Premarket Prep WTI 07312020

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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 31 Trading Plan

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

Non-conjecture observations of the market

• D1 Bear Engulf forming D1-C-S 40.846 and move down to demand D1-C-D 39.998 currently trading below yesterday’s body
• New H4 Supply formed after some consolidation with a drop away from H4-C-S 41.224 down to D1 and H4 demand proving reactive thus consequent move away
• New H4 Bear Engulf formed with H4-C-S 40.033
• Market Profile
  • Price below VA and range

Compared against Weekly Trading Plan

• W1 demand not taken out yet

Sentiment – Slightly Bearish

ZOIs for Possible Shorts

• D1-C-S B.E 41.396
• H4-C-S B.E. 41.888
• H4-C-S 41.533
• D1-C-S 40.846
• H4-C-S 40.033

ZOIs for Possible Long

• D1-C-D 39.998 
• H4-C-D 38.859

Mindful Trading

• I slept okay last night.

Focus Points for trading development

• Weekly Goal
  • Have correct SL placement and position sizing
• Risk Management
  • 3 allowed products
    • Crude
    • GBPNZD
    • DAX
  • 2 active opened positions – not on the same product
  • 2% daily loss limit
  • 3 trades allowed if ‘in the zone’
  • Only trade off M30 candles or momentum plays
  • After 4 losing trades in a week reduce TP to 1.5R but after 1R can consider taking profits
  • 2 consecutive days of lack of sleep = NO TRADING