Momentum Tape Reader Utilities 2 (click pics to study)
[showing: Standard '3' wave with Trough Fib_0, Fib_8 Target Zones showing, and Trough Fib_21 Support Levels (lower blue) are displayed from count 3 to 26. Directional Bias filtering is provided by the Crest Fib 21_Tm21 fence. Momentum Cups Trough (brown) and Crest (dark cyan) are also shown. Both originate from the mLkAhd shock-points of the wave and are output directionally biased by the user-selected Fib Fence of choice . . . in this case Fib21_21. Note the exceptional pulsing which occurs at all 4 Crest momentum shock-points.]
[showing: Addition of my primary Fib Fence (cyan) Trough 17_21. This is the number one fence on any fractal, any market! I always display this fence. Even though directional bias for output purposes is being filtered by the Crest 21_21 (because of it's relationship to the support level Fib 21 being used here for targeting support), I always want to know where the Trough Fib 17_21 fence is!]
The MTR_U2 dll is identical to the 1st utilities dll 'UT' but offers 3 additional functions:
1.Ability to show two different Fib Levels at the same time, from either force (leg) of the wave. Trough: Target fib level & Support fib level, Crest: Target fib level & Resistance fib level.
2.Directional Bias Fib Fence filtering for the Trough vs Crest Fib Targeting and Sup/Res Levels.
3.Directional Bias Fib Fence filtering of the Momentum Cap/Cup (including live mLkAhd tracking).
This dll functions as a stand alone trade environment, painting a clear picture of what state price is in. Reward/Risk is easily measured from clearly defined Support/Resistance levels to target Levels/Zones.
Momentum Mechanism: The dropping and rising 'Look-Ahead's' (Crest & Trough), of the wave turns, are tracking a 'look-ahead' position relative to the wave structure. When mLkAhd exceeds price (crest and trough shock-points), two mLkAhd levels are known, above and below. These momentum Caps/Cups are very strong resistance/support levels as they extend over the trough and crest phases of the wave. Specifically . . . this shock-point origin (time) is a consistent action point as demonstrated. Output is either user selectable or 'directionally biased' automated in this dll.
Trader's . . . Do you know where your 45's are?
[showing: Addition of Crest and Trough Tm Fence 45's (to any chart fractal) enhance the trader's mental clarity/ability to take advantage of the inherent momentum fundamentals of these levels. Notice the 45/90 'Target Split' occurring at 7:06, retracement right to the Trough 45 with follow-thru upside to target 90* level . . . 31 tick reward, 8 tick risk using just the 45 support, 4 relationship support levels within 15 ticks below.]
[showing: Momentum Cap levels (combined with same directionally biased Fib Fence structure as above) provide consistent minRisk short entries for continued downside and Fib_8, Fib_0 level/zone targeting. The red resistance level used is Crest 17 because of its relationship with the primary Fib Fence.
The MTR_U2 dll can be set to display the following Support/Resistance features of the Burton Momentum Wave:
1.Option to display Momentum Bracketing, Sup/Res Caps & Cups: Trough, Crest, or both
2.Option to display Directionally Biased Momentum Caps/Cups: Trough, Crest or both
3.Option to display dual Fib Levels (Targeting & Fold-Over): Trough, Crest or both:
4.Option to display Fib Fences: Trough, Crest or both
5.Option to display Tm Fence Fold-Over Levels: Trough, Crest or both (w/dBias options)
6.Option to display Fib Break-Out levels as Fences or Highlighted Zones: Trough, Crest or both
7.Option to display Time Fences: Trough, Crest or both
8.Option to display Target Level Time Vectoring w/FishTails: Trough, Crest or both
9.Option to apply user selected Fib Price/Time Fence dBias Filtering to #6 output
10. Option to display the Momentum Wave
Remember This Fundamental of Learning:
Each of the vibrational components of this Wave Based tool provide
a unique 'Squared' and 'Phi Rich' structure to any chart. Successful trading comes when two things are understood:
1.The structural RELATIONSHIP of the above features (specifically created by price action) and . . .
2. Price's position in 'Relation' to this 'RELATIONSHIP'
It is suggested and highly recommended that users add only one structure and concept to their trading at a time. Complete clarity of
the trade precepts (action points) of each must be understood and internalized before a 2nd can be added successfully.
Observe . . . find what you like . . . observe . . . what speaks to you . . . observe . . . make it your own . . . use it.
This help file is about helping you accomplish that . . . review these charts often.