20220125 Premarket Prep DAX

25 Jan 20220125 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 month and week’s body and range
• W1 trad­ing below W1 50MA in UT although W1 UKC in UT start­ed reacting

Sen­ti­ment

• Nar­ra­tive
  • D1 sup­ply got tak­en out with big move down tra­vers­ing 2.78xADR but closed with a long buy­ing wick clos­ing above D1 QLo
    • Price is cur­rent­ly trad­ing with­in the D1 range and with­in OLD D1 demand below val­ue with­in range
  • H4 Three Inside Up with long buy­ing wick clos­ing above H4/D1 QLo, no imme­di­ate con­tin­u­a­tion. Instead a Bear­ish Inside Bar and pos­si­ble base (devel­op­ing DBD possible)
  • Trend Change: Trend is DOWN 2/3
  • Wide IBR 1xASR, pos­si­ble momentum
• LN open
  • 0.04xASR Below Val­ue, With­in Range
  • Mod­er­ate Imbalan
  • Ambigu­ous open right at/near VAL, pos­si­ble respon­sive activity
• Mar­ket Profile
  • Val­ues in DT, yesterday’s val­ue very wide
• Clar­i­ty (1–5, 5 being best)
  • 4
• Hypo 1
  • Long
  • Val­ue Accep­tance, pos­si­ble con­tin­u­a­tion sus­tained auction
• Hypo 2
  • Short
  • Return to Val­ue, pos­si­ble Failed Auc­tion, VAL Reversal,
  • Risky trad­ing into D1 demand / D1 QLo
• Hypo 3
  • Long
  • Strenght From With­in IBR
  • Near­by D1 demand, D1 QLo
• Hypo 4
  • Short
  • Late-Sus­tained Auction
  • Risky trad­ing with­in D1 demand and D1 QLo, although there might be a con­tin­u­a­tion to the W1 nar­ra­tive, albeit it’s ear­ly in the week

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