20220509 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:

DAX 2022 Week 19 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 made a LL and is cur­rent­ly trad­ing below body and range
• W1
  • Pos­si­ble W1 Phase 4
  • Price made a LL and is cur­rent­ly trad­ing below body and range
  • Price trad­ing with­in W1 demand
  • Price near­ing W1 QLo

Nar­ra­tive

• D1
  • D1 QHi reject­ed, price trad­ing mid swing
  • D1 demand tak­en out
• H4
  • Pos­si­ble H4 Phase 4
  • Price trad­ing with­in Wide H4 QLo, pos­si­bil­i­ty for continuation 
• Trend
  • Mixed Trend, Down, Up, Down
• Mar­ket Profile
  • Val­ue cre­at­ed below the pre­vi­ous as well as over­all range
• LN Open
  • 0.70xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
  • Asia extend­ed lower
  • 0.67xASR Wide IBR

Addi­tion­al Notes

• N.A.

Hypos

• Hypo 1
  • Short
  • Return to Val­ue, Reversal
• Hypo 2
  • Long
  • Failed Auc­tion
• Hypo 3
  • Short
  • Late-Sus­tained Auction
• Hypo 4 
  • Long
  • Auc­tion Fade

Clar­i­ty

• 2

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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