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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 below last week’s body but still within range
- Price trading below last month’s body and made a slight LL
Non-conjecture observations of the market
- Price action
- Slight move higher from D1 QLo
- H4 Bear Engulf (giving H4-C‑S 15239.72) at H4 VWAP in DT (mid swing after H4 QLo rejection) price returning to H4 QLo / D1-C‑D 15125.15 hitting a H4 base demand level as well
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is DOWN 2/3
- Market Profile
- Wide value formed below 3‑day bracketing range
- Daily Range
- ADR: 21861
- ASR: 16809
- 4200
- Day
- Yesterday’s High 15295.50
- Yesterday’s Low 14980.80
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. Price followed-through in premarket trading down into Demand, H4 QLo. IB exhausted ADR. Possibility for a unidirectional day. Due to the extension up I am more inclined for a possible Developing H4 Base in line with the move as well as trend being down. Shorts are more favored.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Reversal, Sustained Auction Up, Risky due to open sentiment, H4 QLo, demand, Asia traded lower
- Hypo 2
- Failed Auction Short
- Hypo 3
- Possible 3–1 Day (due to open sentiment), Neutral Day extending longer to the opposite side, possibility for an auction fade long.
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- H4-C‑S 15239.72
ZOIs for Possible Long
- D1-C‑D 15125.15
- H4-C‑D 15025.84 (old)
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