07 Aug DAX 2021 Week 32 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
- Last month ducked below the previous month’s low to then close as a near-Doji with long buying wick (Dragonfly doji). Selling wick not making a HH. Some slow-down through a potential base but need another month to confirm or reject.
- Price trading above last month’s body but still within range
Weekly — Bullish
- W1 RBR at W1 demand coinciding with W1 VWAP in UT with price closing within W1 Supply without making a HH
Daily — Bullish
- D1 Phase 2 arriving at D1-C‑S 15778.44 trading within D1 QHi almost taking out swing high
Sentiment summary — Bullish
- Due to the MN base with long buying wick formed on the MN the expectation favors longs expecting a move higher
- W1 is reacting off demand and W1 VWAP with the close within Supply nearing all-time high this supply could get taken out.
- Phase 2 after some Phase 1 at D1-C‑D 15547.73
ZOIs for Possible Shorts
- D1-C‑S 15778.44
- W1-C‑S 15654.79
ZOIs for Possible Long
- D1-C‑D 15547.73
- W1-C‑D 15401.45
- D1-C‑D 15276.33
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