15 Dec 20211215 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
- Price trading within last week’s body and pulling back to newly formed W1 demand (no arrival yet) although to previous W1 demand
Sentiment
- LN open
- Below Value, Outside Range
- Open distance to value
- 0.4xASR
- Market Profile
- Value created below the previous, price still within overall range
- Narrative
- D1 closed down following the D1 Bear Engulf
- H4 Three Outside Up formed at H4 LKC in UT giving H4-C‑D 15496.33
- Price trading mid swing after H4 QHi rejection
- Trend Change from Mixed trend to Trend is DOWN 2/3
- Prev. Day Exceeded ADR by 1.27
- Premarket closed as a H4 Bear Engulf with long buying wick giving H4-C‑S 15519.48 (within range, below VAL), although low in distribution curve so could get taken out,
- Moderate to Large Imbalance
- Asia traded down
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Sustained Auction Up, possible Value Acceptance
- Hypo 2
- Return to Value, possible Failed Auction Short
- Hypo 3
- Auction Fade Short
- Hypo 4
- Sustained Auction Down
- Hypo 5
- Auction Fade Long
Additional notes
- N.A
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 15702.98
- D1-C‑S 15671.13
- H4-C‑S 15519.48
ZOIs for Possible Long
- H4-C‑D 15496.33
- 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
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