12 Oct 20211012 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 trading below last week’s body but within range
Non-conjecture observations of the market
- Price action
- D1 continued to close lower slightly within D1 demand and D1 QLo
- H4 Three Outside Down giving H4-C‑S 15162.83 at H4 QHi with price currently trading mid-swing
- Trend: H4 Up, D1 Down, W1 Up
- Prevailing trend: MIXED Trend
- Market Profile
- Value created below the previous
- Daily Range
- ADR: 19597
- ASR: 15794
- 3949
- ASR Short:14406
- 3602
- Day
- Yesterday’s High 15240.50
- Yesterday’s Low 15084.10
Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.57xASR
- Narrative
- Moderate to Large Imbalance. Mixed Trend although with larger timeframe bearish sentiment. H4 traded down during Asia with currently some reaction off old H4 demand. Price is trading within D1 demand. IBR traversed 0.64xASR could indicate responsive activity. Price traded higher during IB towards value edge. LTF supply at VAL, H4 supply at VAH.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Failed Auction Short.
- Hypo 2
- Weakness From Within IBR
- Hypo 3
- Strength From Within IBR
- Hypo 4
- Value Acceptance
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- H4-C‑S 15162.83
ZOIs for Possible Long
- D1-C‑D 15126.29
- H4-C‑D 15024.78 (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
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