#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