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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
- 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
- 3 allowed products