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A new look at Wolf Waves

  • #21
  • Mar 2, 2016 3:09am Mar 2, 2016 3:09am
Hi profitkeeper,

Hahaha. I love the name you have given to these offbeat Wolfe Waves.

Great work if you picked those 50 odd pips on GBPJPY.
  • #22
  • Mar 2, 2016 5:42pm Mar 2, 2016 5:42pm
Here's another one on a 15 minute chart from last night. I didn't trade this one as it triggered in the middle of the night (my time). Perhaps Gn could tell us if it's within the rules.
Attached Image (click to enlarge)
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  • #23
  • Mar 2, 2016 6:04pm Mar 2, 2016 6:04pm
Another 5 minute happening now
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  • #24
  • Mar 2, 2016 6:28pm Mar 2, 2016 6:28pm
Hot Damn!
Right to the pip again (From chart above)
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  • #25
  • Mar 2, 2016 10:51pm Mar 2, 2016 10:51pm
Great work profitkeeper. Pass!!

Very Well Done.
  • #26
  • Mar 3, 2016 12:36am Mar 3, 2016 12:36am
Since Wolfe Waves were originally designed for indexes (specifically the S&P) I thought I would throw in one for the DOW triggered on Feb 11 if it qualifies as a WW
Attached Image (click to enlarge)
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That was a move of 818 points. Think what you could have made on cheap call options when the predictions were for more downside.
  • #27
  • Mar 3, 2016 2:07am Mar 3, 2016 2:07am
This one just completed a couple of minutes ago
Attached Image (click to enlarge)
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  • #28
  • Mar 9, 2016 12:06am Mar 9, 2016 12:06am
Been busy trading and working on another strategy.
I was hoping to get a bit more participation in this thread, but I guess the interest is not there. Maybe Bill Wolfe intimidates students to his course. He states on the web site that students are required to sign a non disclosure agreement - a bit paranoid in my opinion - but there you are.
Anyway, I was testing various Wolfe Wave indicators available for free and costing upwards of $300.00. They all seem to work the same way (either zigzag or fractal based), and I suppose it would be difficult to program any other way. The limitations of course are in the zigzag or fractal settings. In general, they don't work very well, and they put on lines and numbers before point 4 or 5 are determined which clutters the chart with patterns that invariably do not complete, and they miss a lot of patterns. Below is one pattern the free indicator on "Market" did find. This is current - I don't know whether it will trigger and complete or not. I will attach another free one which is the same.
Attached Image (click to enlarge)
Click to Enlarge Name: wolf waves008.png Size: 91 KB
Attached File(s)
File Type: mq4 WolfWave_nen (1).mq4   15 KB | 1,180 downloads
  • #29
  • Mar 9, 2016 12:31am Mar 9, 2016 12:31am
I put a pending order on the above potential trigger to show where I place the TP, SL, etc. As you can see, I put TP1 on the other side of the channel (wedge) and the second at the true profit target.
Attached Image (click to enlarge)
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  • #30
  • Mar 9, 2016 1:22pm Mar 9, 2016 1:22pm
Well that was easy!
The trade triggered when I was sleeping and completed after I got up this morning. It came just short of the final target, and I closed it out for a 65 pip profit when it started retracing. The run was actually 73 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: wolf waves010.png Size: 90 KB
  • #31
  • Mar 9, 2016 3:22pm Mar 9, 2016 3:22pm
Quoting profitkeeper
Well that was easy! The trade triggered when I was sleeping and completed after I got up this morning. It came just short of the final target, and I closed it out for a 65 pip profit when it started retracing. The run was actually 73 pips.{image}
Hi Profitkeeper,

I just now saw your thread, and I want to say thanks! I could never get my head around Wolfe Waves; you've gone a long ways to help me see the light, lol. Hopefully I can develop a taste for these things.

