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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
- Near D1 doji with slightly longer selling wick closing below D1-C‑S 13131.34
- Market Profile
- Yesterday opened above value but then proceeded to accept value (outside of RTH)
- ADR: 19889
- ASR: 16881
- Session
- High: 13221.42
- Low: 13008.79
- Price within session range
- Locations
- D1-C‑S 13131.34 just below VAL
- ADR 0.5 just below session’s low (at 12000 from VAL = disqualified for mean reversion)
Compared against Weekly Trading Plan
- Trading within W1 supply phase 3 range
- Within D1 and W1 QHi
Sentiment - Slightly Bearish
- Sentiment
- LN open
- Below value, outside range
- Open distance to value: 0.5x ASR
- IB
- A: Touch of session’s low closing as Bull Engulf. B as inside bar with longer selling wick.
- Sentiment: Price is not far away to consider a mean reversion. A long would be warranted in case of value acceptance. Due to D1 C‑Sup at VAL I am leaning towards a short if price action confirms but it would be unsafe.
- LN open
- Clarity (1–5, 5 being best)
- 3
- Hypo 1 — Short (unsafe)
- LN open below value, outside range, no mean reversion qualification
- Return to VAL, D1-C‑S 13131.34
- Hypo 2 — Long
- Value Acceptance
Additional notes
- N.A.
ZOIs for Possible Shorts
- D1-C‑S 13131.34
ZOIs for Possible Long
Mindful Trading
- Slept okay, feeling better
Focus Points for trading development
- Weekly Goal
- Formulate hypos in order of likelihood and track with actual development on the day
- Incorporate profile day type
- Trading Rules
- If Open outside of value consider the placement in relation to ADR
- Don’t take into consideration medium time frame c‑lines past 24 hours
- FX within value > DAX
- Risk Management
- 3 trades 1% risk, 3rd trade only if first 2 worked out
- 2 consecutive days of lack of sleep = NO TRADING