20220120 Premarket Prep DAX

20 Jan 20220120 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 below last week’s body and range, trad­ing at W1 demand
  • Price start­ed react­ing at W1 demand

Sen­ti­ment

• LN open
  • Open With­in Value
  • Bal­anc­ing Market
• Mar­ket Profile
  • 2‑day over­lap­ping val­ues with yesterday’s being very wide
• Nar­ra­tive
  • Bal­anc­ing Market
  • D1 Neu­tral near-Doji react­ing off D1 200MA and W1 demand
  • D1 QHi rejected
  • H4 Bull Engulf with no imme­di­ate con­tin­u­a­tion, instead a lit­tle DBD fol­lowed by a Bull Engulf and Invert­ed Hammer
  • H4 QHi rejected
  • Prev. Day Exceed­ed ADR by 1.62
  • Trend is UP 2/3
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed higher
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Long
  • Failed Auc­tion
• Hypo 2
  • Short
  • Weak­ness From With­in IBR
• Hypo 3
  • Short
  • Late-Sus­tained Auction
• Hypo 4
  • Long
  • Auc­tion Fade

Addi­tion­al notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay but got some neg­a­tive news

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • Total of 15 trades by the end of the month, can take 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