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Trades About to Happen: A Modern Adaptation of the Wyckoff Method

ISBN: 978-0-470-48780-8
224 pages
April 2013
Trades About to Happen: A Modern Adaptation of the Wyckoff Method  (0470487801) cover image
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.

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Foreword xi

Acknowledgments xiii

Introduction 1

Chapter 1 Where to Find Trades 7

An Overview

Chapter 2 Drawing Lines 11

Chapter 3 The Story of the Lines 27

Chapter 4 The Logic of Reading Bar Charts 47

Chapter 5 Springs 73

Chapter 6 Upthrusts 95

Chapter 7 Absorption 107

Chapter 8 Chart Studies 117

Chapter 9 Tape Reading Part I 127

Chapter 10 Tape Reading Part II 163

Chapter 11 Point & Figure and Renko 179

About the Author 199

Index 201

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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.

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April 22, 2013
Trades About to Happen: A Modern Adaptation of the Wyckoff Method

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.

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