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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 within last week’s body
Non-conjecture observations of the market
- Price action
- Price trading between D1 supply and demand
- Price trading below H4 QHi, within D1 QHi
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- Multi-day bracketing range
- Daily Range
- ADR: 14030
- ASR: 13708
- 3427
- Day
- Yesterday’s High 15637.34
- Yesterday’s Low 15531.77
Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.05xASR
- Narrative
- Moderate Imbalance. FF traded lower returning to value. IB traded higher taking out H4 supply nearing W1 Supply. Multi-day bracketing range.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Failed Auction Short
- Hypo 2
- Sustained Auction Long, late-sustained auction entry, entry from within IBR would be preferred
- Hypo 3
- Auction Fade Short, 2nd DTTZ, variant after Hypo 2
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- Not favored in equities
- W1-C‑S 15677.71
- D1-C‑S 15628.40
ZOIs for Possible Long
- H4-C‑D 15502.75
- 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