m2b
thanks a lot for a clear explanation of how to use momentum.
well done to you!
thanks a lot for a clear explanation of how to use momentum.
well done to you!
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DislikedGM,
Just a quick post here to help you understand Momentum a bit better. First, you should never use the Momentum indicator on one time frame alone to enter a trade unless you are just scalping for a few pips. Even then it could be hazardous. Second, 4H TFs vary from platform to platform and, therefore, some indicators which underlie price can be inconclusive or difficult to interpret. Third, Momentum always works. If it is pointing up on one TF and price goes down during that time period, check out what the Momentum on other TFs (higher and lower) was doing during that time. That is the most effective way to learn how to use the Momentum indicator. As Aus said above, since the Daily Momentum was pointing down from the beginning of the day, the overall bias for the day was down, or at the least, a big down thrust should have been expected at some point. The chart below is my current 4H which opened at 1200 GMT (7AM EST). Notice how bullish the Momentum is, and yet currently, halfway through the candle, we are looking at a doji. What happened? The strong bearish Daily is pushing down and the lower TFs have been flat to stagnant since 1200 GMT. This candle has already had an upthrust large enough to fulfill its bullishness, even if it doesn't end up being a good bullish candle. At this point, for the next two hours, I would watch the TFs underneath the 4H to see how their Momentums turn from candle to candle and look for opportunities there. If we get a strong Momentum 1H candle at 1500 GMT, that might be a good opportunity to try a long on a retracement since it would agree with the strong 4H Momentum. Study Momentum from the Larger TFs down and you will begin to catch on as to how it works.
M2BIgnored
DislikedOk, my quick take before NY opens. Stochastics is OS on all TFs from 4H on down. That means nothng in a trending market, but it shouldn't be lost from our sight because reversal/retracement could begin at any time. It's been 10 weeks since we have had a 1000 pip top to bottom week. This week's high is just under 240. Me thinks we could see this go down to 230.30 area today, or it could decide that a 600 pip day is good enough and head back up. We are long overdue for a good 4H retracement back to about the 235.50-236 area. Let's see where price takes us.
M2BIgnored
DislikedThe dow opened down 105 points. I "think" we will see a little rebound in GJ before the sentiment survey number in 30 minutes.Ignored
DislikedCan somebody explain me why they clap their hands at the opening bell please?Ignored
DislikedBecause they're hopeless optimists.. lol. They try and cheer the DOW up.Ignored
DislikedCan somebody explain me why they clap their hands at the opening bell please?Ignored
Dislikedcesare, I've often wondered that myself...it must be a sheeple thing
Happy trading!!Ignored