This is my first published idea, 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 give some explanation about SPX chart:
looks like the SPX 4 hours is in triangle, if that is correct, then we saw about 2/3 of it (the last 1/3 is mostly will be boring) so far and if price drop from red area to the black doted lines around 3392-3366 then the triangle scenario is confirmed. If the triangle pattern confirmed, then the high and the low of it is where the next impulsive wave will show up. Also keep in mind that most triangles before any breakout makes a boring price action in the middle of it before any real move. Many traders loves this pattern because they know the risk (high and low of the pattern is clear) of it and scalp inside it based on the lower time frame. I will watch this pattern closely.
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 give some explanation about SPX chart:
looks like the SPX 4 hours is in triangle, if that is correct, then we saw about 2/3 of it (the last 1/3 is mostly will be boring) so far and if price drop from red area to the black doted lines around 3392-3366 then the triangle scenario is confirmed. If the triangle pattern confirmed, then the high and the low of it is where the next impulsive wave will show up. Also keep in mind that most triangles before any breakout makes a boring price action in the middle of it before any real move. Many traders loves this pattern because they know the risk (high and low of the pattern is clear) of it and scalp inside it based on the lower time frame. I will watch this pattern closely.