Nov,11,2020 Nasdaq hourly:
Trend is down ( the down trend red line) as long as it is live and not broken. while short term nasdaq in triangle soon will break it.
level to watch:
If market breaks the 2 red lines, it will mean that the drop from 12400 high is done and market will reverse up or at least build a larger trading range. but some times a break of trend line could lead to a trap. so managing risk in this case is priority.
11900 if reached, highly possible for continuation up.
11750 is the most important level for today, it is resistance and as long as it holds, more down side expected.
11470 last support for slow drop, if reached, expect a faster move up and down because it is the level of emotion.
Note: 11620 is important level, you can check your chart in 4 hours and you will see how this level since Sep,2020 acting like a break for any strong move then price take a small rest then another big move will show up from this level. For now, based on the price action at the history of 11620, soon we will have a big move and the triangle pattern also confirming this scenario.
General notes about my charts:
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.
Trend is down ( the down trend red line) as long as it is live and not broken. while short term nasdaq in triangle soon will break it.
level to watch:
If market breaks the 2 red lines, it will mean that the drop from 12400 high is done and market will reverse up or at least build a larger trading range. but some times a break of trend line could lead to a trap. so managing risk in this case is priority.
11900 if reached, highly possible for continuation up.
11750 is the most important level for today, it is resistance and as long as it holds, more down side expected.
11470 last support for slow drop, if reached, expect a faster move up and down because it is the level of emotion.
Note: 11620 is important level, you can check your chart in 4 hours and you will see how this level since Sep,2020 acting like a break for any strong move then price take a small rest then another big move will show up from this level. For now, based on the price action at the history of 11620, soon we will have a big move and the triangle pattern also confirming this scenario.
General notes about my charts:
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.