17 Sep DAX 2022 Week 38 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 — Neutral
- Price tested MN-C‑S 13955.80 BASE and closed down as a possible consolidation.
- Price failed to close within MN-C‑D 12767.98
- Price trading above MN QLo
- Conjecture: Even though price closed down it failed to close within the huge demand below coinciding with MN QLo. Price also tested a Base supply level and could therefore see a continuation higher. Developing candle within the consolidation could see a breakout move.
Weekly — Bearish
- W1 Bearish Inside Bar with long selling wick reacting off W1 Supply coinciding with W1 VWAP in DT
- Price closed back within W1 QLo although failing to close within W1-MN-C‑D 12767.98
- Conjecture: Price initially closed rejecting W1 QLo although failed to push through. Instead the price pushed back down.
Daily — Bearish
- D1 Bear Engulf with continuation down returning to D1-C‑D 12991.79 BASE (near round number) and closing within D1 demand, D1 QLo
- Price nearly took out demand but closed leaving a longer buying wick, ie. D1 Hammer
- Conjecture: Retracement to Base demand level indicates a potential for a continued retracement to originating level D1-C‑D 13664.92. Price did not take out demand and a failure to have done so could indicate buyers are still around and could reverse although no reversal has printed yet. Even if price takes out demand there is more just underneath.
Sentiment summary — Bearish
Focus Points for trading development
- Monthly Goals
- Use SL scaling