You learned that there can be no trade without a setup and a trigger. In fact, there can be no trade without a setup, a trigger, and a follow-through. This lesson will teach you the PMF trigger. The next lesson will teach you the follow-through. The PMF trigger (PMFT) provides the following information when used according to my suggestions
Sell trigger
As you know from the previous lesson, the ability to establish a valid setup is critical to the correct use of the PMF method. Here is a simple “cookbook” method for finding the sell setup and trigger.
Rule-Based Method
The PMF method is 100 percent rule-based and it is, therefore, purely objective. A rule-based method is a method that is purely objective. In other words, it requires no interpretation. There are computer software filters that can be used to identify bullish and bearish momentum divergence patterns. These are relatively easy to write. I currently have such a program for GenesisTM clients.
It is available to you at no charge. If you would like to download this program and you have Genesis Gold or higher, simply download the special file entitled JBTOOLS. If you do not know how to do this, Genesis technical support can assist you.
If you do not have the GenesisTM software you can get a trial version. Because the ability to spot the MD bullish and bearish patterns is critically important to the success of PMF, you must practice as much as possible. The quiz for this lesson includes several more examples and uses the charts from the last lesson.
Practice, practice, practice
The most important thing you can do after having learned the MOM trigger method is to practice. Learning to spot these patterns is like learning a new language. I strongly suggest you practice on at least 50 charts in order to find the setup and the trigger until you can easily identify MOM divergence and the trigger point visually.
If you are uncertain about your work, please feel free to e-mail me a chart with your work and I will examine it for you. Be sure to include your e-mail address. The quiz for this lesson is visual. I will ask you to draw in any divergence patterns and triggers you see based on the rules given to you here and in the previous lesson.
Review
Congratulations. You have now completed the first lesson in your PMF method. You learned how to identify the trigger point (E point) for bullish and bearish MOM setups using the MOM indicator. The lesson outlines a step-by-step or “cookbook” procedure for finding and identifying the trigger point. In Lesson 8, we look at a very simple but comprehensive method for adding follow-through to the MOM divergence setups and triggers.
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Last word
Congratulations. You have now completed the first lesson in your PMF method. You learned how to identify the trigger point for bullish and bearish MOM setups using the MOM indicator. The lesson outlines a step-by-step or “cookbook” procedure for finding and identifying the trigger point.
In Lesson 8, we look at a very simple but comprehensive method for adding follow-through to the MOM divergence setups and triggers.
