20 Nov DAX 2021 Week 47 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
- MN Bear Engulf with no continuation. Instead a Bullish Inside Bar closing within newly formed MN Supply
- Continuation to last month’s bullish inside bar taking out MN supply and price made an all-time high
- Possible developing MN Three Outside Up
Weekly — Bullish
- W1 Bull Engulf with continuation through RBR giving W1-C‑D 15590.83 BASE
- Last week closed as an inverted hammer after having made a HH
Daily — Neutral
- D1 Consolidation and close down returning to D1-C‑D 16103.10 having slight reaction and not taking out demand.
Sentiment summary — Bullish
- MN is possibly developing a MN Three Outside Up
- W1 Inverted hammer, even though closing higher, suggests some sellers are around. No reversal pattern (yet).
- D1 closed down but price hasn’t taken out supply or demand to give a better directional cue.
ZOIs for Possible Shorts
- D1-C‑S 16250.36
ZOIs for Possible Long
- D1-C‑D 16013.04
- D1-C‑D 15697.65
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)
- No early exits, either hit SL or 2R target
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Keep trade review comments short
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING