03 Sep Premarket Prep DE30 DAX 09032020
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This is my premarket prep for today’s European session for DE30 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.
Non-conjecture observations of the market
- D1 Bullish Marubozu taking out W1/D1 supply, nearing next supply at W1-C‑S 13423.12 and D1-C‑S 13729.96
- Market Profile
- Yesterday opened above bracketing range
- ADR: 22085
- ASR: 18851
- Day
- Day High 13304.66
- Day Low 13004.35
- Price within above day range
- Locations
- Day High at VAH
Compared against Weekly Trading Plan
- MN closed as RBR
- Trading within MN QHi, currently above last month’s range within MN-C‑S 12936.82
- Trading above last week’s body
Sentiment
- Sentiment
- LN open
- Above value, outside range, right on top of VAH and yesterday’s high
- Open distance to value: 0x ASR
- Sentiment
- Due to the placement of the open I have a more bullish sentiment
- LN open
- Clarity (1–5, 5 being best)
- 4
- Hypo 1 — Long
- Return to VAH at Yesterday’s High
- Missed LTF early entry. Might have another opportunity for an OBR play.
Additional notes
- N.A.
ZOIs for Possible Shorts (very risky)
- D1-C‑S 13729.96
- W1-C‑S 13423.12
ZOIs for Possible Long
- D1-C‑D 13098.56 BASE
- D1-C‑D 12997.12
Mindful Trading
- Slept okay
Focus Points for trading development
- Weekly Goal
- Formulate hypos in order of likelihood and track with actual development on the day
- Incorporate profile day type
- Trading Rules
- If Open outside of value consider the placement in relation to ADR
- Don’t take into consideration medium time frame c‑lines past 24 hours
- FX within value > DAX
- Risk Management
- 3 trades 1% risk, 3rd trade only if first 2 worked out
- OK to take 1R when in DD
- 2 consecutive days of lack of sleep = NO TRADING
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