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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
Non-conjecture observations of the market
- Price action
- D1 consolidation
- H4 Three Inside Up after taking out previous H4 demand at H4 VWAP in UT TC and price made a HH
- Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend: Trend is UP 3/3
- Market Profile
- 2 day overlapping values
- Daily Range
- ADR: 8904
- ASR: 7204
- 1801
- ASR Short: 6559
- 1640
- Day
- Yesterday’s High 16289.20
- Yesterday’s Low 16192.30
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. D1 consolidation in an uptrend. H4 rejecting H4 VWAP in UT TC and price made a HH. Trend is UP 3/3. Asia formed a Neutral Day.
- 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
- Sustained Auction Long
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
ZOIs for Possible Long
- H4-C‑D 16236.77
- 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