#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
- D1 traded above preceding day but still within D1 supply D1-C‑S 41.404
- H4 drop consolidation drop, trying to duck under D1-C‑S 41.404 we had an inside bar and consequent move up (creating new demand H4-C‑D 41.197) to H4-C‑S 41.889 where price started consolidating underneath
- Market Profile
- Tuesday big up day breaking previous range
- Yesterday rejected value to the downside but then proceeded to trade up again
- Price currently above VAH, started 17 ticks above value proceeded to about 50 presently
Compared against Weekly Trading Plan
- Trading above larger time frame range
Sentiment — Slightly Bullish
ZOIs for Possible Shorts
- H4-C‑S 41.889
- D1-C‑S 41.404
ZOIs for Possible Long
- H4-C‑D 41.197
- H4-C‑D RBR 40.722
- D1-C‑D 40.377
- H4-C‑D M.S. 40.243
Mindful Trading
- Slept light but I feel okay.
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