30 Aug 20210830 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 within last week’s Inside Bar
Non-conjecture observations of the market
- Price action
- D1 Bull Engulf at D1-C‑D 15824.94 and price is trading below D1-C‑S 15864.53
- H4 Bear Engulf at D1-C‑S 15864.53 after H4 QLo was rejected. No arrival at H4 QHi (yet)
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- 2 overlapping values and price is currently trading above it
- Daily Range
- ADR: 11011
- ASR: 10645
- 2660
- Day
- Yesterday’s High 15872.10
- Yesterday’s Low 15726.48
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.51xASR
- Narrative
- Large Imbalance. H4 Bullish Inside Bar created in premarket. IB traded higher but has not closed above Asia or Friday’s high. Price trading right into D1 Supply. Pullback to newly formed D1 demand has already happened.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Mean Reversion, possible weakness from within IBR
- Hypo 2
- Return to Value, Possible Auction Fade Long
- Hypo 3
- Sustained Auction Up
- Hypo 4
- Auction Fade Short, variation to Hypo 3
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15966.51
- D1-C‑S 15864.53
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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