11 Mar 20220311 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
- Price trading at MN QLo and within MN-C‑D 12765.57
- Price trading below last month’s body and range but is reacting off MN QLo
- W1
- Price reacted off W1 QLo and W1-C‑D 12585.63
- Price made a LL and is currently trading within last week’s body
Narrative
- D1
- Big D1 Inside Bar although not closing below the 50% mark
- D1/W1/MN QLo rejected through Bull Engulf
- H4
- H4 consolidation and breakdown with some follow-through, although possible accumulation at H4 50MA in DT, possible developing H4 Three Outside Up
- H4 swing not activated yet
- Trend
- Strong DT 3/3
- Market Profile
- Wider value created overlapping the previous
- LN Open
- Open Within Value
- Balancing Market
- Asia extended down
- Tight IBR
Hypos
- Hypo 1
- Short
- Failed Auction
- Possible 3‑I Day
- Hypo 2
- Long
- Late-Sustained Auction
- Hypo 3
- Short
- Auction Fade
- Hypo 4
- Long
- Auction Fade
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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