Premarket Prep DE30 DAX 07312020 - Bear Market Trader
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Premarket Prep DE30 DAX 07312020

Premarket Prep DE30 DAX 07312020

#day­trade #day­trad­ing #forex #FX #INDEX #INDICES #DAX #DE30 #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #trad­ing­forex #day­trad­ing

This is my pre­mar­ket prep for today’s Euro­pean ses­sion for DE30 DAX. This prep builds off of my week­ly trade plan I made here:

The pur­pose of a pre­mar­ket prep is to find setups with­in my week­ly trade plan bias.

Non-con­jec­ture obser­va­tions of the market

  • D1 DBD formed D1-C‑S 12799.59 but no close below W1 QHi (yet) test­ing D1-C‑D 12324.32
  • Price dropped hard towards H4-C‑D 12306.44 and formed a bull engulf H4-C‑D 12443.83 but then pro­ceed­ed to test under­ly­ing demand again through a bear engulf H4-C‑S 12459.38
  • No close below D1 QLo (yet)
  • Mar­ket Profile
    • Cur­rent­ly price below VAL
    • Have to reassess ADR posi­tion after LN open

Com­pared against Week­ly Trad­ing Plan

  • MN-C‑S 13417.54 proved reac­tive and we have today left to close the can­dle off
  • Move away from W1-C‑S 13417.54 form­ing new W! Sup­ply with W1-C‑S 12776.40 how­ev­er still trad­ing with­in MN QHi after duck­ing slight­ly belowreachign for W1-C‑D 12103.96

Sen­ti­ment — Slight­ly Bearish

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • W1-C‑S 13417.54
  • MN-C‑S 12927.72
  • W1-C‑S 12776.40
  • D1-C‑S 12799.59
  • H4-C‑S 12459.38

ZOIs for Pos­si­ble Long

  • W1-C‑D 12103.96
  • D1-C‑D 12324.32
  • H4-C‑D 12306.44
  • H4-C‑D 12443.83

Mind­ful Trading

  • I slept okay last night.

Focus Points for trad­ing development

  • Week­ly Goal
    • Have cor­rect SL place­ment and posi­tion sizing
  • Risk Man­age­ment
    • 3 allowed products
      • Crude
      • GBPNZD
      • DAX
    • 2 active opened posi­tions — not on the same product
    • 2% dai­ly loss limit
    • 3 trades allowed if ‘in the zone’
    • Only trade off M30 can­dles or momen­tum plays
    • After 4 los­ing trades in a week reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

Day trader. Tech geek. Sim Racing Enthusiast.

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