WTI Crude 2021 Week 25 Trading Plan

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This is my weekly outlook on WTI Crude Oil. The levels that I will be looking at with a higher probabilistic chance the market will start reacting. During the session I then wait for the market to hit those levels and either confirm or reject my bias through price action confirmation and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to people that are on the same path as me. So don’t be shy and reach out. 

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Monthly – Slightly Bullish

  • Price formed a MN RBR through Bull Engulf giving MN-C-D 62.343 with one test and continuation higher arriving at MN-C-S 69.762 (created pre-COVID)
  • Price trading within MN QHi

Weekly – Slightly Bullish

  • Last week closed higher as a spinning top with equal-long wicks and slight reaction off W1-C-S 73.267
  • Price trading within last week’s body
  • Trading within W1 QHi

Daily – Slightly Bullish

  • D1 Three Outside Down giving D1-C-S 71.448 with no continuation. Instead price created some demand at D1 VWAP in UT giving D1-C-D 71.205 and is trading within supply

Sentiment summary – Slightly Bullish

  • Price is trading at pre-COVID level continuing the bullish move
  • W1 showing a continuation with only a slight reaction at W1 Supply and no reversal (yet)
  • Possible start of a D1 Phase 1 or 3 as price pulled back with no continuation (yet)

Additional notes

  • June 21st
    • ECB’s President Lagarde speech
  • June 23rd
    • ECB’s Schnabel speech
    • ECB’s De Guindos speech
    • EUR – Markit PMI Composite
    • GBP – Markit Services PMI
    • USD – EIA Crude Oil Stocks Change
    • USD – Fed’s Bowman speech
    • USD – Markit Manufacturing PMI
  • June 24th
    • ECB’s President Lagarde speech
    • EUR – European Council Meeting
    • GBP – BoE Interest Rate Decision
    • USD – Initial Jobless Claims
    • EUR – ECB’s Schnabel speech
  • June 25th
    • EUR – European Council Meeting

ZOIs for Possible Shorts

  • W1-C-S 73.267
  • D1-C-S 71.448
  • MN-C-S 69.762

ZOIs for Possible Long

  • D1-C-D 71.205
  • MN-C-D 62.343

Focus Points for trading development

  • Monthly Goals
    • No momentum trades on Non-Farm Fridays
    • Total of 13 trades by the end of the month
  • Weekly Goal
    • Weekly Focus Points
    • Min. 3 times working out at home + mandatory cardio
    • Trading rules
    • Focus on taking ONE trade a day. If I missed the first DTTZ then a trade needs to be taken on the 2nd DTTZ unless there is a high/medium initiative activity day.
    • Only price-action based exit rules (or if hit time stop comes earlier)
    • M15/M30 entries and exits at 1st DTTZ, M5 entries and exits at 2nd DTTZ
    • Buffer trades (profit target >1R) are allowed and encouraged
    • Use SL scaling in case the profit target for the setup doesn’t provide 2R for example for FA or VAA setups
    • No social media / messenger apps / phone calls allowed during the trading window
  • Risk Management
    • Without forcing a trade: aim to take 1 trade a day, if possible 2. 
    • Capital Preservation during drawdown allows for 1R profit-taking
    • 2 consecutive days of lack of sleep = NO TRADING

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