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Webinar: David Weis on Wyckoff, Support/Resistance and Waves


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Webinar: David Weis on Wyckoff, Support/Resistance and Waves

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  #41 (permalink)
Pretoria South africa
 
Experience: Intermediate
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Very nice webinar I watched it again yesterday. Wyckoff / Weis wave now available for eSignal MCT Wyckoff Wave | Indicators / Tools | , | MC Trading

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  #42 (permalink)
dubai + dubai/UAE
 
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Can someone please help me as i'm a new member to the elite club.

Regarding David Weis Swing Bar Chart

Q: What criteria is he using to calculate the swing points on his charts?

Is he using a % pullback....if so by how much and does it vary from chart to chart?
or
Does he use a 1 or 2 bar pullback

Q: I noticed sometimes he use's the close of a bar and other times he use's the high/low of a bar to work out his swing charts? Is one more correct then other?

Cheers

Dom

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  #43 (permalink)
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astroboy69 View Post
Can someone please help me as i'm a new member to the elite club.

Regarding David Weis Swing Bar Chart

Q: What criteria is he using to calculate the swing points on his charts?

Is he using a % pullback....if so by how much and does it vary from chart to chart?
or
Does he use a 1 or 2 bar pullback

Q: I noticed sometimes he use's the close of a bar and other times he use's the high/low of a bar to work out his swing charts? Is one more correct then other?

Cheers

Dom


He uses a tick reversal amount on his charts and mostly uses the close. For the ES on lower timeframes he uses a .75 points, or three ticks for the reversal. The reversal amount would go up as timeframe goes up. For example, he may use four points on the ES on a 4hour chart. The reversal amount varies depending on the market as well. Gold might be .50 cents or a $1 on lower timeframes. Stocks are .10 on a daily.

D

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  #44 (permalink)
dubai + dubai/UAE
 
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Hi D

First off thanks so much for the reply really appreciate it.

I just received David Weis's indicator for NinjaTrader 7.

When I open the indicators "Parameters" the "Retracement" setting looks like it's calculated on a % percentile basis and not in Ticks or Points. I've compared it to another indicator and confirmed this is the case.

I'm only using this indicator on daily charts and across a large basket of varied instruments. Does he have a rule of thumb for selecting the retracement % for daily charts?

Cheers

Dom

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  #45 (permalink)
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David_R View Post
He uses a tick reversal amount on his charts and mostly uses the close. For the ES on lower timeframes he uses a .75 points, or three ticks for the reversal. The reversal amount would go up as timeframe goes up. For example, he may use four points on the ES on a 4hour chart. The reversal amount varies depending on the market as well. Gold might be .50 cents or a $1 on lower timeframes. Stocks are .10 on a daily.

D

Hi David

Well I just read thru David Weis's book. I was wrong and you were 100% correct. He calculates his waves using a tick retracement.

I was using the "PriceActionSwing" indicator on NinjaTrader 8 and had it set to "percentage" retracement for wave calculations, as apposed to "tick". and it just happened to look identical to what it would have had I use TICK. So I therefore wrongly assumed percentage retracement was correct, when in fact I was wrong.

So David thanks for the help much appreciated. I also received this response from Mr Weis

Q: David I only trade off DAILY charts......what is your advice? would you recommend.

A- Using daily swing charts calculated off bar close?
B- Using daily swing charts calculated off bar high / low?

His answer was

Ans: I prefer using closes. It's no better or worse than using high/low. I began with closes. Have a nice holiday. David Weis......


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  #46 (permalink)
Prague
 
 
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If someone interesting in "Catching Trend Reversals" by David Weis 4 DVD set, I can share the link for download. Sure if it not forbidden by admins.

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  #47 (permalink)
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Bullbutcher View Post
If someone interesting in "Catching Trend Reversals" by David Weis 4 DVD set, I can share the link for download. Sure if it not forbidden by admins.

Hi Bullbutcher

The material you are mentioning is copyrighted.

As per FIO Terms and Conditions


Quoting 
futures.io has a strict policy of prohibiting the publication of copyrighted material on our site.


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  #48 (permalink)
Prague
 
 
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Ok. Not a big deal.

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August 5, 2018


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