17 Jul DAX 2021 Week 29 Trading Plan
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This is my weekly outlook on DAX. The levels that I will be looking at with a higher probabilistic chance the market will start reacting. During the session I then wait for the market to hit those levels and either confirm or reject my bias through price action confirmation and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to people that are on the same path as me. So don’t be shy and reach out.
Monthly — Bullish
- Closed higher making a HH with equal-long wicks
- Price trading within last month’s body
Weekly — Slightly Bearish
- Price made an All-time High before closing as a W1 Bear Engulf but price is still trading above W1-C‑D 15401.45
- Possible Phase 1 / 3
Daily — Slightly Bearish
- D1 Three Outside Down giving D1-C‑S 15778.44 with continuation down with no arrival at D1 demand
- Possible D1 Phase4 but price still trading within overall range
Sentiment summary — Neutral
- MN made an All-time high but started selling off a little
- W1 closed as a Bear Engulf but no break below/above overall range
- D1 phase 4 but has not broken any demand (yet)
Additional notes
- Jul 22, 19:45, EUR, ECB Interest Rate Decision
- Jul 22, 20:30, EUR, ECB Monetary Policy Statement and Press Conference
- Jul 22, 20:30, USD, Initial Jobless Claims
ZOIs for Possible Shorts
- D1-C‑S 15778.44
- W1-C‑S 15654.79
ZOIs for Possible Long
- W1-C‑D 15401.45
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Weekly Focus Points
- Min. 3 times working out at home + mandatory cardio
- Trading rules
- Focus on taking ONE trade a day. If I missed the first DTTZ then a trade needs to be taken on the 2nd DTTZ unless there is a high/medium initiative activity day.
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Buffer trades (profit target >1R) are allowed and encouraged
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No social media / messenger apps / phone calls allowed during the trading window
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING
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