14 Feb 20220214 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
Larger Timeframe
- MN
- Possible developing MN Three Outside Down although price is trading within last month’s buying range/wick (2 weeks left) and within MN demand
- W1
- Last week closed as a near-Gravestone Doji (longer selling wick) closing within W1 demand
- Price trading below last week’s body and range
Narrative
- D1
- Price within D1 QLo and D1 demand (tested multiple times)
- Prev. Day Exceeded ADR by 1.56
- H4
- H4 Morning Star at D1 QLo with no follow-through, instead a Bear Engulf and continuation lower
- Trend
- Trend is Down 2/3
- Market Profile
- Value created below the two overlapping values
- LN Open
- 1.21xASR Below Value, Outside Range
- Large Imbalance, price nearing ADR exhausted IBR taking out some D1 demands although OLD D1 demand still intact
- 1.36xASR Wide IBR
- Asia extended down, possible unidirectional day
Clarity
- 4
Hypos
- Hypo 1
- Short
- Weakness From Within IBR
- Hypo 2
- Long
- Failed Auction
- Hypo 3
- Short
- 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
T3chAddict
Posted at 09:45h, 14 FebruaryC TPO extended below IB before closing as a Bull Engulf technically Failing the Auction.
Due to new C‑sup not allowing a good SL I would need a deeper retracement back to M15 demand before considering a potential Long. No good SL placement means no trade.
Although LTF is showing signs of a potential continuation as it is a potential unidirectional day.
I am moreover looking opportunities on the short side instead still.
T3chAddict
Posted at 10:29h, 14 FebruaryPossible consolidation at IB Low indicating a possible delayed Failed Auction rotation through IBR. Although IBR too wide the weakness from within IBR play can still be on. I’ll probably won’t be here as I have a VD dinner in a bit.