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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 but within range after having made a HH
Non-conjecture observations of the market
- Price action
- Yesterday closed as a Gravestone Doji after having made a HH but then proceeded to make a slight LL clearing both supply and demand
- H4 Bull Engulf formed after demand got taken out
- Possible H4 Phase 1 / 3
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Strong uptrend 3/3
- Market Profile
- Value created above the previous 3‑day overlapping range
- Daily Range
- ADR: 9530
- ASR: 9414
- 2354
- ASR Short: 8322
- 2081
- Day
- Yesterday’s High 16105.40
- Yesterday’s Low 15993.10
Sentiment
- LN open
- Below Value, Within Range
- Open distance to value
- 0.23xASR
- Narrative
- Moderate Imbalance. Yesterday exceeded ADR by 1.21.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- VAL Reversal
- Hypo 2
- Value Acceptance and possible continuation through sustained auction up
- Hypo 3
- Failed Auction Long
- Hypo 4
- Sustained Auction Down
- Hypo 5
- Auction Fade Long
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- H4-C‑S 16054.30
ZOIs for Possible Long
- H4-C‑D 16011.71
- H4-C‑D 15951.29 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)
- 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