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A new look at Wolf Waves

  • #41
  • Edited Mar 10, 2016 7:49am Mar 9, 2016 10:35pm | Edited Mar 10, 2016 7:49am
Quoting profitkeeper
{quote} 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.
Yes. I did enter with a very little position just to test drive the strategy. Currently SL at BE+1. TP all the way down to the 1-4 line. Let's see ..

Best regards.

PS. Currently 22:35 hrs local time

Edit: SL hit before going to TP. Hehe.
  • #42
  • Edited 2:23pm Mar 10, 2016 1:41pm | Edited 2:23pm
Quoting masilva
{quote} Yes. I did enter with a very little position just to test drive the strategy. Currently SL at BE+1. TP all the way down to the 1-4 line. Let's see .. Best regards. PS. Currently 22:35 hrs local time Edit: SL hit before going to TP. Hehe.
It was a good trade though and would have been perfect with a little earlier (higher) entry or no BE. Nice to see it went to TP.
  • #43
  • Mar 10, 2016 3:38pm Mar 10, 2016 3:38pm
I wanted to discuss rules, discretion, subjectivity etc.
What do you do when you are not sure whether a pattern qualifies as a technical Wolfe Wave?
I am not a great one for adhering strictly to the rules (if you know what they are). Someone discovered the pattern and made his own rules. What made him (her) the unfailing guru. The important thing in my opinion is the principles of the pattern.
Below you will find a probably technically incorrect Wolfe Wave, but if you switch to a line chart (closes) and adjust the lines accordingly the ambiguity is gone and the point count is obvious. It still may not comply with every rule, but it works. By the way, I often switch to line charts to better see patterns and trend lines.
Here is a chart from this morning to illustrate the point:
Attached Image (click to enlarge)
Click to Enlarge Name: wolf waves014.png Size: 75 KB
Attached Image (click to enlarge)
Click to Enlarge Name: wolf waves015.png Size: 72 KB
  • #44
  • Mar 10, 2016 4:29pm Mar 10, 2016 4:29pm
Hi

I just get in to this one..

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 14 KB
  • #45
  • Mar 10, 2016 5:27pm Mar 10, 2016 5:27pm
The structure looks good, but I'm a little concerned about the massive bull candle coming into the pattern. Chris Lori (another guru) maintains that this is considered a gap in forex and the gap will be filled. We'll see who is right. I vote for the pattern.
  • #46
  • Mar 11, 2016 5:39am Mar 11, 2016 5:39am
Hello ! There is plenty of waves, I have a question what is the procedure, what is the rules to build a pattern ?
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADM15.png Size: 98 KB
Even though I walk through the darkest valley, I will fear no evil
  • #47
  • Mar 11, 2016 2:14pm Mar 11, 2016 2:14pm
Thanks for sharing..good stuff.
I found this PDF online. Wolfe wave at niftypundit.com
Learn THEN Unlearn
  • #48
  • Mar 11, 2016 8:47pm Mar 11, 2016 8:47pm
Quoting HighFivve
Thanks for sharing..good stuff. I found this PDF online. Wolfe wave at niftypundit.com
There is no link. I couldn't find the pdf on the web site
Welcome, always glad to have participants.
  • #49
  • Mar 11, 2016 9:56pm Mar 11, 2016 9:56pm
Quoting monocor
Hello ! There is plenty of waves, I have a question what is the procedure, what is the rules to build a pattern ? {image}
Well, you've found a pretty well perfect Wolfe Wave. I'll review the pattern (as I see it). I'll do my best since I have yet to find a complete set of parameters. I did give a brief synopsis in post 1.
A Wolf Wave in general is a wedge shaped pattern (up or down). The more distinct and obvious the pattern, the better it is. It seems to be a very reliable trading pattern.
If the wedge is down sloping, you start the point count low and if it is up sloping start the count high for #1.
It is easier if point 5 crosses line 1-3, then a buy (sell) order can be placed where price will cross back across line 1-3. Point 5 can move a fair distance past line 1-3 before returning. It has just poked through in this example.
The stop loss is placed below the low of point 5.
The line through (magenta dashed) 1-4 is the profit target line. I divide the profit in two, taking the first half at half the distance to TP2. Money management is entirely up to you of course, but that's the way I do it now. If there is a more specific question, I will try and answer it.
Below is your chart with references. The total pip run was 113 which is not bad on an M15 chart
Attached Image (click to enlarge)
Click to Enlarge Name: wolf waves016.png Size: 59 KB


