Trade Plan NQ Futures: week starting May 5th, 2024
Based on the provided levels for the NQH2024 futures contract, here’s a weekly trade plan focusing on trading from the pivot to the upside or downside targets:
Weekly Pivot: 17847 Current Price: 18000
Upside Targets:
- First Target: 18090
- Second Target: 18348
- Third Target: 18605
Downside Targets:
- First Target: 17731
- Second Target: 17560
- Third Target: 17378
Trade Plan:
- Long Trades: Look for buying opportunities if the price remains above the weekly pivot (17847).
- Entry: Consider entering long positions on pullbacks towards the pivot (17847) or if the price breaks above the current price (18000).
- Targets: Target the upside levels of 18090, 18348, and potentially 18605.
- Stop Loss: Place a stop loss below the pivot or below significant support levels identified during the week.
- Short Trades: Consider shorting the market if the price breaks below the weekly pivot (18847) or the current price (18000).
- Entry: Enter short positions on breakdowns below the pivot (17731) or the current price (18000).
- Targets: Aim for downside targets of 17731, 17560, and potentially 17378.
- 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.
Trade Plan NQ Futures: week starting May 5th, 2024 by dhjesus on TradingView.com
