20220504 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
  • D1 closed high­er but below VWAP
  • D1 QLO rejec­tion, price trad­ing mid swing
• H4
  • H4 Phase 1 / 3
  • H4 Three Out­side Down at H4-C‑S 14046.85 reject­ing H4 QHi
• Trend
  • Trend is UP 2/3
• Mar­ket Profile
  • Price trad­ing with­in over­all range
  • 2‑day over­lap­ping val­ues wider than usual
• LN Open
  • Open With­in Value
  • Price opened at H4 QHi
  • 0.5xASR IBR
  • Asia formed a Neu­tral Day but most­ly trad­ed lower
  • NY wider than LN

Addi­tion­al Notes

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

Hypos

• Hypo 1
  • Long
  • Failed Auc­tion
• Hypo 2
  • Short
  • Failed Auc­tion
• Hypo 3
  • Long
  • Late-Sus­tained Auction
• Hypo 4
  • Short
  • Late-Sus­tained Auction

Clar­i­ty

• 2

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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