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A new look at Wolf Waves

  • #241
  • Apr 8, 2016 12:21pm Apr 8, 2016 12:21pm
As said above, Wolfe Waves are very powerful. I've been looking at these patterns for a while, but never really got my
head around them. Thank goodness for this thread, which renewed my prior interest. A light went off in my head and
now I can see the waves everywhere, on any time frame.

I fired up four trades last night(D1 TF), each of which showed good potential. It was interesting to see that in every
case, at least for my trades, stochastics was either overbought, or oversold, and price was at the upper or lower Bollinger
Band. When I checked my terminal this morning, I was very happy to see a combined 200-pip gain in just nine hours. If all
four trades hit my target points, the total would be over 1000 pips. Can't guarantee that will happen, but, for the first
time in several Forex trading years, I feel like I've got something I can really use to make some money.

Another thank you to the OP for shining a light on this price pattern.

Chicago
  • #242
  • Apr 8, 2016 1:00pm Apr 8, 2016 1:00pm
Its been pretty tricky to find any decent Wolf Waves lately but here is a potential.

GBPCAD H4

Attached Image
Indentify > Plan > Accept > Execute
  • #243
  • Apr 8, 2016 1:18pm Apr 8, 2016 1:18pm
Silver H4.

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  • #244
  • Apr 8, 2016 1:28pm Apr 8, 2016 1:28pm
USDNOK H4.

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Indentify > Plan > Accept > Execute
  • #245
  • Apr 8, 2016 2:02pm Apr 8, 2016 2:02pm
Quoting wizlon32
Its been pretty tricky to find any decent Wolf Waves lately but here is a potential. GBPCAD H4 {image}
Looks good wizlon.
Many thanks for all your posts.
  • #246
  • Apr 8, 2016 2:08pm Apr 8, 2016 2:08pm
Quoting profitkeeper
{quote} Looks good wizlon. Many thanks for all your posts.
No problem PK. I continue to post because I love trading these patterns. My thanks go to you for educating me as to their existence
Indentify > Plan > Accept > Execute
  • #247
  • Apr 8, 2016 2:31pm Apr 8, 2016 2:31pm
Quoting wizlon32
I had a bit of fun with this one and I will be keeping an eye on it with the hope of making a shed load of pips! It is GbpJpy Monthly.
Still keeping an eye on this one. GBP looks cheap to me at the moment. I don't think we will leave the EU, and maybe GBP is due for a comeback soon (next couple of months).

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Indentify > Plan > Accept > Execute
  • #248
  • Apr 8, 2016 4:24pm Apr 8, 2016 4:24pm
Quoting ChicagoRob
As said above, Wolfe Waves are very powerful. I've been looking at these patterns for a while, but never really got my head around them. Thank goodness for this thread, which renewed my prior interest. A light went off in my head and now I can see the waves everywhere, on any time frame. I fired up four trades last night(D1 TF), each of which showed good potential. It was interesting to see that in every case, at least for my trades, stochastics was either overbought, or oversold, and price was at the upper or lower Bollinger Band. When I checked...
Hi ChicagoRob,
I am very happy that you have had success with WW. Please feel free to post any promising charts, or even completed ones that we may have missed. I tend to concentrate on the one hour time frame since that is what I am primarily trading with my other two systems. You and Wizlon pick up on the longer time frames which is great so I can copy those (feels like cheating).
  • #249
  • Apr 9, 2016 12:56am Apr 9, 2016 12:56am
I found something that may or may not interest you since it is a little off topic:
I also trade harmonic patterns - but usually only the Scott Carney "approved patterns" when they are very distinct, however if you look at the non-mainstream patterns that are part of the Zup indicator, you will find that most of the "Black Swan" patterns are also Wolfe Waves. I am attaching the GBP/CAD pattern that Wizlon found (post 242) but with a Black Swan overlaid on the H1 chart.
By the way, I'm trading this when the market settles after the weekend.
Attached Image (click to enlarge)
Click to Enlarge Name: Harmonic003.png Size: 100 KB
  • #250
  • Edited 7:29am Apr 9, 2016 7:14am | Edited 7:29am
I'm not really a fan of any of the Wolfe Wave indicators that I've come across but here is one that I found which seems better than most. Maybe someone will find it useful.

