Premarket Prep WTI 07172020

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This is my premarket prep for today’s European session for WTI crude oil. Decided to make the switch back to crude since that is something I am more familiar with than Gold.

Non-conjecture observations of the market

• MN trading back inside KC
• W1 crossed over VWAP trying to re-enter KC however still consolidating within supply
  • 2 weeks back a W1 bull engulf
• Daily extended tight range trading below 41.429, D1 Supply D1-C-S 39.761 and demand D1-C-D 38.948
• D1 Price trading above UKC and VWAP (although VWAP got touched a few times)
• Existing H4 supply H4-C-S 40.867 with consolidation and new Bear Engulf H4-C-S B.E. 40.695
• Currently trading within H4 demand with H4-C-D 40.843 above VWAP
• Currently trading within H4 QHi
• Market Profile
  • 2 day bracketing
  • Currently trading within value

Sentiment – Neutral

ZOIs for Possible Shorts

• D1-C-S 39.761
• H4-C-S 40.867
• H4-C-S B.E. 40.695

ZOIs for Possible Long

• D1-C-D 38.948
• H4-C-D 40.843

Mindful Trading

• Slept okay. Took a nap midday.. 

Focus Points for trading development

• Weekly Goal
  • Correct position sizing
  • Trades priority: 1) let market profile guide 2) M30 confirmation (watch out for ‘Billy No Mates’)
• 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