23 Nov 20211123 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 below last week’s body and made a LL
Non-conjecture observations of the market
- Price action
- D1 DBD and price is trading at D1 VWAP in UT
- H4 DBD giving H4-C‑S 16149.13 although price has created lots of long buying wicks
- Trend: H4 Down, D1 Up, W1 Up
- Prevailing trend: Trend is UP 2/3
- Market Profile
- 2 overlapping values
- Daily Range
- ADR: 10206
- ASR: 8757
- 2189
- ASR Short: 7441
- 1860
- Day
- Yesterday’s High 16202.00
- Yesterday’s Low 16045.50
Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 1.57xASR
- Narrative
- Huge Imbalance. Possible continuation to D1 DBD. Price took out D1 demand. Asia extended down and London opened at ADR exhaustion. IBR traversed 1.56xASR. Possible unidirectional day. Trend is still UP 2/3. Price is trading at H4-C‑D 15953.61 OLD.
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Weakness From Within IBR
- Hypo 2
- Failed Auction Long
- Hypo 3
- Strength From Within IBR
- Hypo 4
- Failed Auction Short
- Hypo 5
- Late-Sustained Auction Short
Additional notes
- N.A.
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 16250.36
- H4-C‑S 16149.13
ZOIs for Possible Long
- H4-C‑D 15799.27 OLD
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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