There are other rules which I apparently break and a couple can be found in earlier posts. I have broken these rules several times and still found it profitable, for instance I have found that a parallel channel also works and even a horizontal channel or wedge, but then there is a dilemma as to where you start the count which is important.
  • #50
  • Mar 11, 2016 10:24pm Mar 11, 2016 10:24pm
Subscribed to look with fresh eyes on an indicator I looked into in the past on ff.
  • #51
  • Mar 11, 2016 10:32pm Mar 11, 2016 10:32pm
Quoting Greenstar
Subscribed to look with fresh eyes on an indicator I looked into in the past on ff.
Welcome Greenstar,
If you can contribute anything, please do.
  • #52
  • Mar 11, 2016 10:48pm Mar 11, 2016 10:48pm
Quoting masilva
Hi I just get in to this one.. Regards{image}
Hey Masilva,
Do you want to comment on your trade or can I?
  • #53
  • Mar 12, 2016 2:00am Mar 12, 2016 2:00am
Hello ProfitKeeper,

Thanks for your thread.
I just follow from last one week and some of the success trade as attached.
Attached File(s)
File Type: docx Doc1.docx   1.1 MB | 661 downloads
  • #54
  • Edited 2:46am Mar 12, 2016 2:33am | Edited 2:46am
For those wanting more info on Wolfe Waves, Bulkowski's article and test results are interesting even though it is related to stocks only. He suggests drawing a line parallel to line 2-4 from point 3 to get a trading zone between this and point 5, although I prefer to wait until price crosses back across line 1-3. There are other rules listed there as well.

http://thepatternsite.com/WolfeWaveBull.html
  • #55
  • Mar 12, 2016 2:42am Mar 12, 2016 2:42am
Quoting umpats
Hello ProfitKeeper, Thanks for your thread. I just follow from last one week and some of the success trade as attached. {file}
Welcome umpats,
Many thanks for posting. It looks like great work, although it was hard to make out the waves (trades) on the two on the left side.
I never thought of trying the 5 min time frame. I thought it wouldn't be as reliable.
  • #56
  • Mar 12, 2016 5:24am Mar 12, 2016 5:24am
Hello Profitkeeper.

I have never come across Wolf Waves before but I have only been in the trading game for about a year. Anyway I just came across your thread and I have to say that that it looks great so far and very interesting. I can now see these setups all over my charts (hind sight is a wonderful thing I know).

I will be following now and will try to post timely set ups where I can but I have a full time job so I can't promise to be the most active member.

Please keep it coming!
Indentify > Plan > Accept > Execute
  • #57
  • Mar 12, 2016 6:08am Mar 12, 2016 6:08am
What do you think of this? Its USDCAD H1.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 9 KB
Indentify > Plan > Accept > Execute
  • #58
  • Mar 12, 2016 6:21am Mar 12, 2016 6:21am
Quoting profitkeeper
For those wanting more info on Wolfe Waves, Bulkowski's article and test results are interesting even though it is related to stocks only. He suggests drawing a line parallel to line 2-4 from point 3 to get a trading zone between this and point 5, although I prefer to wait until price crosses back across line 1-3. There are other rules listed there as well. http://thepatternsite.com/WolfeWaveBull.html
Thank you much.
LDFX Trading Ltd
  • #59
  • Mar 12, 2016 8:50am Mar 12, 2016 8:50am
Quoting profitkeeper
{quote} There is no link. I couldn't find the pdf on the web site Welcome, always glad to have participants.
can't post link from phone . goggle Wolfe wave pdf . in the top 10 ..gl
Learn THEN Unlearn
  • #60
  • Mar 12, 2016 8:55am Mar 12, 2016 8:55am
Quoting wizlon32
What do you think of this? Its USDCAD H1. {image}
that's perfect.. Mr. Wolfe says to have bigger volume at 5 brake out.less vol back into the 5. Good pips
Learn THEN Unlearn
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