14 Aug DAX 2021 Week 33 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
- Last month ducked below the previous month’s low to then close as a near-Doji with long buying wick (Dragonfly doji). Selling wick not making a HH. Some slow-down through a potential base but need another month to confirm or reject.
- Price trading above last month’s body and outside range
Weekly — Bullish
- W1 Supply got taken out and closed higher
- Potential W1 Phase 2
Daily — Bullish
- D1 Supply got taken out after a consolidation and break higher
Sentiment summary — Bullish
- MN possibly developing a Rally after a base was formed last month making an all-time high
- W1 Supply got taken out after reaccumulation in line with W1 VWAP in UT TC
- D1 Phase 2 continued after some slowdown before taking out D1 supply
Additional notes
- Aug 15, 07:00, EUR, The Assumption Holiday
ZOIs for Possible Shorts
- N.A.
ZOIs for Possible Long
- D1-C‑D 15756.47
- D1-C‑D 15547.73
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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