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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 retraced to W1-C‑S 15677.71
Non-conjecture observations of the market
- Price action
- Yesterday closed down as a D1 Hammer after a big up-day
- H4 traded slightly higher from H4-C‑D 15603.82
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- Flimsy 3‑day bracket
- Daily Range
- ADR: 16971
- ASR: 14366
- 3592
- Day
- Yesterday’s High 16971
- Yesterday’s Low 14366
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.4xASR
- Narrative
- Large imbalance at the open due to open above range. Price accepted value in A but there is H4-C‑D 15603.82 at VAH.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Failed Auction Long, after VAA, nearby H4 demand, LTF demand at VAL
- Hypo 2
- Return to Value Long, VAH reversal within IB,
- Hypo 3
- Sustained Auction Short, slight chance for a late-sustained auction entry
- Hypo 4
- Auction Fade Long, variation to hypo 3,
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- Not favored in equities
- W1-C‑S 15677.71
ZOIs for Possible Long
- D1-C‑D 15444.75
- W1-C‑D 15401.45
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