22 Sep 20210922 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:
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 and range within W1 demand
Non-conjecture observations of the market
- Price action
- D1 Inside Bar closing above D1 QLo after reacting off D1-C‑D 15125.15 coinciding with D1 200MA
- H4 Bull Engulf to RBR closing above D1/H4 QLo followed by a re-test of H4 QLo through some consolidation and Bull Engulf rejecting H4 QLo
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is Down 2/3
- Market Profile
- Wide value created followed by a value above it
- Daily Range
- ADR: 21179
- ASR: 15465
- 3900
- Day
- Yesterday’s High 15395.30
- Yesterday’s Low 15105.50
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.48xASR
- Narrative
- Moderate to Large imbalance. Price opened after ADR got exhausted and Asia traded higher. H4 Consolidation at D1 QLo with Bull ENgulf finisher and open sentiment favor a long bias in line with a developing D1 Three Inside Up formation. But Trend is Down 2/3.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, Value edge reversal
- Hypo 2
- Failed Auction Long, probe of value (H4 demand within value)
- Hypo 3
- Value Acceptance, (risky due to H4 demand)
- Hypo 4
- Auction Fade Short, variation to Hypo 1, very risky in equities,
Additional notes
- Fed Interest Rate Decision tomorrow
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15696.82
ZOIs for Possible Long
- H4-C‑D 15336.47
- D1-C‑D 15125.15
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
No Comments