21 Dec 20211221 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 below last week’s body and price has made a LL
Sentiment
- LN open
- Above Value, Outside Range
- Market Profile
- Value created below overall range
- Narrative
- Large Imbalance at the open, possible mean reversion
- 1st test and reaction off D1 QLo, D1 closed as a large pinbar at W1 supply, potential continuation down
- H4 closing higher although hitting H4 VWAp in DT and price seems to be reacting
- H4 QLo rejected and price is trading mid swing
- Trend is down 2/3
- Asia traded higher
- ADR exhaustion not far above open
- Wide IBR
- Prev. Day Exceeded ADR by 1.57
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Weakness From Within IBR
- Hypo 2
- Return to Value, reversal, possible failed auction long
- Hypo 3
- Sustained Auction Down, mean reversion, monitor for value acceptance
- Hypo 4
- Auction Fade Long
Additional notes
- N.A
ZOIs for Possible Shorts
- Not favored in equities
- W1-C‑S 15367.07
- MN-C‑S 15241.00
ZOIs for Possible Long
- W1-C‑D 15322
- D1-C‑D 15127.24
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