06 Sep DAX 2021 Week 36 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 closed higher forming a Bull Engulf (RBR) giving MN-C‑D 15585.83 having made an all-time high
Weekly — Neutral
- Price traded higher from W1-C‑D 15394.53 (coinciding with W1 VWAP in UT TC although with not much follow-through. Instead some supply was formed giving W1-C‑S 15830.15 but price has not closed within a significant demand (yet)
Daily — Neutral
- Possible D1 Phase 3 although due to the nature of equities possibly a reaccumulation instead.
- Price tested D1 demand, located right beneath W1 supply, multiple times
Sentiment summary — Bullish
- MN closed higher indicating bulls are still present and after an all-time high was formed there was a slight pullback but nothing significant as of yet.
- Even though W1 is looking to potentially take a breather there has been no attempt to close within a significant demand and price is trading above W1 VWAP in UT.
- D1 is showing signs of a possible Phase 1 / 3, possibly some profit-taking / repositioning
- Sep 09, 19:45, EUR, ECB Interest Rate Decision
ZOIs for Possible Shorts
- D1-C‑S 15966.51
- W1-C‑S 15830.15
ZOIs for Possible Long
- MN-C‑D 15585.83
- W1-C‑D 15394.53
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