Premarket Prep WTI 07202020

20 Jul Premarket Prep WTI 07202020

#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. 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

• Price still with­in D1 supply
• So far the day trad­ed down into demand H4-C‑D 40.508 cur­rent­ly trad­ing right on top of H4 QLo
• Mar­ket Profile
  • Price cur­rent­ly trad­ing just below VAL with new low­er time frame sup­ply cre­at­ed just with­in value

Com­pared against Week­ly Trad­ing Plan

• Still with­in week­ly consolidation

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 40.865
• H4-C‑S B.E. 40.692

ZOIs for Pos­si­ble Long

• H4-C‑D 40.508
• D1-C‑D 40.377

Mind­ful Trading

• Slept okay. Took a nap midday.

Focus Points for trad­ing development

• Week­ly Goal
  • Cor­rect posi­tion sizing
  • Have cor­rect SL placement
  • Due to sum­mer time I will focus on trad­ing off new­ly formed SD ZOIs for intra­day plays. Keep­ing in mind that due to lack of liq­uid­i­ty 2nd chance entries can give bet­ter R/R using the M30/M15 rule.
• 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
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING