23 Feb 20220223 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
- MN demand taken out
- W1
- Price took out W1 demand and is currently trading below last week’s body and range
Narrative
- D1
- D1 Bullish Inside Bar (after W1/D1 demand was taken out)
- Developing D1 C‑Dem at VAH
- Prev. Day Exceeded ADR by 1.35
- D1 QHi rejected, price trading mid swing
- H4
- Big Bull Engulf giving H4-C‑D 14450.58
- Rejected H4 QLo, price trading mid swing
- Some pullback but then slow crawl higher currently testing H4 VWAP in DT
- Big Bull Engulf giving H4-C‑D 14450.58
- Trend
- Trend Change to Mixed trend from DT 2/3
- Market Profile
- 2 overlapping values indicating slowdown
- LN Open
- Open Within Value
- Developing D1 C‑Dem at VAH near open
- Prev. Day High at VAH
- Asia formed a Neutral Day but traded higher
Hypos
- Hypo 1
- Short
- Failed Auction
- Hypo 2
- Long
- Late-Sustained Auction Entry
- LTF supply needs to be taken out and close above IB and Asia
- Possible Strength From WIthin IBR
- Hypo 3
- Long
- Failed Auction
- Hypo 4
- Short
- Auction Fade
- Possibly near ADR exhaustion, H4 Supply
Clarity
- 3
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
- 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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