12 Nov 20211112 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
- Price trading above last week’s body and made a HH
Non-conjecture observations of the market
- Price action
- D1 Closed higher traversing 1.26xADR taking out H4/D1 supply
- H4 Three Outside Down giving H4-C‑S 16100.90 and price returned to H4-C‑D 16080.83
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP 3/3
- Market Profile
- Value created at the top of the overall range
- Daily Range
- ADR: 9607
- ASR: 9465
- 2366
- ASR Short: 8615
- 2154
- Day
- Yesterday’s High 16115.70
- Yesterday’s Low 15997.50
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. H4 Three Outside Down could see a continuation down however price has already retraced to newly formed supply. With an open inside value the direction isn’t as clear. Price made an all-time high and trend is still up 3/3.IBR traversed 0.53xASR.
- Clarity (1–5, 5 being best)
- 3
- Hypo 1
- Strength From Within IBR
- Hypo 2
- Failed Auction Long
- Hypo 3
- Weakness From Within IBR
- Hypo 4
- Auction Fade Long
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- H4-C‑S 16100.90
ZOIs for Possible Long
- H4-C‑D 16080.83
- H4-C‑D 16042.51
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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