23 Sep 20210923 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 traded deep into W1 demand and reacted and is currently trading within last week’s body currently developing a possible long buying wick (no close yet)
Non-conjecture observations of the market
- Price action
- D1 Three Inside Up reacting off D1-C‑D 15125.15 closing above D1 QLo with no arrival at QHi (yet)
- Yesterday traversed 1.41xADR
- H4 Phase 4 rejecting H4 QLo and arriving at H4 QHi, no redaction (yet)
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is Down 2/3
- Market Profile
- Values in UT
- Daily Range
- ADR: 23587
- ASR: 14567
- 3650
- Day
- Yesterday’s High 15550.60
- Yesterday’s Low 15223.00
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 1.11xASR
- Narrative
- Large Imbalance. Yesterday exceeded ADR by 1.41. Price has a large imbalance warranting a mean reversion. Price is nearing D1 Supply and trading within H4 QHi. No test of D1 QHi (yet). Trend is Down 2/3. If price retraces to H4-C‑D 15455.51 BASE level there could be a continuation down.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Mean Reversion, sustained auction down
- Hypo 2
- Reversal, possible Failed Auction Short
- Hypo 3
- Return to Value, possible Auction Fade Long, variation to Hypo 1
- Hypo 4
- Sustained Auction Up, late-sustained auction entry preferred
Additional notes
- Fed Interest Rate Decision
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
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