VERY VERY IMPORTANT Patterns-TRADING WITH WEIS WAVE WITH SPEED INDEX
Dear followers,
Trying to help out with my post on how to read the charts using these tools, I am going to share and explain below two very simple but very powerful patterns of wave SIs that are all over the charts. I have named them Plutus and Plutus Reversal. Please pay attentions , any questions are welcome.
Pattern: Plutus
This is when the price will follow in the same direction of the wave with the High SI. The following conditions must be met :
Long Trade:
1. A slow up wave of a few bars (at least three barson 1HR chart) with a High SI and high volume with small pip move.(example below SI=23.6)
2. A fast down wave with a Low SI that never breaks Support or breaks it by a bit and returns back between Support and Resistance. (example below SI=4.5)
3. Enter Long only if price Breaks Resistance
Short Trade:
1. A slow down wave of a few bars (at least bars on 1HR chart) with a High SI and high volume with small pip move.
2. A fast up wave with a Low SI that never breaks Resistance or breaks it by a bit and returns back between Support and Resistance
3. Enter Short only if price Breaks Support
The Example below just happened today and it's a Long Trade. You need to understand what is happening and why, if you have a difficulty please post me.
Pattern: Plutus Reversal
This is when the price will go in the opposite direction of the wave with the High SI. The following conditions must be met :
Long Trade:
1. A fast up wave with Low SI
2. A slow down wave of a few bars (at least three bars on 1HR chart) with a High SI and high volume with small pip move that never breaks Support or breaks it by a bit and returns back between Support and Resistance
3. Enter Long only if price Breaks Resistance
Short Trade :
1. A fast down wave with Low SI (example below SI=7.9)
2. A Slow up wave of a few bars (at least three bars on 1HR chart) with a High SI and high volume with small pip move that never breaks Resistance or breaks it by a bit and returns back between Support and Resistance (example below SI=50.4)
3. Enter Short only if price Breaks Support
The Example below happened yesterday and it's a Short Trade.
I hope this will help you improve further your success rate.
!!! ANY COMMENTS, LIKES ARE WELCOME !!!!
Regards,
Panagiotis Diamantopoulos
