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….
Have been unable to trade since earlier today, I’ve noticed that price continued down to find support at the bottom of the H1 EQZ at 12701.4 followed by a great GZ Reversal FIBCON as price moved back up into the zone.
The arrow shows trade entry and was confluent with:
- The 61.8 level
- Hourly Bull Channel
- Hourly Bear Channel
- Daily EQZ Mid-line at 12725.5
Below is the 15 min chart and shows clearly the reversal pattern.
Wow!! What an intense 42 minutes!!
As I was updating the blog with the anticipated Sell setup (Juicy Salmon 🙂 🙂 ) price spiked up to my sell zone. I had the Trade Tool roughly in place and managed at high speed to get a good entry.
Also, what helped to make this a ‘must take’ trade was the cluster of 3 MA’s at sell zone. The M5,M15 and H1. These are shown in real-time on the screenshot below, pre-trade entry.
My 2R target was at 12795.0 , just above the start of the huge bull spike candle. I moved my target down to just above the Daily Bull channel (see below) and rode out quite a bumpy ride down but prevented myself from closing out early by letting Grid structure guide me.
Over the last few weeks I’ve studied price interacting with the Price Action Grid more closely than ever. It captures most of the key decision points as price moves up and down.
This therefore tells me when to expect price to battle it out and so long as structure holds then I trail my stop accordingly.
Eventually I was able to move my stop to lock in the original 2R just above the 12791.6 M5 EQZ zone and push for a bit more due to the GZ M1 Micro-MAB that formed at that level.
I manually closed out as shown for a good profit, great way to start August 🙂
After I’d marked the trade up in anticipation, just before I posted the screenshot to the blog below I’d already decided I was going to take the trade so long as price moved up to my entry level, it was a JUICY Salmon, I was Being The Bear :):)
Below are two more screenshots related to this trade.
- The 5 min chart shows very clearly the Golden High-Low sell setup, marked by the arrow.
- The 1 min chart mid-trade.
A fast moving GZ M1 MAB at 7am. I sat down at my desk at 7am so was not able to take it but spotted it straight away.
Just before 7am price moved to the top of the hourly EQZ at 12829.8 to produce a Higher-High. Despite the gap down at 7am it was structurally very good. Note that the 61.8 level of the M1 MAB was confluent with the 50% level of the current Golden Low-High zone.
In fact, the 38.2-61.8 M1 MAB zone is very close to the 50-61.8 of the Golden High-Low zone.
I was about to upload the outcome of the M5 Sell MAB setup and I saw your post. I think it is better observed on the M5 chart.
Yesterday we were discussing SUPCONs and this setup had once again the daily bull channel acting as support yet the setup ended up being good (more as a FIBCON I’d say rather as an M5 MAB).
What differences do you observe between yesterday’s loser and today’s winner?
I’ve just updated the blog with the outcome. I almost missed it as I was uploading the sell setup screenshot in anticipation, a ‘Juicy Salmon’ had come into view 🙂
I’ve learned alot over the last few weeks going deep into the session’s Golden FIBCON, it feels good to have called this one well in advance and also profit from it.
https://blackboxsoftwaresolutions.com/golden-session-fibcons/
The key difference is the context and value, so long as price retraced up to the sell zone I’d marked up the value was high.