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Trades About to Happen: A Modern Adaptation of the Wyckoff Method, by David H. Weis
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The definitive book on adapting the classic work of Richard Wyckoff to today's markets
Price and volume analysis is one of the most effective approaches to market analysis. It was pioneered by Richard Wyckoff, who worked on Wall Street during the golden age of technical analysis. In Trades About to Happen, veteran trader David Weis explains how to utilize the principles behind Wyckoff's work and make effective trades with this method.
Page by page, Weis clearly demonstrates how to construct intraday wave charts similar to Wyckoff's originals, draw support/resistance lines, interpret the struggle for dominance in trading ranges, and recognize action signals at turning points.
- Analyzes markets one bar chart at a time, which recreates the ambiguity of actual trading
- Emphasizes reading price/volume charts without a secondary reliance on mathematical indicators
- Includes a short study guide in the appendix to help readers master the material
Filled with in-depth insights and practical advice, Trades About to Happen promises to be the definitive work on utilizing Wyckoff's classic methods in today's turbulent markets.
- Sales Rank: #312106 in Books
- Brand: Weis, David H./ Elder, Alexander (FRW)
- Published on: 2013-04-22
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x .81" w x 6.30" l, .90 pounds
- Binding: Hardcover
- 224 pages
From the Inside Flap
While Richard Wyckoff's search to develop a "trained judgment" for trading began decades ago, his method—which has been modified to account for changes in market conditions, but remains true to his original work—continues to draw great interest from traders around the world.
Author David Weis is a trader and market analyst with nearly forty years of experience in this field. A recognized authority on the trading methods of Richard Wyckoff, he understands how to utilize the principles behind Wyckoff's work and make effective trades with them. And now, with Trades About to Happen, he skillfully reveals how to adapt Wyckoff's techniques to excel in today's volatile markets.
Engaging and accessible, this reliable resource looks at Wyckoff's approach from a more modern perspective and shows how you can logically interpret bar charts and wave charts to find trades about to happen. By studying the chart examples in this book, you'll gain tremendous insight into reading what markets are saying about themselves and develop the ability to locate turning points of different degrees. Page by page, Weis facilitates your learning by:
- Comparing efforts of buying or selling with the reward—volume versus upward or downward progress
- Considering the meaning of the close within the range of a price bar
- Looking for shortening of upward or downward thrust as well as follow-through, or lack of follow- through, after penetrations of support resistance
- Exploring the interaction of price with trend lines, channels, and support/resistance lines—which often highlight the price/volume story
- Watching for tests of high-volume or "vertical" areas where price accelerates upward or downward
- And much more
Along the way, Weis introduces the adaptations he has made to Wyckoff's original tape-reading tools—which are better suited for the enormous volatility of today's stock and futures markets—and can be applied to intraday and daily price movement.
When it comes to Wyckoff analysis, it's easy to forget that the world of chart reading is not black or white, but gray. One has to have an open mind rather than a fixed, pre-conceived ideal.Trades About to Happen will help you achieve this goal as you discover how to develop the feel and intuition of a successful trader and become better equipped at adapting the Wyckoff method to today's dynamic markets.
From the Back Cover
Praise for Trades About to Happen
"I first heard David speak over thirty years ago and immediately was interested in his work. His explication of the Wyckoff method is the best there is. I was so inspired by David's oratory that I immediately went to work to quantify and automate his ideas. It has been an important part of our firm's success over the years."
—TOBY CRABEL, Crabel Capital Management
"Having worked with some of the great technicians over my nearly thirty years in the hedge fund industry and on Wall Street, I feel qualified to wholeheartedly endorse David Weis's book and teachings. His four decades of experience as a student and practitioner of Wyckoffian principles—effort vs. result, support and resistance, how to follow professional money in the markets—make his book an invaluable read. Weis reveals proprietary tools that he uses to great advantage in the markets and that build on and advance the methods taught by Richard Wyckoff over 100 years ago. Weis's approach to chart analysis and tape reading will help simplify and clarify the supply-demand dynamics underlying stocks and futures and provide ample clues to their next move."
