12 Oct DAX 2021 Week 41 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 — Bearish
- MN Bearish Engulfing formed giving MN-C‑D 15555.36
- Price is currently trading below body and within range after having made a LL
Weekly — Bearish
- W1 closed lower as a Hammer reacting off W1 50MA in UT almost taking out W1-C‑D 15397.59
Daily — Bearish
- D1 consolidation with Bull Engulf finisher with no follow-through. Instead a Three Outside Down giving D1-C‑S 15207.29 with continuation down.
- 1 test of newly formed supply and price closed within D1-C‑D 15126.29 and D1 QLo
Sentiment summary — Bearish
- MN price made a LL following the Bear Engulf
- W1 closed deeper within W1 demand almost taking the demand out
- Newly formed D1 got tested once and closed with a long selling wick down within D1 demand and D1 QLo.
- Price is still trading within D1/W1 demand and with an upwards bias of equities longs could still be in play.
ZOIs for Possible Shorts
- D1-C‑S 15207.29
ZOIs for Possible Long
- W1-C‑D 15397.59
- D1-C‑D 15126.29
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- Total of 20 trades by the end of the month, preferably 2 a day (not in the same product at the same time)
- Weekly Goal
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- ‘Bust or Target’: No early exits, either hit SL or 2R target
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING