06 Jul 20210706 Premarket Prep DAX
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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
- Yesterday closed trading slightly higher leaving a long buying wick
- Possible D1 Phase 1 / 3
- H4 consolidated below W1 supply and closed lower with slight reaction off H4-C‑D 15631.58
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP
- Market Profile
- Multi-day bracket with yesterday’s value being wider
- Daily Range
- ADR: 14441
- ASR: 15176
- 3794
- Day
- Yesterday’s High 15673.80
- Yesterday’s Low 15531.30
Sentiment
- LN open
- Open within value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. Multi-day bracket. FF ambiguous. H4 Evening Star formed with longer buying wick currently trading within Demand. Possible D1 Phase 1 / 3 and multi-day bracket there is no clear directional cue.
- Clarity (1–5, 5 being best)
- 2
- Hypo 1
- Failed Auction Long, probe below value
- Hypo 2
- Failed Auction Short, probe above value
- Hypo 3 (less likely)
- Sustained Auction Short, if there is a close below VAL coinciding with IB extension, late-sustained auction preferred
- Hypo 4 (even less likely)
- Sustained Auction Long
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
- H4-C‑D 15631.58
- D1-C‑D 15606.96
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
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