Cheers,
JohnnyR
  • #32
  • Mar 9, 2016 4:27pm Mar 9, 2016 4:27pm
Quoting JohnnyR
{quote} Hi Profitkeeper, I just now saw your thread, and I want to say thanks! I could never get my head around Wolfe Waves; you've gone a long ways to help me see the light, lol. Hopefully I can develop a taste for these things. Cheers, JohnnyR
Welcome JohnnyR
I am constantly amazed at how they work (even my off beat Coyote waves). They tend to be counter intuitive, i.e often going against the trend like my trade last night. I still don't know all the nuances, or if they are important. After a while you can see them easily particularly in a semi consolidating market. Here is another one that triggered this morning. I'm not sure whether it is legit, but I like to look for patterns where point 5 drops below line 1-3. This one is extreme but still worked.
Attached Image (click to enlarge)
Click to Enlarge Name: wolf waves011.png Size: 82 KB

I didn't trade this one - I wish I had. I think I'll have to start using trend line alerts.
  • #33
  • Mar 9, 2016 4:55pm Mar 9, 2016 4:55pm
Obviously, on this last example, I wouldn't have put profit one target on line 2-4, but rather half way to the final profit target.
  • #34
  • Mar 9, 2016 5:09pm Mar 9, 2016 5:09pm
Another one (that I missed) that triggered yesterday afternoon and hit it's target today for 90 pips or so.
Attached Image (click to enlarge)
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  • #35
  • Mar 9, 2016 5:52pm Mar 9, 2016 5:52pm
Thanks Profitkeeper

This looks great! Keep it coming!
Suscribed...

On the CADJPY 30M chart, for how long would you consider that 1 - 3 line as still valid. Considering that in the example price went way beyond 1-3 line and for several candles before coming back to the line. Would you consider the pattern as invalid after X amount of time or pips from 1-3 line?

Regards..
  • #36
  • Mar 9, 2016 6:15pm Mar 9, 2016 6:15pm
Quoting masilva
Thanks Profitkeeper This looks great! Keep it coming! Suscribed... On the CADJPY 30M chart, for how long would you consider that 1 - 3 line as still valid. Considering that in the example price went way beyond 1-3 line and for several candles before coming back to the line. Would you consider the pattern as invalid after X amount of time or pips from 1-3 line? Regards..
Welcome Masilva,
I see you are in Mexico, must be close to the same time zone. I'm in PST on the west coast of Canada. If you catch any Wolfe Waves that I miss, please post if they are approaching or hit point 5. If you are not sure, post anyway (that goes for everyone). I'm not an authority, but maybe GnWFx would set us on the straight and narrow. I have decided to make this my main longer term strategy. I also daytrade a different strategy.
  • #37
  • Mar 9, 2016 6:35pm Mar 9, 2016 6:35pm
Quoting masilva
Thanks Profitkeeper This looks great! Keep it coming! Suscribed... On the CADJPY 30M chart, for how long would you consider that 1 - 3 line as still valid. Considering that in the example price went way beyond 1-3 line and for several candles before coming back to the line. Would you consider the pattern as invalid after X amount of time or pips from 1-3 line? Regards..
I was thinking about this - it's why I called it extreme. I haven't come across any rule about this, and one web site even said that "you never know when price will return to line 1-3". This is where discretion comes in. I probably wouldn't let it go much beyond that example, and probably would ignore it if price went much further. On a higher time frame it may not look so extreme.
  • #38
  • Mar 9, 2016 6:39pm Mar 9, 2016 6:39pm
Quoting profitkeeper
{quote} Welcome Masilva, I see you are in Mexico, must be close to the same time zone. I'm in PST on the west coast of Canada. If you catch any Wolfe Waves that I miss, please post if they are approaching or hit point 5. If you are not sure, post anyway (that goes for everyone). I'm not an authority, but maybe GnWFx would set us on the straight and narrow. I have decided to make this my main longer term strategy. I also daytrade a different strategy.
Well, what about this one?

Is it a valid pattern? should we wait for price to go past 1-3 line or we should be in already?



Attached Image (click to enlarge)
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  • #39
  • Mar 9, 2016 7:19pm Mar 9, 2016 7:19pm
Quoting masilva
{quote} Well, what about this one? Is it a valid pattern? should we wait for price to go past 1-3 line or we should be in already? {image}
It looks valid to me. It would be nice if point 5 penetrated line 1-3 in order to give you a chance to enter when price comes down across 1-3 and then give a tight stop loss. I guess we'll see.
  • #40
  • Mar 9, 2016 9:34pm Mar 9, 2016 9:34pm
Quoting masilva
{quote} Well, what about this one? Is it a valid pattern? should we wait for price to go past 1-3 line or we should be in already? {image}
Sorry, I didn't answer the second part of your question.
Yes, you should have been in already. It's looking good so far - +30 pips or so since you posted.
I would probably have taken profit 1 or maybe moved to break even (if that is your style) by now.
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