Technical Analysis Plain and Simple – Charting the Markets in Your Language : [PDF Download]

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“Most indicators that measure momentum are similar. Some work better for stocks, some are better at market tops, some are better in trading ranges, and some are better in trends. For our purposes, they are interchangeable.

This will anger established technicians out there, but return to the analogy of the car, and you can understand this. Whether it is a Ford, Peugeot, or Honda, all cars have an engine. All engines turn fuel into energy that makes the car move.

In the markets, all indicators that use price changes and their derivatives measure trend strength and attempt to identify extremes (stretched rubber bands). There are four basic events to follow on a momentum chart. The first is a crossing of the zero line.

If momentum is negative and crosses the zero line into positive territory, it could be a buy signal. This is because prices are accelerating their advance as new buyers enter the market.

Note that this is only a valid signal when the line is crossed in the direction of the prevailing trend. Trends are still more important than their derivative measure, momentum.”

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