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….
This H1 chart shows the Buy GZ that formed at the bottom of the H1 KZ I’ve been posting over the last week. This KZ has produced a few of the great Buy REVFIBs that have been taken.
Earlier price produced a DB on the M1 chart due to a sell M1 MAB that sent price back down to test midline@12790 (on the M1 chart).
Note the Open is perfectly confluent with the bottom of the H1 KZ@12799
After price did move up off the M1 DB the Buy REVFIB did form but barely retraced to the 50% level.
Not easy conditions again!
Note the GZ and how its acted as support along with the PW Low over the last few days. Will the bulls be able to push price back up above the PM High?
If price breaks below this zone and the 50% midline@12725 then the EQZ@12577 may be on the cards?
Hard to find value today!
I am eyeing a possible REVFIB that becomes more clear looking at the H1 chart, but it will probably take hours to develop even though the entry level is close as of now:
H1 chart – see how price found resistance on the 4H MA:
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/bbqtrader/ge30.sb_H1_22jul2020_1000_xxxxxxxx_xxx_H1-chart.png
M1 chart with the setup marked:
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/bbqtrader/ge30.sb_M1_29jul2020_1041_xxxxxxxx_xxx_Possible-H1-REVFIB.png
I am not a 100% convinced, as we normally trade REVFIBs involving M1 and M5 MABs, but I do find attractive selling around the 12836 level.
M1 REVFIB loser, based on the potential H1 REVFIB move – GZ drawn from the top of the first bullish candle of the move on the H1 timeframe.
The move up from the double bottom should probably have put me off a Sell trade here.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_29jul2020_1036_19602358_sell.png
You should have posted this earlier! Lol, I am on a sell trade now based on my previous comment, which saw something similar to what you traded!
Hi Joel,
I’ve just seen the PA so far and have posted a screenshot of the H1 chart highlighting a Buy FIBCON setup.
Always easy afterwards but the sell trade you took was selling into the bullish energy of the GZ, Open and as you noted, the DB.
2 trades – Another Sell loser, another bad trade really, trading against the bullish momentum, I only noted the M15 + H1 MAB Buy opportunity after the fact; and a REVFIB Sell winner, based on the same premise as the last two, but this time with the H1 Double Top reversal pattern in play, making this a better probability trade that the previous two.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_29jul2020_1516_19606432_sell.png