Trade Plan NQ Futures: week starting April 1st, 2024
- If the price moves above 18604 (weekly pivot), consider buying as the price approaches or moves above 18709.
- Target the first resistance level at 18851 for profit-taking.
- If the price continues to rise, consider holding for a potential move towards the second resistance level at 19023.
- Sell Setup:
- If the price moves below 18604 (weekly pivot), consider selling as the price approaches or moves below 18500.
- Target the first support level at 18291 for profit-taking.
- If the price continues to decline, consider holding for a potential move towards the second support level at 18143.
- Pivot Area Trades:
- Given the main interest is to take trades from the pivot area, traders may consider buying near the pivot (18604) if the price shows bullish momentum and selling near the pivot if the price exhibits bearish momentum.
- Use tight stop-loss orders to manage risk effectively.
- Take profit at nearby support/resistance levels or based on the price action.
- Risk Management:
- Set stop-loss orders to limit potential losses if the trade goes against expectations.
- Consider risking a small percentage of the trading capital on each trade to preserve capital.
- Monitor the trade closely and adjust the plan if necessary based on market conditions and price movements.
- Overall Strategy:
- Adapt the trade plan based on real-time market developments and news events.
- Stay disciplined and stick to the predefined levels and rules outlined in the trade plan.
- Review the trade plan regularly and make necessary adjustments based on performance and market conditions.
Remember, trading involves inherent risks, and it’s essential to conduct thorough analysis and exercise caution when executing trades based on the provided levels.