22 Nov 20211122 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
- Possible developing MN Three Outside Up
- Last week closed as an Inverted Hammer and price is trading above last week’s body but still within range
Non-conjecture observations of the market
- Price action
- D1 consolidation and break down but D1-C‑D 16103.10 is showing some reaction
- H4 Bull Engulf giving H4-C‑D 16158.24
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- Wide value created below 2 previous overlapping values
- Daily Range
- ADR: 10828
- ASR: 8162
- 2041
- ASR Short: 7266
- 1817
- Day
- Yesterday’s High 16297.93
- Yesterday’s Low 16089.59
Sentiment
- LN open
- Open Within Value
- Open distance to value
- N.A.
- Narrative
- Balancing Market. Although the open was inside value, the value is quite wide. Trend changed from 3/3 to 2/3. Asia extended to the upside. LN Range is 80+ again. H4 Bull Engulf with an Inside Bar formed in permarket. Friday’s ADR exceeded ADR by 1.96. ADR exhaustion below newly formed D1-C‑S 16250.36.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Failed Auction Long
- Hypo 2
- Failed Auction Short,
- Hypo 3
- Reversal at D1 C‑sup
- Hypo 4
- Late-sustained auction short
- Hypo 5
- Auction Fade Long
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 16250.36
ZOIs for Possible Long
- H4-C-D16158.24
- 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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