15 Feb 20220215 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
- Price almost took out W1 demand before reacting and trading higher, still below last week’s body but within range
Narrative
- D1
- Bear Engulf closing within D1 QLo but leaving a large buying wick
- Price currently testing newly formed supply
- Prev. Day Exceeded ADR by 1.45
- H4
- Price stuttering within D1 QLo
- H4 demand formed and price tested and is reacting off it
- H4 QLo at VAH
- Trend
- Trend is DOWN 2/3
- Trend changed during IBR by breaking H4 QHi to MIXED Trend
- Market Profile
- Wide Value created in a DT with price currently above
- LN Open
- 0.09xASR Above Value, Within Range
- Moderate Imbalance
- Asia formed a Neutral Day and predominantly traded down
- 1.48xASR Wide IBR exhausting ADR (coinciding with yesterday high), nearby D1-C‑S 15356.43
Clarity
- 4
Hypos
- Hypo 1
- Short
- Failed Auction
- Hypo 2
- Long
- Strength From Within IBR
- Hypo 3
- Short
- D1 C‑sup / ADR exhaustion Reversal
- Hypo 4
- Long
- Return to Value, VAH Reversal, possible Failed Auction
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
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