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This is my premarket prep for today’s European session for DAX. This prep builds off of my weekly trade plan I made here:
The purpose of a premarket prep is to find setups within my weekly trade plan bias
Compared against Weekly Trading Plan
- Price trading below last week’s W1 Bear Engulf’s body and range currently trading within W1 demand
Non-conjecture observations of the market
- Price action
- Price trading as a possible developing D1 DBD at D1 50MA with no arrival at D1-C‑D 15127.39
- H4 Bullish Inside Bar within W1 demand.
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- 3‑day bracket formed with the last value very wide
- Daily Range
- ADR: 13172
- ASR: 12607
- 3152
- Day
- Yesterday’s High 15758.96
- Yesterday’s Low 15408.50
Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 1.58xASR
- Narrative
- Large Imbalance. Gap down. H4 QHi rejection with no arrival at H4 QLo but trading at W1 demand.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Mean Reversion, Sustained Auction up
- Hypo 2
- Return to Value, Auction Fade Short, variation to Hypo 1,
- Hypo 3
- Trend Continuation, Sustained Auction Down,
- Hypo 4
- Auction Fade Long, variation to Hypo 3, possibly at D1 demand
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15732.18
- W1-C‑S 15677.71
ZOIs for Possible Long
- W1-C‑D 15401.45
- D1-C‑D 15127.39
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Min. 3 times working out at home + mandatory cardio
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING