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….
17:16
Today’s Video
15:33
M1 Sell FIBCON Micro-Setup
After the US open price tested the top of the IKZ@10389 and produced a micro-FIBCON sell setup back down into the zone.
Not easy to take in real-time BUT the context favoured a move down due to the 10389 level being in play this session, see M5 chart below.
11:40
M1 Sell M1+M5 MAB Winner, +3.81R
After the earlier loser I reasoned that if price failed to move higher then it might move back down to the bottom of the IKZ@10319 so I looked for a sell setup near the top of the IKZ@10389.
When price retraced back up to the lower boundary of the channel and was confluent with:
- 50% level@10382
- M1+ M5 MAB
- Decent Role-Reversal, Look-left.
I entered a sell trade and moved my target down to the bottom of the zone, 39 minutes later it came in 🙂
Very pleased with my reasoning and flexibility to change my thinking based on the Price Action.
11:35
M1 Buy FIBCON Loser, -1.14R
Price eventually broke above the IKZ@10389 so I entered a buy trade when price retraced to the level. It started well but turned out to be a false breakout.
Note the bull channel that was confluent in 2 buy setups.
07:45
GZ M1 Buy FIBCON
A decent pre 8am buy setup that I passed on 🙁
I marked up the same trade that occured at 10:09 but ended up passing on it.
Just marked up another opportunity at 11:36 after price came up off the bottom of the M30 EQZ, but missed entry as I was fussy and wanted price to touch the 1hour ema and get further into the golden zone before I entered.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/ge30.sb_M1_22apr2020_1136_xxxxxxxx_xxx.png
I passed on the 11:36 one as I’d just got the +3.81R sell winner and took a wee break.
Note how precisely the updated EQZ’s of the Grid capture price 🙂 🙂
Every level, the D1, H4 & M30 plus the mid-lines…