14 Nov DAX 2021 Week 46 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
- 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
- Possible developing MN Three Outside Up
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)
- Last week closed slightly above after making a HH
Daily — Bullish
- D1 Bull Engulf giving D1-C‑D 16013.04 closing above the previous range high to a Neutral Inside Bar on Friday
Sentiment summary — Bullish
- Possible Developing MN Three Outside Up at All-time high
- W1 price slowed down significantly but still closed higher after having taken out larger timeframe supply the previous week. No reversal pattern (yet).
- Some possible profit-taking on D1 but managed to form new demand. So unless price forms a reversal pattern, the prevailing trend up is still intact.
Additional notes
- N.A.
ZOIs for Possible Shorts
- N.A.
ZOIs for Possible Long
- D1-C‑D 16013.04
- D1-C‑D 15697.65
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
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