20220324 Premarket Prep DAX

24 Mar 20220324 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 2022 Week 12 Trad­ing Plan

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

Larg­er Timeframe

• MN
  • MN Three Out­side Down with price cur­rent­ly trad­ing right below last month’s body after react­ing off MN demand and QLo
• W1
  • W1 Three Inside Up reject­ing W1 QLo with price trad­ing with­in last week’s body
  • Pos­si­ble V‑shaped correction
  • Price made a HH and is trad­ing with­in last week’s body

Nar­ra­tive

• D1
  • D1 Bear Engulf react­ing off D1-C‑S 14500 clos­ing below con­sol­i­dat­ing range tak­ing out D1 demand
  • Prev. Day Exceed­ed ADR by 1.14
  • D1 QLo reject­ed with price trad­ing mid swing
• H4
  • H4 Bull Engulf giv­ing H4-C‑D 14232.59 
• Trend
  • Trend change: Trend is Down 3/3
• Mar­ket Profile
  • Brack­et­ing range with yesterday’s val­ue being wider than usual
• LN Open
  • 0.11xASR Below Val­ue, With­in Range
  • Mod­er­ate Imbalance
  • 0.21xASR Tight IBR
  • Asia formed a Neu­tral Day but pre­dom­i­nant­ly trad­ed higher
  • IB accept­ed value

Hypos

• Hypo 1
  • Long
  • Val­ue Acceptance
• Hypo 2
  • Short
  • VAL rever­sal, pos­si­ble Failed Auction
• Hypo 3
  • Short
  • Auc­tion Fade

Clar­i­ty

• 3

Addi­tion­al notes

• N.A.

Mind­ful Trad­ing (lack of sleep?)

• 2 con­sec­u­tive days of lack of sleep = NO TRADING — I will just sit and observe

Focus Points for trad­ing development

• Month­ly Goals
  • No momen­tum trades on Non-Farm Fridays
  • No ear­ly exits, either hit SL or target
  • Use SL scal­ing in case the prof­it tar­get for the set­up doesn’t pro­vide 2R for exam­ple for FA or VAA setups
• Risk Man­age­ment
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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