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….
I’ve taken a look at the Sell REVFIB at the session High and noticed on the H1 chart why it had great context.
Another example of why two installs of MT4 on two monitors is vital to support us in our trading.
The REVFIB setup itself was excellent with great RR with the head and shoulders in GZ. See H1 chart below..
There was a decent buy M1 Micro-MAB at 8:28 with good RR at the 12688 midline.
Due to the family routine, I’m not sure how much trading I’ll be doing today but I will check in regularly.
After testing the 12281 EQZ on Friday/Monday we’re now back above 12577. If 12281 proves to be strong support we could be on the way up to 12873?
What a beauty, is it worth entering at any price once you see such perfection?
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/bbqtrader/ge30.sb_M15_04aug2020_1715_xxxxxxxx_xxx_61.8-High-Low-FIBCON.png
I had a loser, would take it again though!
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/bbqtrader/ge30.sb_M1_05aug2020_0745_xxxxxxxx_xxx_Failed-M1-FIBCON-09.22–1.03R.png
Hi Alex, I’ve just seen the M15 buy at the GZ you posted. It looked tough in real-time but if you’ve marked up the GZ in advance I guess the bounce off 12651 would have been reason to enter with the stop below the 61.8 level ??
+2.05R M5 MAB Sell winner.
It was always going to be a bit risky to sell down into the Daily ema sitting inside a GZ, but I reasoned that if price were to become bullish then it would want a double bottom with the Daily ema first.
The trade came very close to not working, and I almost closed manually a few times for around +1R, but I hung on and just about got the 2R I was looking for.
Price is now bullish and moving back towards 12725.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/themabtrader/ge30.sb_M1_05aug2020_1157_19699847_sell.png
Great trade Joel!
I took a look at the PA around 12:15 and marked this micro setup up, the GZ was excellent as the RR on the 12707 midline was very supportive.
Well done for letting it play out rather than accept less. Having your 2R above point B (12688) reflects how well you timed it 🙂
Below is what I’d marked up.
https://blackboxsoftwaresolutions.com/wp-content/uploads/screenshots/daxtrader/ge30.sb_M1_05aug2020_1158_xxxxxxxx_xxx.png