22 Jul Premarket Prep WTI 07222020
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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:
The purpose of a premarket prep is to find setups within my weekly trade plan bias.
Non-conjecture observations of the market
- D1 Bull Engulf after consolidation reaching for the first time over 41.429
- H4-C‑S 41.889 created through Bear Engulf and consequent move back to test and formed an inside bar at 41.429 level that created some demand with
- Market Profile
- Below VAL but very near
Compared against Weekly Trading Plan
- Above Weekly consolidation
Sentiment — Slightly Bearish
ZOIs for Possible Shorts
- H4-C‑S 41.889
ZOIs for Possible Long
- H4-C‑D Inside Bar 41.522
- H4-C‑D RBR 40.722
- D1-C‑D 40.377
- H4-C‑D M.S. 40.243
Mindful Trading
- Slept well. 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
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