20220503 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:

Gold 2022 Week 18 Trad­ing Plan

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The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias

Larg­er Timeframe

• MN
  • MN DBD
  • Price trad­ing with­in body
  • MN QLo test­ed, price trad­ing mid swing
• W1
  • Pos­si­ble W1 Phase 1 / 3
  • Price retraced to W1 Three Out­side Up
  • W1 QLo reject­ed, price trad­ing mid swing

Nar­ra­tive

• D1
  • Pos­si­ble D1 Phase 1 / 3
  • Price retraced to D1 Three Out­side Up
  • D1 QLo rejected
• H4
  • Pos­si­ble H4 Phase 1 / 3
  • Price trad­ing at H4 QHi after it got rejected
• Trend
  • Trend is UP 2/3
• Mar­ket Profile
  • Price trad­ing with­in over­all range
• LN Open
  • Open With­in Value
  • ASR extend­ed and trad­ed higher
  • 0.66xASR Wide IBR

Addi­tion­al Notes

• Thurs­day, May 05, USD, Fed Inter­est Rate Decision
• Fri­day, May 06, USD, Non Farm Pay­rolls (Apr)

Hypos

• Hypo 1 (RED)
  • Short
  • Failed Auc­tion, Wide IB so might not see a full rotation
• Hypo 2 (GREEN)
  • Long
  • Strength From With­in IBR, pos­si­ble Late-Sus­tained Auction
• Hypo 3 (PURPLE)
  • Long
  • Auc­tion Fade,  in case of a pos­si­ble 3‑I Day
• Hypo 4 (GRAY)
  • Short
  • Auc­tion Fade, Rever­sal (ADR Exhaustion)

Clar­i­ty

• 3

Mind­ful Trad­ing (lack of sleep?)

• Didn’t sleep well 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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