Anyone try the Weis Wave. Been reading his book, Trades about to happen by David Weis, His discipline in Supply and Demand which is based on Richard Wycoff, is a bit different than what Pete Fader teaches here. An example would be an upthrust, he claims an upthrust to be any up bar, volume high or low, but from what I gather on Supply and Demand the upthrust is usually a downbar and above the supply line. And a sign of weakness, where his interpretation is an upthrust is either a sign of strength or a sign of weakness. So, I was mainly wondering about the Weis Wave, anyone tried it or have any opinions on it. With his different explanations over VSA, I am wondering if it would be worth purchasing. His Volume bars are also different than the regular trading platforms. Which I believe the Volume in his software is based on Point and Figure charting. Actually his book is kind of hard to understand. Simple in his interpretations, but it is like a Topsy Turvy ride. Up, Down, Up, down!
I recently came across the site mboxx.org. Looks similar to weis wave, but uses boxes intstead of the zig zag indicator to accumulate volume, and also it accumulates time. This is very interesting since weis wave does not show accumulation of time. I read and am studying wyckoff logic, and wyckoff wrote that volume and time are correlated. Interesting. Anybody have any thoughts about this? I haven’t bought it…
Time and Volume are related according to Wyckoff. It takes time for resistance or demand zones to develop. Volume is related to the bid and ask. As more orders come in (ticks) this will determine if supply will be broken or demand will come in. Of course this applies a lot to stocks, but I assume since tick volume is involved with FX or stocks it can still apply to both markets. But it takes time for supply or demand to be broken and new zones to develop as the flow of orders come in. My opinion stated in my words from what I have read and learned and mostly from Wyckoff logic.
Eventually I took the plunge and purchased the new system, which was previously mboxx, now called MBoxWave Trading system on mboxwave,com. A much better value than weis wave, now I am using it in my daily trading.
Would like to know how it is working. I’ll check on it myself. I am getting more comfortable with regular tick volume on MT4. Most of the time I am looking for breakouts, so in my opinion you really don’t know much until there is a breakout. But strength is important as well. I do believe the Weis wave or something similar would be beneficial. I have been using the on balance volume indicator as I have read a lot of good reviews on it. It is suppose to have volume accumulation but not sure if it is similar to the Weis wave, I believe it is a bit harder to read than the Weis wave… The Weis wave isn’t available for MT4 that I know of. Thanks for the tip!
There is only one kind of upthrust, which is a pinbar, first penetrating the resistance then closing below it, in one candle. Can be on high or low volume, if it’s high, then more likely it is going to be retested. To be tradeable, there needs to be sign(s) of weakness in the background, and preferably happening during downtrend.
On forexfactory there is an indicator similarly programmed as the Weis Wave, first topic if you Google it, I tried it, but confused me, I got used to the original interpretation of volume.
You may find much cheaper version than $900… It is a tradestation version, but the difference in price is huge. It is a Weise wave cumulative volume from Advantage Trading.