24 Jan 20220124 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 below last week’s body and range
Sentiment
- Narrative
- D1 Phase 4 giving D1 C‑Sup with no arrival at D1 QLo (yet)
- Price trading above W1/D1 demand
- H4 Phase 4 with no arrival at H4 QLo (yet)
- Trend is UP 2/3
- Wide IBR 1xASR, possible momentum
- B TPO formed a big Bear Engulf
- LN open
- 0.66xASR Below Value, Within Range
- Moderate Imbalance
- Market Profile
- Value created below the previous bracket
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Long
- Failed Auction
- Hypo 2
- Long
- Auction Fade, possible reversal at W1/D1 demand
- Hypo 3
- Short
- Weakness From Within IBR
- Risky trading right into D1 QHi on first test
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
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