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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 and W1-C‑S 15824.94
Non-conjecture observations of the market
- Price action
- D1 demand giving D1-C‑S 15824.94 and price reached D1-C‑S 15887.25 BASE
- H4 Bull Engulf at W1-C‑D 15660.10 with continuation higher activating swing
- H4 QLo rejected with no arrival at H4 QHi (yet)
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- 2‑day overlapping values created with price currently trading above it
- Daily Range
- ADR: 13407
- ASR: 11193
- 2800
- Day
- Yesterday’s High 15837.20
- Yesterday’s Low 15653.81
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 1.96xASR
- Narrative
- Huge Imbalance at the open. IB traversed down against Asia and FF pulling back to H4 VWAP. IBR 1.25xASR wide. Possibly developing a H4 Bear Engulf with developing H4 c‑sup near D1 Base level there could be some weakness within IBR if the day continues on responsive activity.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Mean Reversion, sustained auction down, although due to wide IBR probably not likely
- Hypo 2
- Failed Auction Long, Possible Strength from within IBR
- Hypo 3
- Auction Fade Long, variation to Hypo 1
- Hypo 4
- Weakness from within IBR, pullback to developing H4 c‑sup
Additional notes
- Capital Preservation Rule in effect
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15966.51
- D1-C‑S 15887.25 BASE
ZOIs for Possible Long
- D1-C‑D 15824.94
- W1-C‑D 15660.10
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