10 Jul DAX 2021 Week 28 Trading Plan
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This is my weekly outlook on DAX. The levels that I will be looking at with a higher probabilistic chance the market will start reacting. During the session I then wait for the market to hit those levels and either confirm or reject my bias through price action confirmation and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to people that are on the same path as me. So don’t be shy and reach out.
Monthly — Bullish
- Closed higher making a HH with equal-long wicks
- Price trading above last month’s body but within range
Weekly — Bullish
- W1 Bullish Inside Bar with continuation higher with last week having formed a Bullish Hammer reacting off W1 demand closing slightly within W1-C‑S 15677.71
Daily — Neutral
- Possible D1 Phase 1 / 3
- Price closed below D1 QHi and D1 50MA in UT taking out D1 demand then retraced after reacting off W1-C‑D 15401.45 and closed well within newly formed supply and D1 QHi
Sentiment summary — Bullish
- MN is trading above last month’s body but has not broken the range (yet)
- W1 closed higher with a long buying wick but W1 Supply is still intact.
- D1 has not shown a clear-cut direction although a D1 demand was taken out and D1 QHi has been rejected a few times only to close within again. Increase in days exceeding ADR could be a sign of a move coming up.
- Jul 11, 20:10, EUR, ECB’s President Lagarde speech
- Jul 15, 00:00, USD, Fed’s Chair Powell testifies
ZOIs for Possible Shorts
- D1-C‑S 15732.18
- W1-C‑S 15677.71
ZOIs for Possible Long
- W1-C‑D 15401.45
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 13 trades by the end of the month
- Weekly Goal
- Weekly Focus Points
- Min. 3 times working out at home + mandatory cardio
- Trading rules
- Focus on taking ONE trade a day. If I missed the first DTTZ then a trade needs to be taken on the 2nd DTTZ unless there is a high/medium initiative activity day.
- Only price-action based exit rules (or if hit time stop comes earlier)
- M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
- Buffer trades (profit target >1R) are allowed and encouraged
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- No social media / messenger apps / phone calls allowed during the trading window
- Risk Management
- Without forcing a trade: aim to take 1 trade a day, if possible 2.
- Capital Preservation during drawdown allows for 1R profit-taking
- 2 consecutive days of lack of sleep = NO TRADING