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David Weis’s Weis Wave
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rbbrain View Drop Down
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Posts: 169 		Post Options Post Options   Quote rbbrain Quote  Post ReplyReply Direct Link To This Post Topic: David Weis’s Weis Wave
    Posted: 24 Feb 2016 at 2:26pm
Hi paulchow2k, and all,

The BC data only shows the volumes transacted on the ASX exchange.

Knowing that our second exchange operator in Australia (Chi-X) now handles about 20 percent of the daily volume (across something like 50?? stocks), we know that the BC volumes will be lower than total volume for some stocks.

See the Chi-X web site for details:  http://au.chi-x.com/

Robert Brain (Brainy)
Convenor - Australian BullCharts User Group
Brainy's Share Market Toolbox and BullCharts Tips
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Posts: 236 		Post Options Post Options   Quote cmacdon Quote  Post ReplyReply Direct Link To This Post Posted: 21 Feb 2016 at 11:50pm
Paul

I am not sure what exactly is the problem you are finding with the BC Volume by the end of day.

What are you comparing the BC volume to?

I know that e-signal does not post the correct EOD volume until the opening of the next day and that has always been an issue for the tradeguider people using EOD prices but the delayed volume is not out until the next morning but they do not always run TG with e-signal data feedsas they have several platorms they can run on which do not need e-signal.

Intraday there should be no difference as the volume data is not waiting for an exchanges to confirm the total volume data for the day.  Even the ASX volume is not confirmed until after 7.00 when BC does it's final update.

Regards

Charles
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Posts: 7 		Post Options Post Options   Quote paulchow2k Quote  Post ReplyReply Direct Link To This Post Posted: 21 Feb 2016 at 4:13pm
Its getting harder to use VSA nowadays as Bullcharts doesn't quite show ALL the volume of a security just yet. Perhaps later versions will.

P

Originally posted by cmacdon
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Posts: 236 		Post Options Post Options   Quote cmacdon Quote  Post ReplyReply Direct Link To This Post Posted: 01 Sep 2015 at 3:07pm
TodBull

We all have to learn. From my intro.

Charles

"Knowledge is more powerful than gold.”... "Never think that you know it all. I have been studying Stocks and Commodities for forty years, and I do not know it all yet.  I expect to continue to learn something every year as long as I live,”[1] … "remember you can never have too much knowledge.  Continue to study and learn more for knowledge can always be turned into profits later."[2]

[1] W. D. Gann, How to make profits from trading in commodities, Lambert-Gann publishing 1942, Unnumbered page immediately after the Index.

[2] W. D. Gann, Speculation as a profitable profession, A Course of Instructions on Grains, 1954, p 11
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Posts: 3 		Post Options Post Options   Quote todbull Quote  Post ReplyReply Direct Link To This Post Posted: 01 Sep 2015 at 11:54am
Charles,
Sorry for my ignorance about the volume statement. Only last night watching the video, I must have picked up something out of context, regards his Weis wave video, with my  little knowledge of the subject.
Ordered his book yesterday and I would certainly be buying your book. 

Where can one find about buying your book/indicators when it is released?
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Posts: 236 		Post Options Post Options   Quote cmacdon Quote  Post ReplyReply Direct Link To This Post Posted: 01 Sep 2015 at 10:03am

Using the Average Vol wave the Hovering mouse option does not work in BC so draw a horizontal line to read the average volume on the right hand scale.




Edited by cmacdon - 01 Sep 2015 at 10:09am
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Posts: 236 		Post Options Post Options   Quote cmacdon Quote  Post ReplyReply Direct Link To This Post Posted: 01 Sep 2015 at 9:59am
The horizontal bar below in the bottom panel reflects to last volume wave height from the right edge.

To see the Total volume on any wave in the bottom panel hover the mouse cursor over the last bar on the volume wave.



Edited by cmacdon - 01 Sep 2015 at 10:07am
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Posts: 236 		Post Options Post Options   Quote cmacdon Quote  Post ReplyReply Direct Link To This Post Posted: 01 Sep 2015 at 9:58am





























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Posts: 236 		Post Options Post Options   Quote cmacdon Quote  Post ReplyReply Direct Link To This Post Posted: 01 Sep 2015 at 7:32am
Todbull

I had trouble loading the two images so they are shown further below.

With respect to your comments about David Weis's methods.  David uses quite a lot of different variations for his indicator tool set which I also bought after the original of the above two total and average volume wave indicators were posted on this Forum.  My interest at the time was only in Total and average volume on waves as I like the Ord Volume approach and also the Weis approach.

I have Weis's videos and books so I am not sure why you say Weis sometimes does not use volume at all.  Weis is a renowned Wyckoff expert and volume is extremely important to that type of analysis.  Just read his latest book Trades about to Happen.

However, Weis, like Wyckoff, sometimes choses to use Point and Figure charts to project where he believes price will rise of fall after a period of congestion.  P&F Charts do not rely on Volume as it is a price amplitude only technique for understanding the markets but that is not the purpose of his Weis Wave approach.  Some times when volume data is not available he just uses time as a substitute for Volume in his calculations, as he says time and volume are close substitutes, so he is being a bit like Gann in some instances.

However I am now writing a book based on understanding the approaches of a number of the Trading Masters from the last 115 years and building on their approaches with new supply and demand indicators.  The book will come out shortly.  

The new indicators go well beyond my original indicator settings above as I can calculate the gross buying and gross selling volume within bars and across bars so it is very much like understanding a micro economic supply and demand on up waves and down waves. Properly understood and measured supply and demand does drive prices higher or lower. In my opinion, is a much better approach than looking purely at Total Volume or average volume waves.  The indicators can be used in conjunction with other techniques that in the past only relied on time and price dimensions e.g. Hurst Cycles, Elliott Wave, and Merrill Filtered Waves etc.

Down the track I intend to make available, in one form or another, Bullscript as well as another trading software version of the indicators.  If I can get the imaging up load working on this Forum I will upload some images of the indicators at work later on.

Charles


Edited by cmacdon - 01 Sep 2015 at 10:11am
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Posts: 236 		Post Options Post Options   Quote cmacdon Quote  Post ReplyReply Direct Link To This Post Posted: 01 Sep 2015 at 6:57am

Hi Todbull

The mixed narrative is easy to change.

Reverse my typing narrative within the quotations in the original line of code from this:

 

v1:=input("1=Totalvolumeonwaveor2=Averagevolumeonwave",2,1,2);

 

To something like this:

 

v1:=input("1=Ave vol wave or 2=Tot volume wave",2,1,2);


You do not have to change anything else in the code.as it correctly calculates the Total accumulated volume on a wave or the Average volume on a wave, as shown in the two images below.

I will not change the Coding for indicator the Top Chart as it is just a ZIG Zag type indicator that shows the price of the peak or trough.

In BC to read the Total Volume on a corresponding wave  just hover your mouse over the end of the Total Volume Wave in the bottom panel indicator and a little narrative will appear that tells you the Total volume on that wave.

However for the average volume calculation that option, hovering the mouse, does not work (it is just a BC quirk) but you add a horizontal line to the bottom panel to read the average volume from the right hand scale as per the second image below.

I will address your comments on the Weis approach in second part of this reply.



Edited by cmacdon - 01 Sep 2015 at 8:09am
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