09 Feb 20220209 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 Closed higher reacting off D1 QLo traversing 0.72xADR
- H4 break higher from QLo with no arrival at H4 QHi yet although trading nearby
- Trend is Down 2/3
- Asia traded higher nearing H4 QHi in DT 2/3
- Asia closed as an H4 Inverted Hammer, possible continuation higher
- 0.58xASR IBR almost too wide although possible momentum indicator
- LN open
- 0.22xASR Above Value, Within Range
- Moderate Imbalance
- Market Profile
- 3 overlapping (although slightly) values with yesterday being wider
- Clarity (1–5, 5 being best)
- 4
- Hypo 1
- Short
- H4 QHi Reversal, possible Failed Auction
- Hypo 2
- Long
- Sustained Auction, preferably closing above Asia and previous day high, consider a late-sustained auction entry
- Hypo 3
- Long
- Strength From Within IBR
- Hypo 4
- Short
- Auction Fade
Additional notes
- N.A.
Mindful Trading (lack of sleep?)
- Feeling okay
- Having internet issues
- FX Synergy not working
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