20220211 Premarket Prep DAX

11 Feb 20220211 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’s body but with­in range
  • Pos­si­bly devel­op­ing a MN Three Out­side Down
  • Price reversed to devel­op­ing MN C‑sup
• Price trad­ing with­in last week’s body after duck­ing below with­in range
  • Price pro­ceed­ed to trade high­er and is cur­rent­ly trad­ing with­in last week’s sell­ing wick
  • Sell­ers came in and price trad­ing with­in body again

Sen­ti­ment

• Nar­ra­tive
  • D1 React­ed off D1 Sup­ply form­ing a Bear­ish Inside Bar
  • Prev. Day Exceed­ed ADR by 1.13
  • H4 QHi reject­ed and came very close to QLo clos­ing as a weak H4 Bull Engulf with longer buy­ing wick
  • Trend Change: Trend is Down 2/3
  • Asia trad­ed down but formed a Neu­tral Day
  • 0.63xASR Wide IBR
• LN open
  • 0.65xASR Below Val­ue, Out­side Range
  • Mod­er­ate to Large Imbalance
• Mar­ket Profile
  • 2 over­lap­ping val­ues with price cur­rent­ly trad­ing below value
• Clar­i­ty (1–5, 5 being best)
  • 3
• Hypo 1
  • Short
  • Return to Val­ue, VAL Rever­sal, pos­si­ble Failed Auction
• Hypo 2
  • Short
  • Weak­ness From With­in IBR
• Hypo 3
  • Long
  • Strength From With­in IBR
• Hypo 4
  • Long
  • Failed Auc­tion

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
  • 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