Premarket Prep WTI 07282020

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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

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