Premarket Prep WTI 07312020

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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 31 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

• D1 Bear Engulf form­ing D1-C‑S 40.846 and move down to demand D1-C‑D 39.998 cur­rent­ly trad­ing below yesterday’s body
• New H4 Sup­ply formed after some con­sol­i­da­tion with a drop away from H4-C‑S 41.224 down to D1 and H4 demand prov­ing reac­tive thus con­se­quent move away
• New H4 Bear Engulf formed with H4-C‑S 40.033
• Mar­ket Profile
  • Price below VA and range

Com­pared against Week­ly Trad­ing Plan

• W1 demand not tak­en out yet

Sen­ti­ment — Slight­ly Bearish

ZOIs for Pos­si­ble Shorts

• D1-C‑S B.E 41.396
• H4-C‑S B.E. 41.888
• H4-C‑S 41.533
• D1-C‑S 40.846
• H4-C‑S 40.033

ZOIs for Pos­si­ble Long

• D1-C‑D 39.998 
• H4-C‑D 38.859

Mind­ful Trading

• I slept okay last night.

Focus Points for trad­ing development

• Week­ly Goal
  • Have cor­rect SL place­ment and posi­tion sizing
• Risk Man­age­ment
  • 3 allowed products
    • Crude
    • GBPNZD
    • DAX
  • 2 active opened posi­tions — not on the same product
  • 2% dai­ly loss limit
  • 3 trades allowed if ‘in the zone’
  • Only trade off M30 can­dles or momen­tum plays
  • After 4 los­ing trades in a week reduce TP to 1.5R but after 1R can con­sid­er tak­ing profits
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING