14 Dec 20211214 Premarket Prep DAX
#Fintwit #Orderflow #daytrading #daytrade #forex #FX #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife #index #indices #DAX #DE30Cash
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 within last week’s body
Sentiment
- LN open
- Below Value, Within Range
- Open distance to value
- 0.37xASR
- Market Profile
- Value created above the previous but still within overall range
- Narrative
- D1 Bear Engulf after H4 supply got taken out and price reacted off overhead D1-C‑S 15702.98 now giving D1-C‑S 15671.13
- Big H4 Bear Engulf
- Prev. Day Exceeded ADR by 1.06
- D1 QLo rejected and price trading mid swing
- Mixed Trend
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Return to Value, Failed Auction Short
- Hypo 2
- VAA, sustained auction long
- Hypo 3
- Sustained Auction Short
- Hypo 4
- Auction Fade Short
Additional notes
- N.A
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15702.98
- D1-C‑S 15671.13
ZOIs for Possible Long
- H4-C‑D 15603.28
- 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
No Comments