06 Jan 20220106 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 above last week’s body and range and price is testing W1 supply (almost took it out yesterday)
Sentiment
- LN open
- 1.29xASR Below Value, Outside Range
- Market Profile
- Value created above the previous
- Narrative
- Large to huge imbalance
- D1 inverted hammer, possible continuation although with big imbalance possible for a D1 Three Outside Down
- Price still trading within D1 QHi
- H4 QHi rejected, price trading mid swing and premarket formed a H4 Bullish Inside Bar
- Open quite near to ADR exhaustion high
- Asia traded lower getting near to ADR exhaustion low
- Trend change from 3/3 up to 2/3 up
- Wide IBR
- Prev. Day Exceeded ADR by 1.27
- 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
- Late-sustained auction down
Additional notes
- NFP tomorrow
ZOIs for Possible Shorts
- Not favored in equities
- D1-C‑S 16250
- W1-C‑S 16102.51
ZOIs for Possible Long
- D1-C‑D 15850.32
- D1-C‑D 15393.40
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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