—PETER DRITTEL, PMD Trading LLC
"When I first met David Weis, I realized immediately that his reputation as one of the world's greatest teachers and experts in the Wyckoff trading method was well deserved. His adaptation of Wyckoff's tape-reading chart into the Weis Wave indicator is a major contribution. Traders who want to learn how to recognize the large operators' footprints on a chart will want to read Trades About to Happen. This book is destined to become a classic."
—GAVIN HOLMES, CEO, TradeGuider Systems International
"Hands down, David's Wave Chart is the most valuable trading tool I know."
—Dr. GARY DAYTON, Trading Psychology Edge
About the Author
DAVID H. WEIS is a market analyst with nearly forty years' experience. He served as the director of technical research for ContiCommodities, Inc., during the mid-1980s. Weis has conducted seminars and workshops on technical trading throughout North America, Europe, and Asia, and is the recognized authority on the trading methods of Richard Wyckoff. He is the former editor of the Elliott Wave Commodity Letter, published by Robert Prechter, and the former editor/publisher of Technical Forces, a monthly market letter centered around price/volume analysis. Weis has also written numerous articles on technical analysis and is the author of Trading with the Elliott Wave Principle: A Practical Guide. He is the developer of the Weis Wave, a unique indicator that reveals the true force of buying and selling on intraday and daily charts. It is fully described in the text and on his website, weisonwyckoff.com.
Most helpful customer reviews
55 of 57 people found the following review helpful.
A Classic Approach to Developing Your Trader's Intuition
By Alan Lattanner
This is a book about anticipation and intuition written for discretionary traders in any market. The title refers to "setups" as they are known in the trade. Setups are price and volume behavior, as shown on a bar chart, that the trader interprets in terms of subsequent directional movement in order to profit from same. Anticipation is the name of the game. The Wycoff Method described in this book is a means of identifying high-probability trades on the basis of various chart setups. Also described in detail is a modern version of tape reading. The author is a successful trader and educator using the methods described.
The book starts with a clear graphic entitled "Where to Find Trades" showing a stock chart with annotations at key trade-entry points using terms described in the book in detail such as Upthrust, Spring, Breakout, Absorption and more. The book starts with a description of "how to draw lines," one of the simpler concepts that traders use, but a technique often used inconsistently. Further, the interpretation of lines of support, resistance and trend are shown to convey a great deal of information to the trader who knows how to read them. Once drawn, price behavior relative to the lines forms the basis for a tradeable setup. "They tell a story and make price-volume behavior stand out," says the author. He continues, "turning points often occur at the nexus of lines." That gives a clue about how setups develop. Even experienced traders may benefit from these insights.
One particular aspect of this author's writing style appeals to me. That is his balanced approach when summarizing each method. He frequently reminds the reader that "anything can happen" despite the formation of a seemingly-promising setup. I do not see this as a cop-out, but rather as the voice of experience. Developing a trading system or methodology is an exercise in probabilities, and it is the wise trader who reminds himself of this every day.
The discussion of "Springs" is quite interesting. Springs are strong upward-reversals from a downtrend. "I know of no better trading strategy than the Spring...," he says. Again, he goes into considerable detail about how to identify a Spring, and how to validate it via price action. The chapter on Absorption (an interpretive term describing certain types of weakening trend action, up or down) is also informative. A chapter on "Chart Studies" combines all of the individual setups found in the first seven chapters. The last portion of the book is focused on tape reading and point-and-figure charts. The author readily admits that working through a minute-chart of a trading day is "terribly tedious," but asserts that his years of focus on the tape at this micro level "provides a tremendous edge." This, he says, is how you develop your trader's intuition.
