17 Jul Premarket Prep WTI 07172020
#premarketprep #tradingforex #forex #WTI #BLACKGOLD #CRUDEOIL #CRUDE #CRUDEOILISSLIPPERY #daytrading #tradinglifestyle #daytraderlife
This is my premarket prep for today’s European session for WTI crude oil. Decided to make the switch back to crude since that is something I am more familiar with than Gold.
Non-conjecture observations of the market
- MN trading back inside KC
- W1 crossed over VWAP trying to re-enter KC however still consolidating within supply
- 2 weeks back a W1 bull engulf
- Daily extended tight range trading below 41.429, D1 Supply D1-C‑S 39.761 and demand D1-C‑D 38.948
- D1 Price trading above UKC and VWAP (although VWAP got touched a few times)
- Existing H4 supply H4-C‑S 40.867 with consolidation and new Bear Engulf H4-C‑S B.E. 40.695
- Currently trading within H4 demand with H4-C‑D 40.843 above VWAP
- Currently trading within H4 QHi
- Market Profile
- 2 day bracketing
- Currently trading within value
Sentiment — Neutral
ZOIs for Possible Shorts
- D1-C‑S 39.761
- H4-C‑S 40.867
- H4-C‑S B.E. 40.695
ZOIs for Possible Long
- D1-C‑D 38.948
- H4-C‑D 40.843
Mindful Trading
- Slept okay. Took a nap midday..
Focus Points for trading development
- Weekly Goal
- Correct position sizing
- Trades priority: 1) let market profile guide 2) M30 confirmation (watch out for ‘Billy No Mates’)
- Risk Management
- Only take 2 trades a day but only have 1 active trade on between the assets
- Only trade off M30 candles
- Trading Priority
- FX pair outside value
- FX pair inside > Gold
- 2+R profit during LN consider trading PNYC
- After 4 losing trades reduce TP to 1.5R but after 1R can consider taking profits
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