Weekly Plan $ES FUTURES 6/30/2024

1 juil.

Key Levels:
Resistance Levels:
5568
5602
5628

Support Levels:

Weekly pivot: 5526
5502
5448
5410
Current Price: Now: 5533

Trade Plan:
Primary Objective:

Stay long or buy on dips as long as the price is above the weekly pivot of 5526.

Entry Strategy:

Initial Entry:
Since the current price is 5533, which is above the weekly pivot of 5526, consider entering a long position here.
Buying on Dips:
If the price dips to the weekly pivot level (5526), enter additional long positions.
If the price further dips to 5502, consider adding to the position again.

Exit Strategy:

Take Profit Levels:
Set initial take profit at 5568.
If the price moves above 5568, set the next take profit at 5602.
If the price continues to rise, the final take profit target should be 5628.

Stop Loss:
Set a stop loss just below the weekly pivot at 5520.
If the price breaks below 5526 and 5502, re-evaluate the position and consider exiting if the price drops to 5448.
Risk Management:

Use position sizing to ensure that the potential loss on any trade does not exceed 1-2% of your trading capital.
Adjust position sizes based on the distance from the entry point to the stop loss level.

Monitoring:
Regularly monitor the price action around the key levels.
Be prepared to adjust the strategy if there is significant news or events that could impact market conditions.

Example Trade Scenario:
Entry: Enter long at 5533.
Stop Loss: Set stop loss at 5520 (below the weekly pivot).

Take Profit:
First target: 5568
Second target: 5602
Final target: 5628

By following this trade plan, you can manage risk effectively while staying aligned with the market direction as long as the price remains supported by the weekly pivot.