Some desirable things are missing in this book. Discussions on how to actually trade a setup are quite limited. Where do you place your entry order (stop, limit or market)? Where do you place your stop? What if subsequent price action causes you to question the setup you think you saw? The lack of attention to this aspect of trading the Wycoff Method is unfortunate. The book has no glossary. Many of the terms are not widely used in the trading literature, and some that are have special meaning under the Wycoff Method. The author references quite a few books via footnotes, yet there is no Bibliography in the back of the book. The index is minimal.
In summary, this book is clearly written by an expert in the method. It contains information valuable to traders of all levels. I rate it four stars, with one knocked off for the omissions noted above.
40 of 44 people found the following review helpful.
A masterpiece and an essential guide to Wyckoff Method
By rrs
In writing this review I am guided by the wise counsel of Mr. William Zinsser:
" As a reviewer your job is more to report than to make an aesthetic judgment. ... Think what you would want to know if you had to spend the money for the movie, the baby-sitter and the long-promised dinner at a good restaurant. " (On Writing Well, William Zinsser, Collins, New York, 2006).
At the outset, a potential buyer (trader / investor) who is thinking of spending his / her hard earned money on this book may want to ask some hard questions. Questions, such as: What is Wyckoff method? Does it work? How long has the method been in existence? What are the stated goals of Mr. Weis, the author of the book? Does he achieve these goals? How practical is the method described in the book?
Trading / investing based on Wyckoff method has been in existence for nearly a century. It is a discretionary method of trading that has withstood the test of time - a century during which markets have had reached and experienced extreme levels and conditions several times. In the universe of market analysis and trading methods, very few shine as brightly and as intensely as Wyckoff method. The robustness of the method comes from very simple, yet profoundly important factors: human emotions and behaviour. Basic human emotions of fear and greed that are reflected in the charts Mr. Weis so elegantly describes and explains have not vanished. So do the elements of human behaviour that result from these basic emotions. Evidence from the fields of Behavioural Economics and Neuroeconomics offer strong support to the fundamental premise and the foundational principles of Wyckoff method.
The author clearly and unambiguously sets out his goals (Introduction -- pages 3 to 5): " I have no secrets and will teach all I know about Wyckoff and price / volume behavior ". As a reader and a committed Wyckoffian trader, I found the Introduction to be of immense help because it defines the multiple dimensions of Wyckoffian trading: intuition vs. specificity, creative thinking vs. rigid, quick, no-think fix, and the chart reading that lies at the very heart of Wyckoff method. A thoughtful reader, after reading The Introduction, is likely to reflect upon what he / she has read and ask the most vital question: Is it (i.e. the Wyckoff method) for me? Do I have what it takes to master this time tested, discretionary trading method and excel as a Wyckoffian trader - commitment, sustained hard work, tolerance of ambiguity, and acceptance of probability rather than endless and futile quest for certainty?
Chapters 1 to 8 are the parts of the book where the author describes in detail and discusses at length the concepts and concrete examples that form the foundations of modern Wyckoff method. Great emphasis is placed on two key elements: market structure and market behaviour. It starts with an excellent discussion of the areas of charts where the trades that are about to happen are usually observed (Chapter 1 - pages 7 to 9).
In chapter 2 (pages 11 to 25) and chapter 3 (pages 27 - 46) the building blocks of market structure are discussed in depth. The author, with remarkable clarity, describes the elements of market structure using clearly labeled charts. The structural elements discussed in these two chapters include: support and resistance, trend lines, trend channels, trading ranges, points of equilibrium, and angle of advance and decline. Together, these two chapters will enable the reader to develop and hone his / her skills in defining with confidence the structure of any liquid market he / she is interested in trading. This, of course, is one of the essential skills that need to be mastered in a trader's journey to the ultimate goal: achieving excellence in the use of Wyckoff method in trading.
Chapter 4 (pages 47 to 71) - The Logic of Reading Bar Charts - lays the groundwork that is essential for understanding and interpreting price bars. The art of integrating the information conveyed by the range of the price bar, its close and the accompanying volume is emphasized in this key chapter. It teaches the reader the power of logical deduction that is based on probabilistic thinking.
