Last chance: tonight it is. Starting at 8:00 PM Eastern Time, David Weis will present his Weis Wave indicator with complete details on how to trade it. You can learn more about getting the plug-in and registering for the webinar (free with plug-in purchase) at this link: Weis Wave Plug-In & Webinar
Here is how David’s Weis Wave performed so far today in the S&P e-Minis (ES). We are using a 3000 Tick Chart, which works very well for this market. In addition to the Weis Wave, I’ve included standard volume.
Wave A – Trading has pushed the market up prior to the US Open. We see good wave volume and price movement to the upside. You can see that it is more difficult to read the standard volume, but the Weis Wave makes it very clear.
Wave B – Patiently we wait for a buy opportunity. When trading the Wyckoff method, we will typically look to enter on a low volume pullback. Look at the wave volume at B! We have a clear entry.
Wave C – Here we see an increase in wave volume. This is a clear indication that supply or selling has entered the market. Note that the normal volume display makes it look as though supply is receding! Again, the Weis Wave makes this very clear.
Wave D – Aggressive skilled traders will take a short position after identifying a situation like Wave C on a low volume test of the highs. We see both the test and the low up volume here on Wave D.
Wave E – Supply has overcome demand. We see strong selling enter the market. Again, the Weis Wave gives us a clear read on what is really happening in the supply-demand equation. It is like having an X-Ray where you can see deep into the market. Again, this is not very clear on the normal display of volume.
F – Again, we wait for the pullback for a short. The market falls more than 10 points.
So that is just the morning session. Check out the past few blog posts where I have been highlighting the Weis Wave each day. You can see the consistency in using David’s Wave Chart. There are more examples (from David) at the link below. It really is the best indicator of the supply/demand relationship that I have ever used.
Thanks for offering this webinar, Gary. I plan on registering for this, but as I am working on a semi-automated strategy in Tradestation. I was wondering if the plug-in will be available for purchase later, by itself? I would love to incorporate this in some manner, even if it is in a discretionary manner on, for example, a timeframe larger than the trading frame.
Arooj,
We will be making the indicator avaialble after the webinar. I am not a systems trader and haven’t really thought about the Weis Wave’s use in that way. As a discretionary tool, it is terrific.