20220119 Premarket Prep DAX

19 Jan 20220119 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 range, trad­ing at W1 demand

Sen­ti­ment

• LN open
  • 0.54xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • Val­ue cre­at­ed below the pre­ced­ing bracket
• Nar­ra­tive
  • Price broke down from con­sol­i­da­tion giv­ing D1 C‑Sup tak­ing out demand
  • D1 QHi rejection
  • H4 Phase 4 arriv­ing at old H4 demand, W1 demand
  • Prev. Day Exceed­ed ADR by 1.82
  • Trend is Down 2/3
  • Asia formed a neu­tral day but pre­dom­i­nant­ly trad­ed down
  • Wide IBR
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Long
  • Val­ue Accep­tance, mon­i­tor for con­tin­u­a­tion although H4 c‑sup above VAH
• Hypo 2
  • Short
  • Return to Val­ue, VAL rever­sal, pos­si­ble Failed Auction
• Hypo 3
  • Long
  • Strength From With­in IBR
• Hypo 4
  • Long
  • Auc­tion Fade

Addi­tion­al notes

• N.A.

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

• Twit­ter
• Insta­gram