We present a new method based on migration velocity analysis (MVA) to estimate 2‐D velocity models from seismic reflection data with no assumption on reflector geometry or the background velocity field. Classical approaches using picking on common image gathers (CIGs) must consider continuous events over the whole panel. This interpretive step may be difficult—particularly for applications on real data sets. We propose to overcome the limiting factor by considering locally coherent events. A locally coherent event can be defined whenever the imaged reflectivity locally shows lateral coherency at some location in the image cube. In the prestack depth‐migrated volume obtained for an a priori velocity model, locally coherent events are picked automatically, without interpretation, and are characterized by their positions and slopes (tangent to the event). Even a single locally coherent event has information on the unknown velocity model, carried by the value of the slope measured in the CIG. The velocity is estimated by minimizing these slopes. We first introduce the cost function and explain its physical meaning. The theoretical developments lead to two equivalent expressions of the cost function: one formulated in the depth‐migrated domain on locally coherent events in CIGs and the other in the time domain. We thus establish direct links between different methods devoted to velocity estimation: migration velocity analysis using locally coherent events and slope tomography. We finally explain how to compute the gradient of the cost function using paraxial ray tracing to update the velocity model. Our method provides smooth, inverted velocity models consistent with Kirchhoff‐type migration schemes and requires neither the introduction of interfaces nor the interpretation of continuous events. As for most automatic velocity analysis methods, careful preprocessing must be applied to remove coherent noise such as multiples.