26 Oct 20211026 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 above last week’s body and made a HH
Non-conjecture observations of the market
- Price action
- D1 Supply taken out through RBR no arrival at D1-C‑S 15695.85
- H4 Phase 2 trading within H4 QHI (wide)
- Trend: H4 Up, D1 Down, W1 Up
- Prevailing trend: MIXED Trend
- Market Profile
- 2 overlapping values above the previous bracketing range with price trading above value
- Daily Range
- ADR: 12667
- ASR: 12048
- 3000
- ASR Short: 10275
- 2600
- Day
- Yesterday’s High 15650.70
- Yesterday’s Low 15522.90
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.48xASR
- Narrative
- Moderate to Large Imbalance. IBR traversed 0.77xASR indicating possible responsive activity. Price is tracing at D1 UKC in DT within D1 Supply and has just exhausted ADR. Yesterday traded higher closing at 1.02xADR indicating possible strength behind the move. Trend turned from a mixed trend to a strong uptrend 3/3. Price could potentially take out D1 Supply and then falter and roll over.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Strength From Within IBR
- Hypo 2
- Sustained Auction Up, risky due to open sentiment and wide IBR, possible late-sustained auction entry
- Hypo 3
- Auction Fade Short, variation to Hypo 2, more preferred
- Hypo 4
- Failed Auction Short
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15695.85
- MN-C‑S 15561.74
ZOIs for Possible Long
- D1-C‑D 15499.30
- 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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