20220121 Premarket Prep DAX

21 Jan 20220121 Premarket Prep DAX

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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 but is still trad­ing below last week’s body and range
  • Price trad­ing with­in last month’s Bull Engulf

Sen­ti­ment

• Nar­ra­tive
  • D1 QHi rejection
  • Price trad­ing mid swing and formed 2 con­sec­u­tive neu­tral near-Dojis but still clos­ing lower
    • Yes­ter­day closed with longer sell­ing wick
  • Price took out H4 sup­ply and then reject­ed H4 QHi through Three Out­side Down (giv­ing a H4 C‑Sup just above VAH) with price cur­rent­ly trad­ing with­in H4 QLo
  • Bull­ish H4 Inside Bar clos­ing above H4 QLo, just above W1 demand
  • Trend is UP 2/3
  • Asia extend­ed to the down­side but reversed
  • Prev. Day Exceed­ed ADR by 1.47, pos­si­ble momentum
  • Price trad­ing at D1 200MA
• LN open
  • 0.44xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • 3‑day over­lap­ping val­ues with price cur­rent­ly trad­ing below
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Long
  • Late-Sus­tained Auction
  • Pre­ferred for price to take out LTF sup­ply, although VAL very near might not be worth it
  • Mon­i­tor for Val­ue Acceptance
• Hypo 2
  • Short
  • Return to Val­ue, pos­si­ble Rever­sal at LTF sup­ply, pos­si­ble Failed Auction
• Hypo 3
  • Long
  • Auc­tion Fade
• Hypo 4
  • Short
  • Late-Sus­tained Auction
  • Pre­ferred price take out Asia and yesterday’s low and close below it

Addi­tion­al notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• Feel­ing okay

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