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A new look at Wolf Waves

  • #301
  • Apr 23, 2016 4:39pm Apr 23, 2016 4:39pm
Quoting fantom
a chart i spotted yesterday. {image}
Semafor - the worst repainter of all time.
  • #302
  • Edited 2:13pm Apr 24, 2016 11:11am | Edited 2:13pm
Dax Daily.

The Weekly chart looks nicer (more compact) but I am showing the daily so I can highlight last Thursdays candle. Not quite a Dark Cloud Cover as it did not close below the 50% line of the previous candle but definitely bearish none the less.

The red squares just highlight some similar candles which all preceded bearish moves.

And price is currently between the 61.8 and 78.6 Fib sweetspot from the previous LH to LL move.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 29 KB
Indentify > Plan > Accept > Execute
  • #303
  • Apr 24, 2016 12:13pm Apr 24, 2016 12:13pm
Quoting wizlon32
Dax Daily. The Weekly chart looks nicer (more compact) but I am showing the daily so I can highlight last Thursdays candle. Not quite a Dark Cloud Cover as it did not close below the 50% line of the previous candle but definitely bearish none the less. The red squares just highlight some similar candles which all preceded bearish moves. And price is currently between the 61.8 and 78.6 Fib sweetspot from the previous LH to LL move. {image}
It's a failed WW, but could still turn into a potential winner. If I saw bearish momentum, I'd be inclined to put in a sell-stop below the 1-3-5 line.
  • #304
  • Apr 24, 2016 12:23pm Apr 24, 2016 12:23pm
Quoting ChicagoRob
{quote} It's a failed WW, but could still turn into a potential winner. If I saw bearish momentum, I'd be inclined to put in a sell-stop below the 1-3-5 line.
Why is it a failed WW?

The way I see it price is currently in the sweet zone. By copying the 2 to 4 line and projecting it from 3 gives us the sweet zone. i.e the area between the dotted line in the above chart and the 1 to 5 line.
Indentify > Plan > Accept > Execute
  • #305
  • Apr 24, 2016 1:28pm Apr 24, 2016 1:28pm
Quoting wizlon32
{quote} Why is it a failed WW? The way I see it price is currently in the sweet zone. By copying the 2 to 4 line and projecting it from 3 gives us the sweet zone. i.e the area between the dotted line in the above chart and the 1 to 5 line.
In your example, which is an ascending wedge, price should respect the 1-3-5 line, which is resistance. It breeched
the line, so I don't consider it to be a classic WW.
Attached Image
  • #306
  • Apr 24, 2016 1:33pm Apr 24, 2016 1:33pm
Quoting ChicagoRob
{quote} In your example, which is an ascending wedge, price should respect the 1-3-5 line, which is resistance. It breeched the line, so I don't consider it to be a classic WW. {image}
Thats not right ChicagoRob. As I stated above, price is currently in the sweet zone. This is according to the teachings of Bill Wolfe and you can find that information in the pdf's that are available in this thread.

And many of the examples in the thread have point 5's that overshoot.

It is even acceptable to extend the 2 -4 line from point 1to get the sweet zone depending on how the pattern shapes up.
Indentify > Plan > Accept > Execute
  • #307
  • Apr 24, 2016 1:53pm Apr 24, 2016 1:53pm
Quoting profitkeeper
{quote} 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.{image} I didn't trade...
Here is a post from Profitkeeper which can be found on page 2 of this thread.
Indentify > Plan > Accept > Execute
  • #308
  • Apr 24, 2016 2:03pm Apr 24, 2016 2:03pm
Whatever, bro. I base my trading decisions on price action and momentum. For me, the 1-3-5 line is the line in the sand.
Sometimes, it's tough for this old dog to learn new tricks!
Attached Image (click to enlarge)
Click to Enlarge Name: WW Linda.jpg Size: 81 KB
  • #309
  • Apr 24, 2016 2:12pm Apr 24, 2016 2:12pm
Quoting ChicagoRob
Whatever, bro. I base my trading decisions on price action and momentum. For me, the 1-3-5 line is the line in the sand. Sometimes, it's tough for this old dog to learn new tricks! {image}
Whatever bro? lol. Ok but you should understand this because if you're trading Wolfe Waves then these point 5 over shoots are perfectly tradable and I think there will be plenty more of these examples in this thread.

