20220210 Premarket Prep DAX

10 Feb 20220210 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 reversed to devel­op­ing MN C‑sup
• Price trad­ing with­in last week’s body after duck­ing below with­in range
  • Price pro­ceed­ed to trade high­er and is cur­rent­ly trad­ing with­in last week’s sell­ing wick

Sen­ti­ment

• Nar­ra­tive
  • D1 fol­low-up on the D1 QLo rejec­tion and tra­versed 1.06xADR higher
    • Pos­si­ble momen­tum although trad­ing at D1 Supply
  • Price formed a H4 Bear Engulf (at D1 Sup­ply) below H4 QHi with­out test­ing H4 QHi
    • No fol­low-through. Instead a Bull Engulf clos­ing with­in D1 Supply
    • New demand at VAH
  • Yesterday’s high near VAH
  • Mixed Trend
  • IBR test­ing H4 QHi
• LN open
  • 0.21xASR Above Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • Val­ue cre­at­ed above the 3‑day bracket
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Long
  • Return to Val­ue, VAH rever­sal, pos­si­ble Failed Auction
• Hypo 2
  • Short
  • Val­ue Accep­tance, risky due to new­ly formed demand, per­haps a late-sus­tained auc­tion oth­er­wise a full rota­tion (thus tak­ing out H4 demand) first to estab­lish direction
• Hypo 3
  • Long
  • Late-Sus­tained Auction
• 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
  • 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