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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, within range. No LL has been made (yet) although price came close.
Non-conjecture observations of the market
- Price action
- D1 closed deeper within D1 QLO and slightly within D1 demand
- Price reacted off of Old H4 demand and formed a Hammer, possible base.
- H4 VWAP in DT TC, 2x H4 Bear Engulfs at H4 VWAP
- Trend: H4 Down, D1 Down, W1 Up
- Prevailing trend: Trend is DOWN 2/3
- Market Profile
- 2‑day overlapping values, slowdown in price
- Daily Range
- ADR: 20874
- ASR: 15611
- 3900
- 3475
- Day
- Yesterday’s High 15294.60
- Yesterday’s Low 15013.50
Sentiment
- LN open
- Below Value, Within Range
- Open distance to value
- 0.23xASR
- Narrative
- Moderate Imbalance. LL made and trading below yesterday’s body. Open sentiment favors shorts although LL was made during Asia. Close proximity to Value edge could see an acceptance of value.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, Value edge reversal, possible Failed Auction short
- Hypo 2
- Value Acceptance
- Hypo 3
- Sustained Auction Down, Late-sustained auction entry preferred due to trading directly into demand.
- Hypo 4
- Failed Auction 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