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