#ES_F / #NQ_F Trade Plan May 7
Trading the S&P500 and Nasdaq 100 futures - Contextual analysis, setups, charts, detailed trade plans and recaps from the previous session to demonstrate my system.
Table of Contents
Previous Day Trade Plan Review;
Chart Updates and Trend Status;
Updated Trade Plans for $ES_F and $NQ_F for the session ahead;
$ES_F Three Level Trade Plan;
$NQ_F Three Level Trade Plan;
$VIX Chart and Levels;
Video Trade Plan - a 15 Minute Trade Plan Explanation;
Education and Previous Session Trades Reviewed;
Methodology.
Here is everything you need to succeed in today’s market!
Yesterday’s results:
ES: 106 points
NQ: 535 points
Setups: H4 Diagonal Entry Model short, then long into H4 EMA50, as planned.
Result chart attached. Recaps in paragraph 8 of today’s newsletter.
I wanted to see price lose H4 EMA9 and set up long into H4 EMA50, which aligns perfectly with D1 EMA9. The latter has to lead if buyers want higher immediately. Sellers are trying to break lower - notice how price is backtesting the lost trend diagonal. Buyers remain in control until D1 EMA21 is lost, but we have the first hints of that classic wedge shape that governs these contractions.
We don’t need a lot of buyers. We just need a few to run the stops of speculators that are short because we’re at the .618 and the crash is next. My system is clear: the weekly breakdown failed, and although price may look for a higher low towards last week’s low, right here, the setup is long. Short only if it fails.
We now have a D1 EMA9 consolidation and we’re three days in. We have two inside days, with the daily about to confirm a buy signal.
Like yesterday, the set up is managed on H4. We have the H4 CMods and the three levels that matter. Buyers reclaimed H4 EMA9 overnight and I plan to add full position long if…