16 Apr DAX 2022 Week 16 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, 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
- Last month made a LL but closed as an Inside Bar with very long buying wick reacting off MN QLo and MN-C‑D 12765.57
- Price trading below last month’s body but within range
Weekly — Bearish
- W1 Consolidation and break down giving W1-C‑S 14351.53
- Last week closed lower within previous range after having made a LL
- W1 QLo rejection
Daily — Bullish
- Weak D1 Bull Engulf rejecting D1 QLo with weak follow-through
- Price still following D1 50MA
Sentiment summary — Bearish
- MN possibly developing a DBD although no close yet. Also, trading within long buying wick could see buyers come in.
- Even though W1 broke and closed lower, the long buying wick suggests buyers are still around. Price did still close lower though and no reversal pattern (yet).
- Technically D1 rejected QLo although very weakly. Usually with a D1 swing extreme rejection price follow-through with a possible unidirectional day. This has not happened (yet) although there could be a base and follow-through would be a RBR. More information is needed.
- Blackswan event
- Easter Monday closed
Focus Points for trading development
- Monthly Goals
- No momentum trades on Non-Farm Fridays
- No early exits, either hit SL or target
- Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
- Risk Management
- 2 consecutive days of lack of sleep = NO TRADING