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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 within last week’s body after having made a HH
Non-conjecture observations of the market
- Price action
- Another D1 Gravestone Doji formed
- H4 Phase 1 / 3
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Strong Uptrend 3/3
- Market Profile
- Value created below the previous, at the bottom of the overall range
- Daily Range
- ADR: 9061
- ASR: 9426
- 2357
- ASR Short: 8334
- 2084
- Day
- Yesterday’s High 16076.80
- Yesterday’s Low 15985.30
Sentiment
- LN open
- Above Value, Within Range
- Open distance to value
- 0.15xASR
- Narrative
- Moderate Imbalance. Asia traded higher to H4 supply. Possible H4 Phase 1 / 3. Price is struggling to close higher after having made an all-time high. Although price has increased in ‘speed’ no wider value has been created (yet). IBR came close to exhausting ADR.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- VAH reversal, possible Failed Auction Long (probe of value)
- Hypo 2
- VAA and sustained Auction Short
- Hypo 3
- Sustained Auction Long
- Hypo 4
- Auction Fade Long, variation to Hypo 2
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