There is a problem with such momentum approaches. It does not honor the past in a correct way. It does not know if you are going against resistance, trading in air, headfake whatever. Also it dos not value time and such the most critical technical S/R tools like pivots, fibs, MAs etc.
It should barely be used as an indication if of what is happening around those traditional tools / price points.
It should barely be used as an indication if of what is happening around those traditional tools / price points.