Premarket Prep WTI 07212020

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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:

WTI Crude Week 30 Trad­ing Plan

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

Non-con­jec­ture obser­va­tions of the market

• Big rejec­tion of under­ly­ing demand fol­lowed by a move up giv­ing H4-C‑D M.S. 40.243 sur­pass­ing D1-C‑D 40.377 and mak­ing a H4-C‑D RBR 40.722 (thus new demand) test­ing over­head long­time sup­ply of H4-C‑S 40.865
• Mar­ket Profile
  • Price trad­ing cur­rent­ly 30–50 ticks above VAH but still hasn’t reached ADR 0.5 (which would coin­cide with H4 UKC in a range)

Com­pared against Week­ly Trad­ing Plan

• D1 and W1 con­sol­i­da­tion continue

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• H4-C‑S 40.865 (weak­er)
• H4-C‑S B.E. 40.692

ZOIs for Pos­si­ble Long

• H4-C‑D RBR 40.722
• D1-C‑D 40.377
• H4-C‑D M.S. 40.243

Mind­ful Trading

• Slept good. No nap. 

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