20210617 Premarket Prep WTI Crude NY

#Fintwit #Orderflow #daytrading #daytrade #forex #FX #tradeplan #tradingplan #tradingforex #tradinglifestyle #daytraderlife #oil #crude #WTI #USoil

This is my premarket prep for today’s NY session for WTI Crude. This prep builds off of my weekly trade plan I made here:

WTI Crude 2021 Week 24 Trading Plan

The purpose of a premarket prep is to find setups within my weekly trade plan bias

Compared against Weekly Trading Plan

• Price still trading above last week’s body and range with some reaction off W1-C-S 73.340 although no touch

Non-conjecture observations of the market

• Price action
  • D1 Bearish Inside Bar
  • H4-C-S 72.276 formed and tested before closing as a spinning top slightly higher but with long longer selling wick
• Trend: H4 Up, D1 Up, W1 Up
  • Prevailing trend: Trend is UP 3/3
• Market Profile
  • Flimsy bracket but values still sloping up
• Daily Range
  • ADR: 1231
  • ASR: 1105
    • 280
  • Day
    • Yesterday’s High 72.961
    • Yesterday’s Low 71.396

Sentiment

• NY open
  • Below Value, Outside Range
• Open distance to value
  • 0.26xASR
• Narrative
  • Slight Gap down. D1 Bearish Inside Bar with an open below sentiment there could be more downside. Overruled in case of a value acceptance. Trend is UP 3/3
• Clarity (1-5, 5 being best)
  • 4
• Hypo 1
  • Return to value, VAL Reversal, Sustained Auction Down
• Hypo 2
  •  Value Acceptance, not good profit target due to Supply within value
• Hypo 3
  • Failed Auction Short, probe above IB to value and supply
• Hypo 4
  • Sustained Auction up, possible late-sustained auction entry
• Hypo 5
  • Auction Fade Short, variation to Hypo 2

Additional notes

• Capital Preservation Rule in effect

ZOIs for Possible Shorts

• H4-C-S 72.276

ZOIs for Possible Long

• H4-C-D 71.496
• H4-C-D 71.037

Mindful Trading (lack of sleep?)

• Feeling okay

Focus Points for trading development

• Monthly Goals
  • No momentum trades on Non-Farm Fridays
  • Total of 13 trades by the end of the month
• Weekly Goal
  • Min. 3 times working out at home + mandatory cardio
  • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
• Risk Management
  • Without forcing a trade: aim to take 1 trade a day, if possible 2. 
  • Capital Preservation during drawdown allows for 1R profit-taking
  • 2 consecutive days of lack of sleep = NO TRADING

• Twitter
• Instagram