14 Oct 20211014 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 above last week’s body and made a HH
Non-conjecture observations of the market
- Price action
- D1 Three Outside Up traversing 1.09xASR
- H4 Phase 2 arriving at H4 QLo with no reaction (yet)
- H4-C‑D 15254.72 BASE created within value
- Trend: H4 Up, D1 Down, W1 Up
- Prevailing trend: MIXED Trend
- Market Profile
- Value created above the previous at the top of the overall range
- Daily Range
- ADR: 17384
- ASR: 16121
- 4030
- ASR Short:14826
- 3707
- Day
- Yesterday’s High 15302.20
- Yesterday’s Low 15109.00
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.46xASR
- Narrative
- Moderate to large imbalance. Price opened above yesterday’s high. IBR traversed down returning to LTF demand above VAH coinciding with yesterday’s high. Yesterday exceeded ADR slightly by 1.09xADR which could warrant a pullback. Still a mixed trend.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, LTF above value edge reversal
- Hypo 2
- Sustained Auction Up
- Hypo 3
- Failed Auction Short
- Hypo 4
- Auction Fade Short (risky)
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
ZOIs for Possible Long
- D1-C‑D 15126.29
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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