20210716 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

See more

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

• Twit­ter
• Insta­gram