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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
Sentiment
- LN open
- Above Value, Outside Range
- Open distance to value
- 0.34xASR
- Market Profile
- Value created above the previous
- Narrative
- Prev. Day Exceeded ADR by 1.69
- H4 slowdown at H4 200MA and possible break down having created some supply giving H4-C‑S 15823.86
- Moderate to large open sentiment
- Mixed trend
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, VAH reversal, possible Failed Auction
- Hypo 2
- Sustained Auction Short, possible Value Acceptance
- Hypo 3
- Sustained Auction Long
- Hypo 4
- Auction Fade Long
Additional notes
- N.A
ZOIs for Possible Shorts
- Not favored in equities
- H4-C‑S 15823.86
ZOIs for Possible Long
- W1-C‑S 15398.00
Mindful Trading (lack of sleep?)
- Feeling Okay
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 15 trades by the end of the month, can take 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