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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 month’s body and range
- Price trading above last week’s body and range trading within W1 Supply
Non-conjecture observations of the market
- Price action
- Yesterday took out D1 Supply although still a little to go to take out MN/W1 Supply
- Yesterday exceeded ADR by 1.5
- H4 phase 2 with some slowdown at D1 supply
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Strong Uptrend 3/3
- Market Profile
- Value in UT
- Daily Range
- ADR: 12744
- ASR: 11694
- 2924
- ASR Short: 10832
- 2708
- Day
- Yesterday’s High 15962.80
- Yesterday’s Low 15720.20
Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.34xASR
- Narrative
- Moderate Imbalance. Open sentiment as well as strong uptrend suggests a possible continuation higher. Although open right at D1-C‑S 15965.47 and yesterday’s price traversed 1.5xADR so there could be a pullback first.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, Value Edge reversal, possible Failed Auction Long
- Hypo 2
- Sustained Auction Up
- Hypo 3
- Value Acceptance
- Hypo 4
- Auction Fade Long, variation to Hypo 3
Additional notes
- Tomorrow Fed Interest Rate Decision, non-farm on Friday
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15965.47
- W1-C‑S 15823.56
ZOIs for Possible Long
- D1-C‑D 15697.65
- W1-C‑D 15590.83
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