Premarket Prep WTI 07312020 - Bear Market Trader
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Premarket Prep WTI 07312020

Premarket Prep WTI 07312020

#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 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

Day trader. Tech geek. Sim racer/Pilot.

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