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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 range having made a HH
Non-conjecture observations of the market
- Price action
- D1 closed higher giving D1-C‑D 16103.10 and took out Supply
- H4 RBR giving H4-C‑D 16135.25 Base level
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP 3/3
- Market Profile
- 4‑day bracketing range where yesterday’s value was wider than the previous ones
- Daily Range
- ADR: 8074
- ASR: 7776
- 1944
- ASR Short: 6680
- 1670
- Day
- Yesterday’s High 16150.20
- Yesterday’s Low 16068.80
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.44xASR
- Narrative
- Moderate to Large Imbalance. Prev. Day traded 1xADR. Yesterday’s high near VAH at session high as well as H4 demand (although a base). D1 demand within value. ADR exhaustion not far above IBR. Trend is still up 3/3. ASR is slightly too tight so might not take a trade on DAX today.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, value edge reversal, possible Failed Auction long
- Hypo 2
- Auction Fade Long
- Hypo 3
- Failed Auction Short, Reversal Short at or near ADR exhaustion
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
ZOIs for Possible Long
- H4-C‑D 16135.25 BASE
- D1-C‑D 16103.10
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