Support and resistance levels are generated with the new sine wave plots. Cyclical periods are characterized by bouncing off of price, support or resistance levels and failed breakouts. Trending periods are characterized by new highs or new lows and pull backs that go on until exhausted.
The beauty of the Better Sine Wave indicator is that it can be used to define market structure in any time frame, whether tick or monthly charts, and for any instrument or market, making it a truly versatile product.
High Probability Turning Point.
A key skill when trading with the Hilbert Sine Wave is determining if price will respect the support or resistance level, or overshoot it. Two things used to identify high probability turning points : coincident cycle turning points and volume confirmation patterns. The same sequence of volume patterns are repeated time and market turning points. When these volume patterns occur with coincident turning points in at least two different time frames, the possibilities of a valid turning point is greatly increased! .
Multiple Time Frames.
A key principle of using the Hilbert Sine Wave with multiple time frames is that trend must move parallel to cyclical moves. Since the Better Sine Wave indicator can be used to predict cyclical turning points and the end of trending periods, it is uniquely capable of being used in multiple time frame analysis. Trend moves in a lower time frame are parallel in comparison to higher time frame.
There are four versions of the Sine Wave indicator : original code using weighted moving average ; original code using moving average ; original code using Hull moving average ; and updated code. The version that works good is the original code using weighted moving average.
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