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Webinar: David Weis on Wyckoff, Support/Resistance and Waves
I haven't received any mentoring from David Weis. I have sent him upward of 25 e-mails asking him to expand on certain ideas or to help me dial in his methodology in some way. I have also had two phone conversations with him. He has always made his wealth of information available without concern for his time or being compensated. He is a very good teacher and always explains concepts with clarity and detail and will often provide hand drawn charts or annotated screen shots of his day trading charts. He clearly enjoys teaching trading and if he is willing to make himself this available to a complete stranger I would imagine his mentoring is first class.
That being said his book and various teaching materials do not hold anything back. I believe this is enough to be successful for anyone dedicated enough to put in the time.
I've actually been mentored by David one on one. Also, I know Gary Dayton has spent an extensive amount of time with him. David is a very good teacher, I think even more so in a one on one environment. A big goal of his is to try and get you comfortable with looking at the "front edge" of the market. It's easy to see things once the market has already unfolded. The key is to be comfortable putting yourself on the line and doing the same thing without knowing what is really going to happen. And being flexible enough to admit when your initial hypothesis is wrong. Most of his sessions consist of you looking at a particular chart and reading it as it progresses one bar at a time. If you are totally off, he will still allow the chart to move forward without correcting you or letting on that you have done so. After all is said and done then he will go back through the chart and show where you could have improved on your analysis. The benefit of doing this is you really are forced to see where you are lacking in your analysis. This process is actually kinda painful because your ego gets bruised easily. No one wants to be wrong. Gary does something similar to this in his deep practice sessions.
Agreed. A most valuable webinar. Liked the 'what happens next' chart quizzing very much, which is the kind of thinking edge and skill we need while trading.
I agree with the other comments. The webinar moved at a good pace and there was a lot of useful content. I agree with the comment about the quizzes. Very useful. I know that I got some correct and some incorrect. I pays to not make snap judgement.
I have not done any mentoring with David. I have taken Gary's chart reading course knowing that he was mentored by David. I do have David's Weis Wave indicator and I feel it has a lot of value and can really help to provide clarity at times.
I think David's comment about Psychology is 100% correct.
Just watched the recording. Great content and well presented. Thanks Mike and David!
On a side note, I am not a wyckoff trader so I might not understand the following correctly in terms of his methodology (correct me if im wrong). But the problem I find is that a market can carry on moving for a significant period on low volume. Im therefore not sure I agree completely with the concept of effort (volume) and the resulting effect (price movement) relationship. I agree that often rallies or declines end in climactic volume. However I dont feel that any predictions can be made just because a wave has low volume. Never the less, that is besides the point of this thread. The webinar was great and I definitely learnt something new.
as long as market has no supply, the uptrend continues, but when we see a huge volume up bar, this tells us something, the bar close will tell us if selling step in, for example, the huge volume bar has mid range close, we know the selling steps in, if next down wave has more volume than previous pullback, this confirms supply, if next up wave has very small volume, we know CM won't defend market, since they saw weakness already.
You are correct - the market can move up or down on low volume for a long time but these long moves begin with a surge of volume. This should make intuitive sense as shares or contracts need to change hands and its this matching of orders that creates the high volume. Once this changing of hands occurs it doesn't take much to keep the move going.
The effort vs. reward is a case where the volume is high, or relatively high, but the advancement does not seem proportional to the volume. The attached picture shows a chart from David Weis's free nightly news letter. It has a very good example of E vs. R.
It is also best to see multiple indications of a change of behavior. As you say, the market can continue higher on light volume, so the no demand may not mean much. As another poster said, "the market will continue to rally on light volume until you see supply." You can also see other signs such as shortening of the thrust as well as effort vs. reward and then followed by no demand or no supply (light volume).
