25 Aug 20210825 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 is trading within last week’s body and W1 Supply
Non-conjecture observations of the market
- Price action
- D1 traded closing higher after having reached the D1 Supply Base level
- H4 consolidation and break down below H4 QHi
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend:
- Market Profile
- Value created above the previous
- Daily Range
- ADR: 12638
- ASR: 11838
- 3000
- Day
- Yesterday’s High 15928.10
- Yesterday’s Low 15854.90
Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.03xASR
- Narrative
- Moderate Imbalance. Open above, within range. Premarket closed as a H4 Bull Engulf at D1 Supply Base level.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, Value Edge Reversal, possible Failed Auction long
- Hypo 2
- Auction Fade Long, variation to hypo 3
- Hypo 3
- Value Acceptance, risky due to open above sentiment and demand within value, possible late-sustained auction entry or test at value edge
- Hypo 4
- Auction Fade Short, variation to Hypo 1
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
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