24 Feb 20220224 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
- Price continued lower and is nearing W1-C‑D 13972.79
Narrative
- D1
- D1 closed as a Bearish Inside Bar
- Prev. Day Exceeded ADR by 1.19, might see pullback
- Price rejected D1 QHi and has arrived at D1 QLo
- coinciding with W1-C‑D 13972.79
- Price took out some D1 demand during Asia and is testing D1-C‑D 13793.56 now still trading within W1 demand
- H4
- H4 Bear Engulf at H4 VWAP in DT giving H4-C‑S 14732.91 (at VAL) and price continued lower closing within D1 QLo
- Trend
- Trend is Down 2/3
- Market Profile
- Value created above the previous with price currently overextended below value
- LN Open
- 2.82xASR Below Value, Outside Range
- Huge Imbalance, possible continuation although price trading at D1 QLo, W1/D1 demand
- Asia extended down exhausting ADR, possible unidirectional day although risky with trading into W1 demand
- 0.93xASR Wide IBR
Hypos
- Hypo 1
- Long
- Mean Reversion
- Strength From Within IBR
- Hypo 2
- Short
- Failed Auction
- Hypo 3
- Long
- Late-Sustained Auction
- Hypo 4
- Short
- Return to Value, Auction Fade, possible reversal at LTF Supply
Clarity
- 4
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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