03 Mar 20220303 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
- MN Three Outside Down with slight buying wick off of MN VWAP in UT
- MN QHi rejected
- Price trading below last month’s body and range has made a LL
- W1
- Price trading at W1 QLo and has left a buying wick
- Price trading within W1 demand, nearing W1 demand End
Narrative
- D1
- D1 Inside Bar with longer buying wick not closing above W1/D1 QLo
- Possibly developing a D1 Three Inside Up otherwise a DBD
- H4
- H4 Bull Engulf giving H4-C‑D 13904.97 (inside value) rejecting H4 QLo
- Price slowdown just below D1/W1 QLo, not closing above
- Trend
- Trend is Down 2/3
- Market Profile
- Value created below the preceding bracketing range
- LN Open
- 0.05xASR Above Value, Within Range
- Asia formed a Neutral Day but predominantly traded higher
- Possible Frankie Fakeout trading lower
- IB accepted Value
Hypos
- Hypo 1
- Short
- Value Acceptance, although trading right into demand
- Late-sustained auction preferred
- Possible Weakness From Within IBR
- Hypo 2
- Long
- Return to Value, VAH reversal, possible Failed Auction
- Preferred to close above Asia
- Hypo 3
- Long
- Sustained Auction,
- Preferred to close above Asia
- Hypo 4
- Short
- Auction Fade
Clarity
- 3
Additional notes
- NFP tomorrow
Mindful Trading (lack of sleep?)
- Feeling tired so will take extra caution
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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