the EQZ@12577 is reached we’ll watch for a REVFIB or continuation setup.

08:59

Missed The Micro-FIBCON Buy Setup@PW High 🙁

I missed this decent Buy Micro-FIBCON on the pullback to the PW High.

The A-B impulsive leg was good quality along with the context.

06:06

Price in Range

The DAX remains in a range as shown on the H1 chart. Note the wick on the 2 am candle, price tested the BOR, and came up strongly off it.

For now price is contained between 12429 and 12133.

Note that these levels are the 50% midlines of the Daily EQZ’s

9 thoughts on “Tue 23rd Jun”

  1. This spike is in all markets.
    Peter Navarro said last night that the US-China trade deal was over.
    When the markets started tanking, he had to say that he was misunderstood and it was a joke.
    Markets now happy again.

    • I noticed that looking at some FX pairs, they all have the same signature at 2 am.

      This is why holding overnight (higher time frame) positions can be frustrating for traders, if your stop is too close you can be taken out only for price to reverse afterward.

      I guess it can also go in your favor…

  2. I guess the question is: will the first contact with the 12429 level represent a sell opp? Would you first wait to see how it interacts with that level in case it approaches it?

  3. Nice start to the day 🙂 I took a sell after price had produced a double top at the high. The H1 chart showed previous resistance at this level in early June.

    https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_23jun2020_0943_11527622_sell_Triple-Top-Winner.png

    https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_H1_04jun2020_0700_xxxxxxxx_xxx_H1-Previous-Resistance.png

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