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….
No trades today and time for me to switch to other projects.
This video shows a superb ‘must take’ H1 Sell MAB that took place yesterday afternoon at 16:35 GMT.
After testing the lows at 11006.2 (the H1 EQZ) price moved back up, the M5 MAB sent it back down to form a decent reversal FIBCON at Yes Low.
After testing the lows at 11006.2 (the H1 EQZ) price moved back up, the M5 MAB sent it back down to form a decent reversal FIBCON at Yes Low.
The daily chart above shows that price moved down into the Golden Zone mentioned in yesterday’s blog and so far has found support at the 11000 level, the top of the H1 EQZ@11006.2
Overnight it moved back up to test D1 EQZ@11104.0 before moving back down to the Golden Zone, we wait to see if it finds support again?
Morning Phill!
I’m interested to know which timeframe you’ve used to pick out that 11037.7 key level in your 08:55 post.
I updated my ‘personal’ key levels last week, and have one set at 11049.4. I believe I used to H4 to pick it out and the H1 to fine tune the level. Between them, they are almost perfectly encasing the current High-Low Daily Golden Zone, and price has interacted with both this morning.
The fact that we’ve both found structure around this level must mean it’s significant. It’s good confirmation to me to know that I must be reading the charts in the right way! 🙂
Joel.
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Hi Joel,
The 11037 level is the 50% retrace as shown on the daily chart….
https://blackboxsoftwaresolutions.com/wp-content/uploads/2019/01/dax30sb_D1_23jan2019_0000_xxxxxxxx_xxx_d1-gz.gif
10:37 – M1 5min MAB, Buy, +0.03R
Although this had an unconventional set-up, I really liked the confluence of the H1 EQZ midline, the 61 Fib level and the touch of the 5min ema.
I set my Profit Target to 3R, at the session High, and set a Lock in Profit around the +2R level to cover myself. My thinking was that should price break through the H1 Bear Channel, the next target would be the High, or the area around the 11100 level.
As price began to look bearish and broke down through the H1 EQZ midline, I looked for the first chance at exiting at break even and took it.
As I write this, price is on the rise again! This might have been a case of a trade that was best left alone to play itself out.
Joel.
https://blackboxsoftwaresolutions.com/wp-content/uploads/members/desktop-lr7eroa/dax30sb_M1_23jan2019_1238_21723996_buy.png