20210715 Premarket Prep DAX

15 Jul 20210715 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:

DAX 2021 Week 28 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Com­pared against Week­ly Trad­ing Plan

• Price trad­ing above last week’s body and range after mak­ing a HH.

Non-con­jec­ture obser­va­tions of the market

• Price action
  • Yes­ter­day closed as a weak D1 Three Out­side Down react­ing slight­ly off D1-C‑D 15696.16 (which is high in dis­tr. curve)
  • Asia trad­ed down from H4-C‑S 15784.44
  • Pos­si­ble H4 Phase 3
• Trend: H4 Up, D1 Up, W1 Up
  • Pre­vail­ing trend: Trend is UP 3/3
• Mar­ket Profile
  • 2‑day over­lap­ping values
• Dai­ly Range
  • ADR: 15927
  • ASR: 13305
    • 3326
  • Day
    • Yes­ter­day’s High 15808.40
    • Yes­ter­day’s Low 15714.50

Sen­ti­ment

• LN open
  • With­in Value
• Open dis­tance to value
  • N.A.
• Nar­ra­tive
  • Bal­anc­ing Mar­ket. IBR already at 0.78xASR and with an open with­in sen­ti­ment there could be more respon­sive activ­i­ty. How­ev­er, due to Asia hav­ing trad­ed down and Lon­don pos­si­bly look­ing to do the same, there might be a con­tin­u­a­tion to the move down. 
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Val­ue Rejec­tion Down, Sus­tained Auc­tion, pos­si­ble entry from with­in IBR, look for TPO peri­ods duck­ing below IB
  • Pos­si­ble Late-sus­tained auc­tion entry if missed the first move
• Hypo 2
  • Auc­tion Fade Long, vari­a­tion to Hypo 1
• Hypo 3
  • Failed Auc­tion Long

Addi­tion­al notes

• Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

• Not favored in equities
• H4-C‑S 15784.44

ZOIs for Pos­si­ble Long

• D1-C‑D 15696.16

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay-ish

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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