xplsive wrote:LeMercenaire wrote:I look for MOMO to cross a "pointy place" off to the left. A line drawn across from there is a Z-Line as I use them. Others use more subtle/complex variants but this works for me and I never felt the need to over-complicate it.
Thank you. MOMO? I assume this means momentum. Momentum can be objectively described? So do YOU mean a larger candle/bar that stands out in relevance to the surrounding price action? (I save myself the question of when is big enough).
And "Pointy place", do you here mean an area to the left where price was moving in a rather small/tight range in relation to the rest of the surrounding price action, or more like a "Pointy Place" where you have hectic price action, candles showing lots of wicks to both sides.
I think if the last reply by TRO isn't meant ironically, just maybe a "zline" might be what other people call as order blocks? So where the big boys place all their orders? I think he still looking for a clear definition on how to bring this into code too
With "objectively described" i mean something that could be spotted in some repetitive manual or automated way following the same strict criteria (even by a newbie trader like me).
For MOMO (yes momentum), I am looking for a strong, solid move by price. Can be a single large candle or a steady stack of smaller ones.
A "Pointy Place" is a price turning point, or other significant, obvious level.