Premarket Prep WTI 07212020

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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 30 Trading Plan

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

Non-conjecture observations of the market

• Big rejection of underlying demand followed by a move up giving H4-C-D M.S. 40.243 surpassing D1-C-D 40.377 and making a H4-C-D RBR 40.722 (thus new demand) testing overhead longtime supply of H4-C-S 40.865
• Market Profile
  • Price trading currently 30-50 ticks above VAH but still hasn’t reached ADR 0.5 (which would coincide with H4 UKC in a range)

Compared against Weekly Trading Plan

• D1 and W1 consolidation continue

Sentiment – Slightly Bullish

ZOIs for Possible Shorts

• H4-C-S 40.865 (weaker)
• H4-C-S B.E. 40.692

ZOIs for Possible Long

• H4-C-D RBR 40.722
• D1-C-D 40.377
• H4-C-D M.S. 40.243

Mindful Trading

• Slept good. No nap. 

Focus Points for trading development

• Weekly Goal
  • Correct position sizing
  • Have correct SL placement
  • 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.
• 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