28 Mar 20220328 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 made a LL but is currently trading within last month’s body
- MN QHi rejected but price started rejecting off MN QHi
- W1
- W1 Base after a Three Inside Up
- W1 QLo rejected
Narrative
- D1
- Possible D1 Phase 1 / 3
- D1 QLo rejected
- H4
- H4 QLo rejected with price trading mid swing
- H4 DBD giving H4-C‑S 14378.56 (taking out during IB)
- Lots of long buying/selling wicks around
- Possible H4 Phase 1 / 3
- Trend
- Trend is Down 3/3
- Market Profile
- Bracketing range, multiple overlapping values
- LN Open
- 0.06xASR Above Value, Within Range
- Moderate Imbalance
- 0.7xASR Wide IBR
- Asia formed a Neutral Day trading sideways
Additional Notes
- N.A.
Hypos
- Hypo 1
- Short
- Reversal, D1 C‑Sup, Possible Failed Auction
- Hypo 2
- Long
- Strength From Within IBR
- Hypo 3
- Long
- Failed Auction
- Hypo 4
- Short
- Weakness From Within IBR
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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