Trade Plan ES Futures: Week Starting April 14th, 2024
Based on the provided levels for the ESH2024 futures contract, here’s a weekly trade plan focusing on trading from the pivot to the upside or downside targets:
Weekly Pivot: 5181 Weekly Open: TBD Current Price: 5166
Upside Targets:
- First Target: 5250
- Second Target: 5297
- Third Target: 5333
Downside Targets:
- First Target: 5134
- Second Target: 5093
- Third Target: 5057
Trade Plan:
- Long Trades: Look for buying opportunities if the price remains above the weekly pivot (5181).
- Entry: Consider entering long positions on pullbacks towards the pivot (5181) or if the price breaks above the weekly open (5263).
- Targets: Target the upside levels of 5250, 5297, and potentially 5333.
- Stop Loss: Place a stop loss below the weekly pivot or below significant support levels identified during the week.
- Short Trades: Consider shorting the market if the price breaks below the weekly pivot (5181) or the current price (5166).
- Entry: Enter short positions on breakdowns below the pivot (5181) or the current price (5166).
- Targets: Aim for downside targets of 5134, 5093, and potentially 5057.
- Stop Loss: Place a stop loss above the pivot or above significant resistance levels identified during the week.
Risk Management:
- Ensure proper risk management by sizing positions appropriately based on the distance to target and stop loss levels.
- Consider using trailing stops to lock in profits as the price moves in your favor.
- Monitor the market closely for any changes in price action or news events that could affect the trade.
Note: Always adapt your trading plan based on real-time market conditions and adjust your approach as necessary to manage risk effectively.
