25 Oct 20211025 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
- Last week closed as a possible Base at a previous W1 Supply Base level but with nearby MN C‑sup
- Price is trading within last week’s body
Non-conjecture observations of the market
- Price action
- Price trading below D1 Supply with nearby MN C‑Sup
- Price gapped down a little over the weekend but has since closed the gap
- Trend: H4 Up, D1 Down, W1 Up
- Prevailing trend: MIXED Trend
- Market Profile
- Wide value created above the previous 5‑day bracketing range
- Daily Range
- ADR: 12811
- ASR: 12396
- 3100
- ASR Short: 10469
- 2600
- Day
- Yesterday’s High 15613.95
- Yesterday’s Low 15469.93
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. Wide value created above the 5‑day bracketing range. IBR traversed 0.5xASR. Asia traded and closed higher below D1 Supply. Price is still trading at MN C‑Sup and with one week to go there might still be a reaction.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Failed Auction Long
- Hypo 2
- Strength From Within IBR, after an initial extension up
- Hypo 3
- Weakness From Within IBR, after an initial extension down
- Hypo 4
- Sustained Auction Up
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15588.27
- MN-C‑S 15561.74
ZOIs for Possible Long
- W1-C‑D 15290.73
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)
- No early exits, either hit SL or 2R target
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Process
- Keep trade review comments short
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING
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