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