07 Jul 20210707 Premarket Prep DAX
#Fintwit #Orderflow #daytrading #daytrade #forex #FX #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife #index #indices #DAX #DE30Cash
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 body but within range
Non-conjecture observations of the market
- Price action
- D1 Bear Engulf moving 1.5xADR down closing slightly below D1 50MA within demand (that was tested multiple times)
- H4 consolidation just above D1 Demand End 15453.57
- D1/H4 closed below D1 QHi
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- Multi-day bracket
- Daily Range
- ADR: 14867
- ASR: 15015
- 3754
- Day
- Yesterday’s High 15693.80
- Yesterday’s Low 15464.40
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. Multi-day bracket. Yesterday was a large down day. Expecting a retracement. FF traded higher. Open within value. IB trading higher exhausting ADR.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Failed Auction Short
- Hypo 2
- Auction Fade Short
- Hypo 3
- Auction Fade Long at H4 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
- 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
No Comments