21 Feb 20220221 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
- W1
- Price nearly took out W1 demand
- Price is currently trading within last week’s body
- Price returned to W1 DBD 15182.33 indicating a possible continuation higher although this can take some time (possibly later in the week,if any due to MN narrative)
Narrative
- D1
- The day gapped down and during Asia traded higher filling the gap
- Prev. Day Exceeded ADR by 1.38
- Price trading within D1 QLo
- H4
- H4 QLo rejected, price is trading near H4 QHi
- H4 closed above D1 QLo
- Trend
- Trend is DOWN 2/3
- Market Profile
- Values in DT with Friday’s value wider than normal
- LN Open
- Open Within Value
- Open at W1 DBD 15182.33, near H4 QHi
- Asia traded and extended higher after exhausting ADR
Hypos
- Hypo 1
- Short
- Failed Auction
- Hypo 2
- Short
- Late-Sustained Auction
- Weakness From Within IBR
- Hypo 3
- Long
- Failed Auction
- Hypo 4
- Long Auction Fade
Clarity
- 3
Additional notes
- N.A.
Mindful Trading (lack of sleep?)
- Felt under the weather yesterday and a bit tired today
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- No early exits, either hit SL or target
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING
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