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20210802 Premarket Prep DAX - Bear Market Trader
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20210802 Premarket Prep DAX

20210802 Premarket Prep DAX

#Fin­twit #Order­flow #day­trad­ing #day­trade #forex #FX #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #index #indices #DAX #DE30Cash

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for 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

Com­pared against Week­ly Trad­ing Plan

  • Price trad­ing with­in last week’s body
Click to Enlarge

Non-con­jec­ture obser­va­tions of the market

  • Price action
    • Price cre­at­ed demand and is try­ing move high­er from D1-C‑D 15547.73 and took out D1 sup­ply dur­ing IB. 
  • Trend: H4 Up, D1 Up, W1 Up
    • Pre­vail­ing trend: Trend is UP
  • Mar­ket Profile
    • Some larg­er swings after a brack­et­ing range but price is still with­in over­all range.
  • Dai­ly Range
    • ADR: 14520
    • ASR: 14858
      • 3715
    • Day
      • Yes­ter­day’s High 15611.99
      • Yes­ter­day’s Low 15437.25

Sen­ti­ment

  • LN open
    • Above Val­ue, Out­side Range
  • Open dis­tance to value
    • 1.06xASR
  • Nar­ra­tive
    • Large imbal­ance / gap up. IB closed down with B form­ing a Bear Engulf. FF trad­ed high­er. C extend­ed IB down before clos­ing with­in IB Fail­ing Auc­tion. Although Asia and FF trad­ed high­er there could be a rever­sal com­ing down. IBR is 0.78xASR pos­si­ble respon­sive activity. 
  • Clar­i­ty (1–5, 5 being best)
    • 4
  • Hypo 1
    • Mean Rever­sion
  • Hypo 2
    • Return to Val­ue, Auc­tion Fade Long, vari­a­tion to Hypo 1
  • Hypo 3
    •  Failed Auc­tion Long
  • Hypo 4 — Less likely
    • Val­ue Accep­tance, vari­a­tion to Hypo 1

Addi­tion­al notes

  • Cap­i­tal Preser­va­tion Rule in effect

ZOIs for Pos­si­ble Shorts

  • Not favored in equities
  • W1-C‑S 15654.79

ZOIs for Pos­si­ble Long

  • D1-C‑D 15547.73

Mind­ful Trad­ing (lack of sleep?)

  • Feel­ing okay

Focus Points for trad­ing development

  • Month­ly Goals
    • No momen­tum trades on Non-Farm Fridays
    • Total of 13 trades by the end of the month
  • Week­ly Goal
    • Min. 3 times work­ing out at home + manda­to­ry cardio
    • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
  • Risk Man­age­ment
    • With­out forc­ing a trade: aim to take 1 trade a day, if pos­si­ble 2. 
    • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

T3chAddict
t3chaddict@bearmarkettrader.com

Day trader. Tech geek. Sim racer/Pilot.

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