Premarket Prep DE30 DAX 09082020

08 Sep Premarket Prep DE30 DAX 09082020

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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 37 Trad­ing Plan

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

Non-con­jec­ture obser­va­tions of the market

• Morn­ing Star formed at D1-C‑D 12906.92 and price is trad­ing with­in over­head sup­ply cre­at­ed by pre­vi­ous large D1 Bear Engulf D1-C‑S 13729.96
• Mar­ket Profile
  • ADR: 27777
  • ASR: 17486
  • Day
    • Yes­ter­day’s High 13155.45
    • Yes­ter­day’s Low 12868.36
    • Price with­in above day range
  • Loca­tions
    • D1-C‑D 12996.78 at VAL

Com­pared against Week­ly Trad­ing Plan

• Trad­ing with­in MN QHi, cur­rent­ly above last month’s range with­in MN-C‑S 12936.82
• Trad­ing with­in last week’s body

Sen­ti­ment

• Sen­ti­ment
  • LN open
    • Above val­ue, out­side range
  • Open dis­tance to val­ue: 0.4xASR
  • Sen­ti­ment
    • Nor­mal­ly a mean rever­sion and it seems IB already took it back to VAH
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1 — Return to Val­ue (long)
  • Low­er time frame con­fir­ma­tion of rever­sal at VAH and go long, pre­ferred retrac­ing to IB high andex­ten­sion up
• Hypo 2 — Val­ue accep­tance (short, unsafe!)

Addi­tion­al notes

• N.A.

ZOIs for Pos­si­ble Shorts (very risky)

• D1-C‑S 13729.96
• W1-C‑S 13423.12

ZOIs for Pos­si­ble Long

• D1-C‑D 13098.56 BASE
• D1-C‑D 12997.12

Mind­ful Trading

• A bit tired

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
  • OK to take 1R when in DD
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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