DislikedHello 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...Ignored
Yes stops are always a bit subjective when price does not immediately turn after penetrating line 1-5. Your idea is good, but I would like to wait for a white (bullish) candle to close above the line. That does not always help 100% and sometimes you get a 'double dip' at point 5. 2 ATRs seems like a big stop, and I would almost prefer to get prematurely stopped out and re-enter when it is apparent that the pattern will work. I know that this is easier said than done. The last pinbar along with stochastics was probably the best indicator that price would turn, then I would put the stop below the pinbar.
I will keep a watch on the USD/CAD chart.
