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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
- 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
- LN open
- 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