NQ / ES Weekly & Daily Plan | March 4-8, 2024

ES and NQ have both broken out of multi-week ranges. Let's develop a technical trading plan for this new development.

"Trading without understanding market structure is like driving blindfolded. You may get lucky, but the risks are high." - Unknown

Both NQ and ES broke out of their previous ranges last Friday, with NQ breaking out of a 17-day structure and ES breaking out of a 7-day structure. This occurred as the market was digesting and consolidating for a potential move higher.

This week, there are several high-impact economic events that could drive the market higher, lead to a pullback within the current structure, or potentially break the uptrend that has been in place since November 2023. While it's acceptable to take both long and short positions for intraday trading, it's crucial to maintain an overall bullish stance until key levels or structures are decisively broken. For some, this might mean waiting for the structure low to be breached and hold below, while others may rely on indicators like order flow or volume to call potential tops. Personally, I aim to keep my approach as straightforward as possible.

Below, I'll outline my trading plan for the week, detailing the structures, key levels, and pivot points for both NQ and ES.