Premarket Prep DE30 DAX 08262020 - Bear Market Trader
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Premarket Prep DE30 DAX 08262020

Premarket Prep DE30 DAX 08262020

#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

  • Near D1 doji with slight­ly longer sell­ing wick clos­ing below D1-C‑S 13131.34
  • Mar­ket Profile
    • Yes­ter­day opened above val­ue but then pro­ceed­ed to accept val­ue (out­side of RTH)
    • ADR: 19889
    • ASR: 16881
    • Ses­sion
      • High: 13221.42
      • Low: 13008.79
      • Price with­in ses­sion range
    • Loca­tions
      • D1-C‑S 13131.34 just below VAL
      • ADR 0.5 just below session’s low (at 12000 from VAL = dis­qual­i­fied for mean reversion)

Com­pared against Week­ly Trad­ing Plan

  • Trad­ing with­in W1 sup­ply phase 3 range
  • With­in D1 and W1 QHi

Sen­ti­ment - Slight­ly Bearish

  • Sen­ti­ment
    • LN open
      • Below val­ue, out­side range
    • Open dis­tance to val­ue: 0.5x ASR
    • IB
      • A: Touch of session’s low clos­ing as Bull Engulf. B as inside bar with longer sell­ing wick. 
    • Sen­ti­ment: Price is not far away to con­sid­er a mean rever­sion. A long would be war­rant­ed in case of val­ue accep­tance. Due to D1 C‑Sup at VAL I am lean­ing towards a short if price action con­firms but it would be unsafe.
  • Clar­i­ty (1–5, 5 being best)
    • 3
  • Hypo 1 — Short (unsafe)
    • LN open below val­ue, out­side range, no mean rever­sion qualification
    • Return to VAL, D1-C‑S 13131.34
  • Hypo 2 — Long
    • Val­ue Acceptance

Addi­tion­al notes

  • N.A.

ZOIs for Pos­si­ble Shorts

  • D1-C‑S 13131.34

ZOIs for Pos­si­ble Long

Mind­ful Trading

  • Slept okay, feel­ing better

Focus Points for trad­ing development

  • Week­ly Goal
    • For­mu­late hypos in order of like­li­hood and track with actu­al devel­op­ment on the day
    • Incor­po­rate pro­file day type
  • Trad­ing Rules
    • If Open out­side of val­ue con­sid­er the place­ment in rela­tion to ADR 
    • Don’t take into con­sid­er­a­tion medi­um time frame c‑lines past 24 hours
    • FX with­in val­ue > DAX
  • Risk Man­age­ment
    • 3 trades 1% risk, 3rd trade only if first 2 worked out
    • 2 con­sec­u­tive days of lack of sleep = NO TRADING

Day trader. Tech geek. Sim Racing Enthusiast.

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