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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 coming from a DBD
Non-conjecture observations of the market
- Price action
- D1 Long-legged doji formed after the Inside Bar
- Possible H4 Phase 1 / 3 with break down from range. A Bullish Inside Bar was formed with no continuation (yet)
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- 3‑day bracket
- Daily Range
- ADR: 14255
- ASR: 11859
- 2965
- Day
- Yesterday’s High 15746.00
- Yesterday’s Low 15611.90
Sentiment
- LN open
- Below Value, Within Range
- Open distance to value
- 0.19xASR
- Narrative
- Moderate Imbalance. Value got accepted and rotated through. IB traversed 0.45xASR although there is supply overhead.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Strength From Within IBR
- Hypo 2
- Sustained Auction Up after Value rotation
- Hypo 3
- Failed Auction Short
- Hypo 4
- Auction Fade Short, variation to Hypo 2
- Hypo 5
- Weakness From Within IBR, Reversal (nearby Supply)
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- H4-C‑S 15721.28
ZOIs for Possible Long
- W1-C‑D 15664.00
- MN-C‑D 15585.83
- D1-C‑D 15548.18
Mindful Trading (lack of sleep?)
- Feeling okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 20 trades by the end of the month, preferably 2 a day (not in the same product at the same time)
- Weekly Goal
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No early exits, either hit SL or 2R target
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING