28 Jul Premarket Prep DE30 DAX 07282020
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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
- H4 consolidation above H4-C‑D 12849.79
- Market Profile
- Multi-day bracketing with no attempt to break value
- Price wrapped around VWAP @ LKC at the moment
- Price within value
Compared against Weekly Trading Plan
- D1 consolidation still in progress above VWAP and UKC
Sentiment — Neutral
ZOIs for Possible Shorts
- MN-C‑S 12980.05
- W1-C‑S 13550.48
- D1-C‑S 13161.42
ZOIs for Possible Long
- MN-C‑D 10825.85
- W1-C‑D 12189.63
- W1-C‑D 12919.54
- D1-C‑D 12615.96
- H4-C‑D 12849.79
Mindful Trading
- I slept well last night. Went swimming in the blistering sun. Came back very tired so I took a nap. Feel okay but not at my peak.
Focus Points for trading development
- Weekly Goal
- Have correct SL placement and position sizing
- Due to summer time I will focus on trading off newly formed SD ZOIs for intraday plays. Keeping in mind that due to lack of liquidity 2nd chance entries can give better R/R using the M30/M15 rule.
- Momentum plays are allowed on DE30 DAX and WTI Crude oil
- Risk Management
- Only take 2 trades a day but only have 1 active trade on between the assets
- Only trade off M30 candles
- Trading Priority
- FX pair outside value
- FX pair inside > Gold
- 2+R profit during LN consider trading PNYC
- After 4 losing trades reduce TP to 1.5R but after 1R can consider taking profits
- 2 consecutive days of lack of sleep = NO TRADING
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