You guys are all missing the point. Chapter Six of Larry Williams'
How I made $1,000,000 is true million dollar material.
lol Williams and the moon.
lol Williams and the COT.
Chapter six is the only reason I kept that book and it has been bookmarked with a paper clip since the day I first read that chapter. Substitute his Williams %R for the momentum index. Test different parameters. Once you figure it out for whatever instrument you trade it can help you on weekly, daily, and intraday data graphs.
For example, I posted elsewhere I bought ES futures on Friday afternoon. Part of the reason was that SPX was at its 50 day simple moving average and stocks were finding buyers.
But a not insignificant consideration for me was information that I track as a direct result of having read and tested chapter six of Williams' book.
A third element was derived from yet another trader who committed the cardinal sin of authoring a book about the subject matter of his profession. I'm keeping that one to myself. And no, it wasn't Al Brooks. Brooks would still be waiting for a signal bar.
For a forum that calls itself "elitetrader" the members here sure are dismissive of sound information regarding trading.