08 Feb 20220208 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 month’s body but within range
- Possibly developing a MN Three Outside Down
- Price trading within last week’s body after ducking below within range
Sentiment
- Narrative
- D1 Three Outside Up with longer buying wick although somewhat weak close after reacting off D1 QLo
- Possible H4 Phase 1 / 3, price trading at H4 QLo
- Trend is Down 2/3
- Asia traded down
- IBR took out H4 supply, A TPO closed above yesterday’s high and Asia session
- LN open
- 0.27xASR Above Value, Outside Range
- Moderate to Large Imbalance
- Market Profile
- 2 overlapping values indicating slowdown
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Long
- Return to Value, VAH Reversal, possible Failed Auction
- Hypo 2
- Long
- Late-Sustained Auction Entry
- Hypo 3
- Short
- Failed Auction
- Hypo 4
- Short
- 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
- 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