Premarket Prep DE30 DAX 07292020

29 Jul Premarket Prep DE30 DAX 07292020

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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:

DE30 DAX Week 31 Trad­ing Plan

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias.

Non-con­jec­ture obser­va­tions of the market

• D1 doji formed con­tin­u­ing con­sol­i­da­tion or per­haps form­ing a DBD although today already touched the VWAP in an uptrend once
• H4 break down from con­sol­i­da­tion form­ing sup­ply through H4-C‑S 12857.24 but then an inside bar was formed giv­ing H4-C‑D 12822.24 and we are cur­rent­ly retrac­ing back to supply
• Mar­ket Profile
  • Price is cur­rent­ly trad­ing with­in val­ue which hap­pens to wider than usual
  • Price was trad­ing below ADR 0.5 and at ADR exhaus­tion (thus being exhaust­ed) and is now mov­ing high­er, pos­si­bly break­ing out from VWAP. Will have to reassess after LN opens.

Com­pared against Week­ly Trad­ing Plan

• First touch of D1 VWAP in UT

Sen­ti­ment — Neu­tral to slight­ly bullish

Addi­tion­al notes

• FOMC rate deci­sion today

ZOIs for Pos­si­ble Shorts

• MN-C‑S 12980.05
• W1-C‑S 13550.48
• D1-C‑S 13161.42
• H4-C‑S 12857.24

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 12822.24

Mind­ful Trading

• I slept well last night. Went swim­ming again. Took a nap.

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