28 Aug DAX 2021 Week 35 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 and outside range possibly developing a MN RBR
Weekly — Neutral
- Price closed as an Inside Bar (following a Bearish Inside Bar with longer buying wick) possibly a Base but need more information ie. another week of trading.
- Price trading above W1 VWAP in UT
Daily — Bullish
- D1 Bull Engulf at D1-C‑S 15824.94 but closed below D1-C‑S 15864.53 (showing a slight reaction)
Sentiment summary — Bullish
- The month hasn’t closed yet but it looks to potentially form a RBR
- W1 is showing some sell off and a potential DBD in the making but need another week to complete the pattern (if any)
- D1 showing buyers coming failing to break demand although with immediate supply overhead the way up isn’t without hurdles. Although a base supply level was created before and price has retraced to it but instead of breaking it formed supply. Price is about to test that supply again.
ZOIs for Possible Shorts
- D1-C‑S 15966.51
- D1-C‑S 15864.53
ZOIs for Possible Long
- D1-C‑D 15824.94
- W1-C‑D 15660.10
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