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: 18284 Current Price: 18172
Upside Targets:
First Target: 18406 Second Target: 18566 Third Target: 18718 Downside Targets:
First Target: 18063 Second Target: 17934 Third Target: 17734 Trade Plan:
Long Trades: Look for buying opportunities if the price remains above the weekly pivot (18284).
Entry: Consider entering long positions on pullbacks towards the pivot (18284) or if the price breaks above the current price (18172).
Targets: Target the upside levels of 18406, 18566, and potentially 18718.
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 (18284) or the current price (18172).
Entry: Enter short positions on breakdowns below the pivot (18284) or the current price (18172).
Targets: Aim for downside targets of 18063, 17934, and potentially 17734.
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.
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