Considering Wolfe Waves are counter trend set ups I would say you are trading against the momentum.
Indentify > Plan > Accept > Execute
  • #310
  • Apr 24, 2016 2:32pm Apr 24, 2016 2:32pm
Quoting wizlon32
{quote} Whatever bro? lol. Ok but you should understand this because if you're trading Wolfe Waves then these point 5 over shoots are perfectly tradable and I think there will be plenty more of these examples in this thread. Considering Wolfe Waves are counter trend set ups I would say you are trading against the momentum.
I play price momentum, once a turning-point has been established. The entire strategy can be boiled down to
support/resistance, swing points, and price exhaustion.
  • #311
  • Apr 24, 2016 8:37pm Apr 24, 2016 8:37pm
Guys, guys...
You both have different perspectives on WW, and I hate to say it ChicagoRob, but Wizlon is correct. It is actually preferable for point 5 to breach line 1-3, but it is not incorrect for it not to breach 1-3. You are both the main contributors to this thread and please continue with your contributions. We have come a long way - from a very sketchy original definition of WW to now arguing over one of the finer points, but both of you have correctly formed WW which is the main thing and is very helpful to anyone trying to grasp the concept for the first time. I'll find the PDF that was contributed earlier and replace the one on the first post with it since it is a bit clearer.
  • #312
  • Apr 25, 2016 2:17pm Apr 25, 2016 2:17pm
Why do you hate to say that I was correct? lol just kidding. We're all on the same side and I hope I didn't upset ChicagoRob as that certainly wasn't my intention.

Below is GBPUSD H4.

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 29 KB
Indentify > Plan > Accept > Execute
  • #313
  • Apr 25, 2016 3:07pm Apr 25, 2016 3:07pm
Quoting wizlon32
Why do you hate to say that I was correct? lol just kidding. We're all on the same side and I hope I didn't upset ChicagoRob as that certainly wasn't my intention. Below is GBPUSD H4. {image}
You're right, wizlon32: we're all on the same side. I'm looking at gbpusd H4, also.

I have to say that I'm having great success with Wolfe Waves: high profit factor and very low DD. As soon as I get
some more trades under my belt, I'll post my results. We should "walk-the-walk," right?
  • #314
  • Apr 25, 2016 3:14pm Apr 25, 2016 3:14pm
wizlon32, I see you are using divergence as part of your arsenal.
  • #315
  • Apr 25, 2016 3:46pm Apr 25, 2016 3:46pm
Quoting wizlon32
Why do you hate to say that I was correct? lol just kidding. We're all on the same side and I hope I didn't upset ChicagoRob as that certainly wasn't my intention. Below is GBPUSD H4. {image}
Well you see it is a delicate situation. I have a Brit (Wizlon) on one side and an American on the other (ChicagoRob) and a Canadian (me) in the middle - it goes all the way back to the Boston Tea party and the war of 1812. Besides, I have to be nice to Americans in case we get an influx of Trump refugees ( there is already a huge spike in immigration inquiries from the USA at Canadian immigration).
  • #316
  • Apr 25, 2016 5:07pm Apr 25, 2016 5:07pm
Quoting profitkeeper
{quote} Well you see it is a delicate situation. I have a Brit (Wizlon) on one side and an American on the other (ChicagoRob) and a Canadian (me) in the middle - it goes all the way back to the Boston Tea party and the war of 1812. Besides, I have to be nice to Americans in case we get an influx of Trump refugees ( there is already a huge spike in immigration inquiries from the USA at Canadian immigration).
Ah I see. My old regiment (KORBR) was was a descendant Regiment of the 4th of foot which had a part in all that. I believe there is / was also an affiliated Canadian Regiment - The Kings Own Calgary Regiment.
Indentify > Plan > Accept > Execute
  • #317
  • Apr 25, 2016 9:22pm Apr 25, 2016 9:22pm
That CTRP stock trade, which the signal service said buy and Wolfe Wave showed a sell, is already down 3.8% if anyone actually took that short trade.
  • #318
  • Apr 25, 2016 9:49pm Apr 25, 2016 9:49pm
Hi Profitkeeper,

Can you tell me what charts you use to trade stocks, as you just mentioned? Thanks.
  • #319
  • Apr 25, 2016 10:06pm Apr 25, 2016 10:06pm
Quoting marlaust
Hi Profitkeeper, Can you tell me what charts you use to trade stocks, as you just mentioned? Thanks.
Sure, I use StockCharts.com for analysis, and the broker's platform for placing the trades.
  • #320
  • Apr 25, 2016 10:27pm Apr 25, 2016 10:27pm
Thanks -
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