SP500 START OF WEEK TRADING PLAN
On the chart there is a weekly SVP anchored to the left.
ESM2023 is in a balance. There are high volume nodes at higher and lower prices. I watch the opening 5 minute candle to see the initial trend of the day on the daily SVP and wait for returns to HVN or building of HVNs. For price to move out of this balance, and for me to trade it, I would want to see price breakout of the higher and lower HVNs and build volume in an new HVN outside of the range. If there are poorly finished tops and bottoms, I will expect a reversion back to the closet HVN for buyers and sellers to reload.
During the daily sessions, I use a daily SVP in addition to the weekly SVPs.
Trade plan name: The Hell Bitch (after a horse ridden by a character in a Larry McMurty novel).
Rules of this weekly trade plan are:
1. Only open positions at an HVN.
2. Confluence is a daily HVN or building daily HVN at any HVN of the previous two weeks (based on the weekly SVPs anchored to the left of the screen).
3. Do not trade the reversion as price some times as to take multiple runs to breakout and a breakout/market event is difficult to predict.
4. Price will mostly continue in the direction from which it came.
5. If price stays in balance, it may run to all three points as a combined multi week triple distribution.
I trade this in 5 minute candles but use 15 minute candles for planning purposes.
If it is not obvious, you should make your own decisions and not blindly follow this one as trading advice--because it is not trading advice. If you want instructions about how to trade by when to open and close on trades, you should consider becoming a farmer because that industry more closely aligns with that type of practice.
ESM2023 is in a balance. There are high volume nodes at higher and lower prices. I watch the opening 5 minute candle to see the initial trend of the day on the daily SVP and wait for returns to HVN or building of HVNs. For price to move out of this balance, and for me to trade it, I would want to see price breakout of the higher and lower HVNs and build volume in an new HVN outside of the range. If there are poorly finished tops and bottoms, I will expect a reversion back to the closet HVN for buyers and sellers to reload. During the daily sessions, I use a daily SVP in addition to the weekly SVPs.
Trade plan name: The Hell Bitch (after a horse ridden by a character in a Larry McMurty novel).
Rules of this weekly trade plan are:
1. Only open positions at an HVN.
2. Confluence is a daily HVN or building daily HVN at any HVN of the previous two weeks (based on the weekly SVPs anchored to the left of the screen).
3. Do not trade the reversion as price some times as to take multiple runs to breakout and a breakout/market event is difficult to predict.
4. Price will mostly continue in the direction from which it came.
5. If price stays in balance, it may run to all three points as a combined multi week triple distribution.
I trade this in 5 minute candles but use 15 minute candles for planning purposes.
If it is not obvious, you should make your own decisions and not blindly follow this one as trading advice--because it is not trading advice. If you want instructions about how to trade by when to open and close on trades, you should consider becoming a farmer because that industry more closely aligns with that type of practice.
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