20220214 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:

DAX 2022 Week 7 Trad­ing Plan

See more

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

• Twit­ter
• Insta­gram