Trade Plan ES Futures: Week Starting May 5th, 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: 5135 Weekly Open: TBD Current Price: 5161
Upside Targets:
- First Target: 5183
- Second Target: 5220
- Third Target: 5286
Downside Targets:
- First Target: 5088
- Second Target: 5037
- Third Target: 5001
Trade Plan:
- Long Trades: Look for buying opportunities if the price remains above the weekly pivot (5135).
- Entry: Consider entering long positions on pullbacks towards the pivot (5135) or if the price breaks above the weekly open (5161).
- Targets: Target the upside levels of 5183, 5220, and potentially 5286.
- 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 (5135) or the current price (5161).
- Entry: Enter short positions on breakdowns below the pivot (5135) or the current price (5161).
- Targets: Aim for downside targets of 5088, 5037, and potentially 5001.
- 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.
