Premarket Prep DE30 DAX 07312020

31 Jul Premarket Prep DE30 DAX 07312020

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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 DBD formed D1-C‑S 12799.59 but no close below W1 QHi (yet) test­ing D1-C‑D 12324.32
• Price dropped hard towards H4-C‑D 12306.44 and formed a bull engulf H4-C‑D 12443.83 but then pro­ceed­ed to test under­ly­ing demand again through a bear engulf H4-C‑S 12459.38
• No close below D1 QLo (yet)
• Mar­ket Profile
  • Cur­rent­ly price below VAL
  • Have to reassess ADR posi­tion after LN open

Com­pared against Week­ly Trad­ing Plan

• MN-C‑S 13417.54 proved reac­tive and we have today left to close the can­dle off
• Move away from W1-C‑S 13417.54 form­ing new W! Sup­ply with W1-C‑S 12776.40 how­ev­er still trad­ing with­in MN QHi after duck­ing slight­ly belowreachign for W1-C‑D 12103.96

Sen­ti­ment — Slight­ly Bearish

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts

• W1-C‑S 13417.54
• MN-C‑S 12927.72
• W1-C‑S 12776.40
• D1-C‑S 12799.59
• H4-C‑S 12459.38

ZOIs for Pos­si­ble Long

• W1-C‑D 12103.96
• D1-C‑D 12324.32
• H4-C‑D 12306.44
• H4-C‑D 12443.83

Mind­ful Trading

• I slept okay last night.

Focus Points for trad­ing development

• Week­ly Goal
  • Have cor­rect SL place­ment and posi­tion sizing
• Risk Man­age­ment
  • 3 allowed products
    • Crude
    • GBPNZD
    • DAX
  • 2 active opened posi­tions — not on the same product
  • 2% dai­ly loss limit
  • 3 trades allowed if ‘in the zone’
  • Only trade off M30 can­dles or momen­tum plays
  • After 4 los­ing trades in a week reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING