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….
Price reversed back down without offering a REVFIB, nothing even close. If price had reached Yes High maybe that would have produced a sell setup but unless you sold at the 12318 level it was tough to get on the move back down.
I was waiting for a PB to 12281 for an M1+M5 sell once price moved back below it but nothing at all. Just one of those range days where no fish are biting. However, another example where price is stepping up and down through the midlines with obvious precision.
For me, the best setup was the buy REVFIB off the Low as noted in my earlier post.
I did not see this in real-time BUT should have!
I’d identified the reversal zone (BOR) if price was going to move back up as shown on the H1 screenshot from my earlier post. Hidden away was a decent buy REVFIB that included an M1 Bull channel at the 12207 level.
The REVFIB is appearing often at key reversal areas, they vary but they all have the same core A-B-C symmetry. They represent a shift in the energy from bullish or bearish.
When I have days like yesterday the case for trading only REVFIBs once you’ve identified the range or possible reversal zone makes so much sense??
After my earlier sell loser, I was reminded of the context of range-bound price action. I sold into support as you can see from the H1 chart above.
Note the FIB tool in blue and how price came down into its GZ before moving back up.
This time I passed on the M5 sell MAB due to the context, it proved a good call.
I’m NOT following the rules for Ranges very well this week. Had I done so I’d have not entered the sell trades yesterday morning?
And today I took an aggressive sell after a new low was briefly made thinking the 12202 level was a target BUT the H1 chart shows how supportive the level is and any sell trades close to it should be avoided.
Price is in a tight micro-range right now, a clear break below 12207 might offer a sell setup?
After testing the 11985 level yesterday morning around 7 am the bulls took control and pushed up through the EQZ to the 12281 level.
The 12577 level could be a target if the bulls remain in control, but first, they would have to get through the midline@12429 which is confluent with a 61.8 level which was acting in a TOR role last week, see the screenshot.
A clear break back below 12281 would mean the bears are back in control.
Nice start to the day 🙂
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/scottyspice/ge30.sb_M1_30jun2020_1017_11595543_sell_Sell-2R-Winner.png
Not a juicy salmon by any stretch of the imagination, but after a micro-double bottom I took the REVFIB as price moved up to the 12244 level. I took my profits at the 50 fib level of the potential Sell trade setup; I was happy enough to make enough profits to cover my earlier loss.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_30jun2020_1351_19263521_buy.png
Well done on the REVFIB you took and recovering your loss, it’s great when you see the traders equation play out. The earlier one you marked up had decent structure, shame I missed it. It looked tough in real-time as price came down very strongly to the GZ@12207
A challenging day, ZERO REVFIBs off the highs whereas yesterday there were three, all very similar.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/daxtrader/ge30.sb_M1_29jun2020_1119_xxxxxxxx_xxx.png
Today’s Highs offered nothing.
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