20211126 Premarket Prep DAX

26 Nov 20211126 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:

DAX 2021 Week 47 Trad­ing Plan

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

Com­pared against Week­ly Trad­ing Plan

• Pos­si­ble devel­op­ing MN Three Out­side Up
• Last week closed as an Invert­ed Ham­mer and price is below last week’s body and made a LL return­ing to W1 base and orig­i­nat­ing level

Non-con­jec­ture obser­va­tions of the market

• Trend: H4 Down, D1 Down, W1 Up
  • Pre­vail­ing trend: Trend Change — Trend is Down 2/3
• Mar­ket Profile
  • 2 day over­lap­ping val­ues cre­at­ed with price trad­ing below value
• Dai­ly Range
  • ADR: 13901
  • ASR: 11178
    • 2795
  • ASR Short: 9117
    • 2279
  • Day
    • Yes­ter­day’s High 15965.00
    • Yes­ter­day’s Low 15847.00

Sen­ti­ment

• LN open
  • Below Val­ue, Out­side Range
• Open dis­tance to value
  • 3.46xASR
• Nar­ra­tive
  • Huge Imbal­ance
  • W1 returned to W1 Base demand lev­el and is almost test­ing orig­i­nat­ing lev­el of W1-C‑D 15290.73
  • D1 Phase 4 took out D1 demand
  • Trend change — Trend is Down 2/3, W1 is still up.
  • H4 DBD giv­ing H4-C‑S 15926.79
  • Asia extend­ed down in a sus­tained auc­tion and Lon­don opened at ADR exhaus­tion, pos­si­ble uni­di­rec­tion­al day
  • Wide IBR
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Weak­ness From with­in IBR
• Hypo 2
  • Sus­tained Auc­tion Down, risky trad­ing at W1 demand, late-sus­tained auc­tion preferred
• Hypo 3
  • W1 Rever­sal, pos­si­ble Failed Auction
• Hypo 4
  • Auc­tion Fade Long

Addi­tion­al notes

• Sup­pos­ed­ly a new strain of COVID is caus­ing hav­oc in the markets

ZOIs for Pos­si­ble Shorts

• Not favored in equities
• H4-C‑S 15926.79

ZOIs for Pos­si­ble Long

• W1-C‑D 15290.73
• D1-C‑D 15127.09

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing Okay

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Total of 20 trades by the end of the month, prefer­ably 2 a day (not in the same prod­uct at the same time) 
  • No ear­ly exits, either hit SL or 2R target
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
• Process
  • Keep trade review com­ments short
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

• Twit­ter
• Insta­gram