NY Premarket Prep WTI Crude 20210616

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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

Non-conjecture observations of the market

Price action
- H4 Bearish Inside Bar transition to H4 Three Inside Down giving H4-C-S 72.517right above NY open
Trend: H4 Up, D1 Up, W1 Up
- Prevailing trend:
Market Profile
- Flimsy upsloping bracket
Daily Range
- ADR: 1268
- ASR: 1095
  - 27
- Day
  - Yesterday’s High 72.483
  - Yesterday’s Low 70.801

Sentiment

NY open
- Above Value, slightly Outside Range
Open distance to value
- 0.26xASR
Narrative
- Slight gap up coming from a H4 Three Inside Down. Possibility for a VAA.
Clarity (1-5, 5 being best)
- 3
Hypo 1
- Value Acceptance, early acceptance and quick follow-through
Hypo 2
- Return to Value, VAH Reversal
Hypo 3
- Failed Auction Long after value rotation
Hypo 4
- Sustained Auction Up, possible late-sustained auction entry
Hypo 5
- Sustained Auction Down possible target H4 demand
Hypo 6
- Auction Fade to hypo 4

Additional notes

ZOIs for Possible Shorts

ZOIs for Possible Long

Mindful Trading (lack of sleep?)

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

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