Premarket Prep WTI 07282020

28 Jul Premarket Prep WTI 07282020

#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 Bull Engulf formed D1-C‑D B.E. 41.144 away from W1-C‑D 40.359 into D1-C‑S B.E 41.396
• New­ly formed H4 bull engulf H4-C‑D B.E. 41.280 cre­at­ing new demand on top of week­ly demand although no fol­low-through. Instead fol­lowed by consolidation
• Mar­ket Profile
  • Mul­ti-day bracketing
  • Cur­rent­ly price right on top of VAH at H4 QHi

Com­pared against Week­ly Trad­ing Plan

• D1 price inter­sect­ing with UKC and VWAP

Sen­ti­ment — Neu­tral to Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

• D1-C‑S B.E 41.396
• H4-C‑S B.E. 41.888

ZOIs for Pos­si­ble Long

• H4-C‑D B.E. 41.280
• D1-C‑D B.E. 41.144
• W1-C‑D 40.359

Mind­ful Trading

• I slept well last night. Went swim­ming in the blis­ter­ing sun. Came back very tired so I took a nap. Feel okay but not at my peak. 

Focus Points for trad­ing development

• Week­ly Goal
  • Have cor­rect SL place­ment and posi­tion sizing
  • 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.
  • Momen­tum plays are allowed on DE30 DAX and WTI Crude oil
• 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