16 Jul 20210716 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 below last week’s body but within range
Non-conjecture observations of the market
- Price action
- D1 Three Outside Down with continuation (taking out D1 c‑dem high in distr. curve) exceeding ADR by x1.24 pulling back to D1 50MA in UT
- H4 phase 4 to consolidation and break up through Bull Engulf
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP 3/3
- Market Profile
- Wide value created below the previous 2‑day overlap
- Daily Range
- ADR: 15611
- ASR: 12786
- 3197
- Day
- Yesterday’s High 15779.30
- Yesterday’s Low 15586.70
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. Although due to yesterday exceeding ADR and trading at D1 50MA in UT as well as H4 breaking up from consolidation there could be more of a bullish sentiment. Asia and FF closed higher. Trend is UP 3/3.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Value Rejection Up, Sustained Auction Long
- Hypo 2
- Auction Fade Short, 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 15769.64
ZOIs for Possible Long
- H4-C‑D 15614.12
- W1-C‑D 15401.45
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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