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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
- MN Bear Engulf with no continuation. Instead a Bullish Inside Bar closing within newly formed MN Supply
- Continuation to last month’s bullish inside bar taking out MN supply and price made an all-time high
Weekly — Bullish
- W1 Bull Engulf with continuation through RBR giving W1-C‑D 15590.83 BASE
- Price took out W1 Supply and close slightly above previous high (W1 Supply End)
Daily — Bullish
- D1 Phase 2 to price slowing down after having taken out larger timeframe sentiment
- Price trading ‘extended’ above D1 UKC
Sentiment summary — Bullish
- MN supply got taken out and there is a possible developing MN Three Inside Up forming
- Continuation to W1 RBR with a close above last range high with a close near its high
- D1 price action slowing down but no reversal pattern (yet)
Additional notes
- N.A.
ZOIs for Possible Shorts
- N.A.
ZOIs for Possible Long
- W1-C‑D 15590.83 BASE
- D1-C‑D 15499.30
- W1-C‑D 15290.73
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 20 trades by the end of the month, preferably 2 a day (not in the same product at the same time)
- No early exits, either hit SL or 2R target
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Process
- Keep trade review comments short
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING