Bear Market Trader | Premarket Prep WTI crude oil - London session
day trade, day trading, forex, FX, trade plan, trading plan, WTI, crude oil, crude, blackoil, premarket prep, pre-market prep, commodities, commodities trader, daytraderlife, tradingforex, tradinglifestyle, tradingforex,
post-template-default,single,single-post,postid-2942,single-format-standard,vcwb,bridge,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-9.5,hide_inital_sticky,wpb-js-composer js-comp-ver-4.12,vc_responsive

Premarket Prep WTI 07232020

Premarket Prep WTI 07232020

#pre­mar­ket­prep #trad­ing­forex #forex #WTI #BLACKGOLD #CRUDEOIL #CRUDE #CRUDEOILISSLIPPERY #day­trad­ing #trad­inglifestyle #day­trader­life

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:

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

Non-con­jec­ture obser­va­tions of the market

  • D1 trad­ed above pre­ced­ing day but still with­in D1 sup­ply D1-C‑S 41.404
  • H4 drop con­sol­i­da­tion drop, try­ing to duck under D1-C‑S 41.404 we had an inside bar and con­se­quent move up (cre­at­ing new demand H4-C‑D 41.197) to H4-C‑S 41.889 where price start­ed con­sol­i­dat­ing underneath
  • Mar­ket Profile
    • Tues­day big up day break­ing pre­vi­ous range
    • Yes­ter­day reject­ed val­ue to the down­side but then pro­ceed­ed to trade up again
    • Price cur­rent­ly above VAH, start­ed 17 ticks above val­ue pro­ceed­ed to about 50 presently

Com­pared against Week­ly Trad­ing Plan

  • Trad­ing above larg­er time frame range

Sen­ti­ment — Slight­ly Bullish

ZOIs for Pos­si­ble Shorts

  • H4-C‑S 41.889
  • D1-C‑S 41.404

ZOIs for Pos­si­ble Long

  • H4-C‑D 41.197
  • H4-C‑D RBR 40.722
  • D1-C‑D 40.377
  • H4-C‑D M.S. 40.243

Mind­ful Trading

  • Slept light but I feel okay.

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

Day trader. Tech geek. Sim Racing Enthusiast.

No Comments

Post A Comment

The maximum upload file size: 128 MB. You can upload: image, audio, video, document, spreadsheet, interactive, text, archive, code, other. Links to YouTube, Facebook, Twitter and other services inserted in the comment text will be automatically embedded. Drop files here