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28 Sep 20210928 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 is trading above last week’s body and has made a HH
![](https://www.bearmarkettrader.com/wp-content/uploads/2021/09/20210928-DAX-Premarket-Prep.png)
Non-conjecture observations of the market
- Price action
- D1 tested D1-C‑S 15696.82 and closed as a Gravestone Doji
- H4 Bear Engulf with no continuation, instead some consolidation above MN/W1 demand
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is Down 2/3
- Market Profile
- Value created above the previous with currently price trading below
- Daily Range
- ADR: 19593
- ASR: 14056
- 3500
- Day
- Yesterday’s High 15719.20
- Yesterday’s Low 15550.50
Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.37xASR
- Narrative
- Moderate to Large Imbalance. IBR traversed 0.9xASR indicating possible responsive activity. Price returned to H4-C‑D 15455.51 BASE level which could signal a continuation. Trend is Down 2/3. Premarket closed as a H4 Bear Engulf at H4 QHi.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Failed Auction Long
- Hypo 2
- Strength from within IBR
- Hypo 3
- Weakness from Within IBR, variation to Hypo 1 or 2 in line with a possible continuation to H4 Bear Engulf
- Hypo 4
- Sustained Auction Down, risky due to wide IBR, late-sustained auction preferred
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15696.82
ZOIs for Possible Long
- H4-C‑D 15455.51 Base
- W1-C‑D 15394.53
Mindful Trading (lack of sleep?)
- Might be coming down with something. Will take it easy.
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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