17 Nov 20211117 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 range having made a HH
Non-conjecture observations of the market
- Price action
- D1 closed higher traversing 1.68xADR
- H4 Evening star with no follow-through. Instead a Bull Engulf in premarket.
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP 3/3
- Market Profile
- Wider value created above the bracketing range
- Daily Range
- ADR: 8944
- ASR: 7321
- 1830
- ASR Short: 6546
- 1637
- Day
- Yesterday’s High 16266.20
- Yesterday’s Low 16116.30
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.20xASR
- Narrative
- Moderate to Large Imbalance. Asia extended to the downside. ADR exhaustion is not far above IB. IB took out some supply. Prev. Day exceeded ADR by 1.68. ASR too tight though. New H4 demand formed but it’s high in the distribution curve at H4-C‑D 16246.10 high in distr. curve.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Reversal Short, ADR exhaustion or nearby, possible Failed Auction
- Hypo 2
- Value Acceptance
- Hypo 3
- Strength From Within IBR
- Hypo 4
- Sustained Auction Long
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
ZOIs for Possible Long
- H4-C‑D 16246.10 high in distr. curve
- 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
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