30 Jul DAX 2022 Week 31 Trading Plan
#Fintwit #DAX #DE30Cash #MarketProfile #Orderflow
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 — Bullish
- Last month closed as an Inside Bar reacting off MN-C‑D 12761.56 and MN QLo
- Conjecture: Last month did not fully retrace back to the 50% mark of the previous body and as it is an Inside bar MN QLo has not technically been rejected. Although price could develop a MN Three Outside Up and if price returns to MN-C‑D 14000 BASE it can further suggest a continuation higher to originating level of MN-C‑S 15238.66.
- However, as the base level is at a Round number there could be more selling coming in as it also coincides with a MN VWAP in UT CAR.
- A possible development of a Three Outside Up should see some momentum coming into the market. Although due to the larger timeframe this can be interesting to see how it develops, if any.
Weekly — Bullish
- W1 Consolidation and break higher (rejecting W1 QLo) giving W1-C‑D 12929.77 at round number of 13000. Last week closed continuing higher closing near its high.
- W1 QLo shares the same level as MN QLo
- Conjecture: Price is still trading below W1 VWAP in DT and could see some reaction as the level coincides with MN Supply Base level at the round number of 14000.
Daily — Bullish
- Arrival at D1 QHi and price consolidated before breaking and closing higher within D1 QHi, D1-C‑S 13345.07
- Price closed above D1 50MA in DT
- Conjecture: Price closed deeper within D1 QHi, Supply indicating to potentially take out these levels. Although D1 UKC in DT is right at the edge of this supply and could see some reaction. Although with a larger timeframe momentum possibility price could ignore this. Another possible indication of this is the way price broke out from D1 VWAP in DT.
- Price trading within D1 Supply could see a reaction.
Sentiment summary — Bullish
- Aug 05, USD, Nonfarm Payrolls Private (Jul)
Focus Points for trading development
- Monthly Goals
- Use SL scaling