Attached Image


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Attached File(s)
File Type: ex4 0_WolfeWave_04m.ex4   10 KB | 559 downloads
Indentify > Plan > Accept > Execute
  • #251
  • Apr 11, 2016 2:23am Apr 11, 2016 2:23am
Possible WW forming
Attached Image (click to enlarge)
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  • #252
  • Apr 11, 2016 12:52pm Apr 11, 2016 12:52pm
Update:
The GBP/CAD trade was a bit frustrating for me. After entering, price went sideways for 10 hours, then I went to bed. While I was sleeping, price jumped 160 pips then retraced . This morning, I closed both positions for 46 and 41 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: wolf waves036.png Size: 21 KB
  • #253
  • Apr 11, 2016 1:26pm Apr 11, 2016 1:26pm
Quoting profitkeeper
Update: The GBP/CAD trade was a bit frustrating for me. After entering, price went sideways for 10 hours, then I went to bed. While I was sleeping, price jumped 160 pips then retraced . This morning, I closed both positions for 46 and 41 pips.{image}
I don't like trailing stops (which would have worked well last night) so next time I have an overnight trade I might use Scott Carney's method of having profit targets of 38% and 62% of the entire pattern and an ultimate profit target where the pattern indicates.
Example from the above trade:
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It would also have worked well on the AUD/NZD trade above which I didn't enter. (post 251)
  • #254
  • Apr 12, 2016 2:13am Apr 12, 2016 2:13am
Don't usually look at low TF, but a possible WW setting up:
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  • #255
  • Apr 12, 2016 4:13am Apr 12, 2016 4:13am
Today winning trade
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  • #256
  • Edited 10:20am Apr 12, 2016 6:23am | Edited 10:20am
Hello profitkeeper,

Wolfe Waves have always been an interesting concept to me but I have always had a bit of a problem getting my head round them so thanks for explaining things on your thread in a straightforward way.

I thought I'd have a look at the very first example you showed in your first post. I was interested in it as it penetrated below point 5 for a while before ultimately reaching target and I was wondering where a logical place for the stop would need to be to keep one in the trade.

I'm not sure where you would put your stop but in this case, a stop 2 ATRs away would have just kept one in the trade and it ended up just over 3R in profit.

Interesting, taking onboard your point about stochastics, if one had waited for it to have exited oversold, this coincided with a bullish pinbar and an entry point pretty much the same as when price first hit point 5 whereupon price went straight up and you'd never have been in drawdown.

Would you say that this is a logical approach?
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY #1.png Size: 144 KB
  • #257
  • Apr 12, 2016 11:07am Apr 12, 2016 11:07am
​One to keep an eye on perhaps although stochs are only just heading into oversold. I've marked where the stop based on 2 x ATR would go.
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  • #258
  • Apr 12, 2016 2:25pm Apr 12, 2016 2:25pm
Not a perfect bounce off the 5-point, but it looks like it's setting up for a long trade.
Attached Image (click to enlarge)
Click to Enlarge Name: WWsetup.jpg Size: 187 KB
  • #259
  • Apr 12, 2016 2:36pm Apr 12, 2016 2:36pm
Quoting ChicagoRob
Not a perfect bounce off the 5-point, but it looks like it's setting up for a long trade. {image}
Looks good' but which pair and Time Frame?
  • #260
  • Apr 12, 2016 2:54pm Apr 12, 2016 2:54pm
Quoting profitkeeper
{quote} Looks good' but which pair and Time Frame?
USDCHF, D1
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