Nasdaq hourly in uptrend: 3 lines to watch for Thursday Nov,5
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I focus on Nasdaq and some times SPX and Dow. I don't use any indicator, I only use lines and pattern in my charts (i have my rules for lines). You will see 3 type of lines:
1- trending lines (green for up trend/ red for down trend)
2- horizontal lines ( those are levels that market will highly possible to respect them)
3- lines to show the pattern border.
the trending lines are more important than other lines. One of the noted information is usually market if breaks any level (horizontal line), it will go to the other line to test it. So, if you have the levels in your chart, you can expect the mostly likely move and so on.
Now lets talk about Nasdaq chart:
Nasdaq now in an uptrend, as long as the green line is not broken, expect a higher price, many scalper in this case scalp only in the long side (in direction of trend) specially when they see price breaks a level to the upside.
For the Thursday, I will keep on eye on 3 lines : the up trend line (green), 11750 level, and 11890
And if it continue up above 11890, then the next important level to watch is 12057
I will try to update this chart if any major moves outside this box.
1- trending lines (green for up trend/ red for down trend)
2- horizontal lines ( those are levels that market will highly possible to respect them)
3- lines to show the pattern border.
the trending lines are more important than other lines. One of the noted information is usually market if breaks any level (horizontal line), it will go to the other line to test it. So, if you have the levels in your chart, you can expect the mostly likely move and so on.
Now lets talk about Nasdaq chart:
Nasdaq now in an uptrend, as long as the green line is not broken, expect a higher price, many scalper in this case scalp only in the long side (in direction of trend) specially when they see price breaks a level to the upside.
For the Thursday, I will keep on eye on 3 lines : the up trend line (green), 11750 level, and 11890
And if it continue up above 11890, then the next important level to watch is 12057
I will try to update this chart if any major moves outside this box.
Nota
If breaks 12057 we have next line at 12185
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