This is followed by an in depth discussion of Springs (chapter 5 - pages 73 to 94) and Upthrusts (chapter 6 - pages 95 to 105). In addition to describing these two trade setups that occur frequently on different time frames, the author shares with the reader the most essential ingredients that are required for successfully trading them: the nuances and the details. It is in these two chapters that the trading wisdom - developed and refined over the past forty years of trading the markets - of the author shines brightly and illuminates an area of trading that can be very deceptive and treacherous.
Chapter 7 (pages 107 to 115) teaches the reader the importance of the process called Absorption and how to recognize it.
The subject of Chart Studies (Chapter 8 - pages 117 to 125) brings together in a comprehensive manner, with the help of several well-labeled charts, many of the key ideas and concepts from the preceding chapters.
The last three chapters (chapters 9, 10 and 11) are devoted to tape reading. The author describes the process of tape reading, as it was practiced by Wyckoff and then moves on to describe the use of point and figure and Renko charts. Most traders will find chapter 10 - Tape Reading Part II (pages 163 - 178) - fascinating and extremely useful. In this chapter, the author elaborates on the concept of waves described by Wyckoff and the significance of their length, volume and duration. The value of wave charts in trading is discussed at length and the author illustrates them with several charts.
In conclusion, it is worth asking again the key question every potential buyer of this book is likely to be asking: based on the price quoted by amazon.com, is this book worth (approximately) 24 cents per page? Here is my answer based on my own experience: I have read this book not once, twice or thrice but five times so far. No doubt, I will read it many more times. Every reading of this book has deepened and further solidified my understanding of Wyckoff Method. As a trader, I have applied some of the simple and elegant trade setups from this book successfully several times in my own trading using real money. As a committed Wyckoffian trader, it is one of the best investments I have made in my own trading education and development.
Sustainable, long term success in trading results from interactions and convergence of several factors. Foremost among them is trading wisdom - wisdom that comes from years of trading the markets under a variety of economic conditions and constantly learning from ever changing markets. The task of conveying one's wisdom through written words is extremely difficult and immensely challenging. Siddhartha said it best: " Knowledge can be communicated, but not wisdom. One can find it, live it, be fortified by it, do wonders through it, but one cannot communicate and teach it. " (Siddhartha by Hermann Hesse, MJF Books, New York). Very few books on trading succeed in conveying both knowledge and wisdom. In mere 198 pages Mr. Weis succeeds admirably in conveying the essence of Wyckoffian trading as applied to modern markets and his wisdom based on more than 40 years of trading these markets.
33 of 36 people found the following review helpful.
The Best Wyckoff Book Ever Written
By rCRUMB
In an era when traders are more interested in the latest indicator than actually understanding price action this book stands above the rest. I have read Wyckoff's original course and other materials, Trading in the Shadows of Smart Money, The Secret Science of Price and Volume, Charting the Stock Market: The Wyckoff Method, Value in Time: Better Trading through Effective Volume, Master the Markets, Techniques in Tape Reading and Tape Reading and Market Tactics. All of these books are derived in whole or in part from Richard Wyckoff. Not only have I read all of these books - I've also reread most of them and have applied what I have learned to actually trading. David Weis' book is head and shoulders above the rest.
For those of you out there who have tried understanding the price/volume relationship in real time or moving through a chart bar by bar this book will be invaluable. It will take work on your part to understand the principles, internalize them and then apply them but this effort will be rewarded with real profits in the market. Mr. Weis is a master teacher. He using analogies to have his trading principles come alive. He shows example after example of how to apply these principles to real markets. If you are hoping to pick up a few pointers or trade setups this book will disappoint. Mr. Weis isn't going to show you a few chart patterns, he will attempt to show you a whole new way to view a market. Understanding the "story of the lines" and you will make money.
I did find the flipping back and fourth from the insightful text to the charts tedious. My solution was to scan, print and enlarge the charts. A few minutes later I had an enjoyable reading experience.
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