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Wolfe Waves - Get in the Zone

  • #81
  • Mar 5, 2017 5:56pm Mar 5, 2017 5:56pm
Expo,

What is the smallest time frame you are comfortable working with?
  • #82
  • Mar 5, 2017 6:28pm Mar 5, 2017 6:28pm
New setup for CAD/JPY 15minute
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  • #83
  • Mar 5, 2017 6:55pm Mar 5, 2017 6:55pm
Quoting mario777
{quote} frx, i dont see any AB=CD in your charts. Its the rule i think.
Mario. You catch me. I relax the rules a bit. See how it goes. It's not perfect WW. Thank you for reminding me.
  • #84
  • Mar 5, 2017 8:36pm Mar 5, 2017 8:36pm
Quoting biganc
Expo, What is the smallest time frame you are comfortable workings with?
I usually stick with 15 minutes and up but will do 5 minutes depending on the pair and the time of day. I don't want to get into a trade on the 5 minute TF during low liquidity, especially with some of the more exotic pairs with bigger spreads
Pride always comes before destruction.... -Proverbs 16:18
  • #85
  • Mar 5, 2017 8:39pm Mar 5, 2017 8:39pm
Quoting biganc
New setup for CAD/JPY 15minute {image}
I don't see a WW here, more like a head and shoulders that has broken the neck line
Pride always comes before destruction.... -Proverbs 16:18
  • #86
  • Mar 5, 2017 8:41pm Mar 5, 2017 8:41pm
Quoting biganc
New setup for CAD/JPY 15minute {image}
nice if you catch some pips but are you seeing ab=cd ?! or any symetrie or xb ac convergence ?
We probably need to focus more on the op rules as we are beginners with WW imho.
Regards
Ockham
There is no way to happiness , happiness is the way.
  • #87
  • Edited 9:06pm Mar 5, 2017 8:45pm | Edited 9:06pm
Quoting mario777
{quote} frx, i dont see any AB=CD in your charts. Its the rule i think.
AB=CD is not 100% necessary for entry. It is always good to know where that level is, especially for waves that have steep angles.

If you are unsure about entry, the completion level is potentially a good spot, especially if there is confluence with previous S/R, fibos, 200EMA, etc

Also, it is important to note that most traders that trade reversal patterns of any kind tend to wait for confirmation and don't enter until a reversal candle has completed. Perfectly acceptable. Entries are subjective and will vary from trader to trader based on their risk tolerance, personality, and trading style.

The one thing that's generally ALWAYS true is that entry takes place inside the "sweet" zone.
Pride always comes before destruction.... -Proverbs 16:18
  • #88
  • Mar 5, 2017 9:28pm Mar 5, 2017 9:28pm
Quoting Expo33
{quote} I don't see a WW here, more like a head and shoulders that has broken the neck line
Thanks for your input. New at this and trying to get the hang of it.
  • #89
  • Mar 6, 2017 12:05am Mar 6, 2017 12:05am
Quoting biganc
{quote} Thanks for your input. New at this and trying to get the hang of it.
You're welcome.

Just refer to the diagram in post #1 and keep practicing, posting., and asking asking questions. Eventually you will recognize the wave with ease. Then you're only challenge will be entry, exit, and of course risk management
Pride always comes before destruction.... -Proverbs 16:18
  • #90
  • Mar 6, 2017 1:07am Mar 6, 2017 1:07am
I tried backtest the method but I was able to find only few setups which are, according to the rules even wrong...am I missing something?

These entries have no convergence
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and these have convergence but B lower than X
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  • #91
  • Mar 6, 2017 1:08am Mar 6, 2017 1:08am
that doesnt seem WW.there is expanding channel.
  • #92
  • Mar 6, 2017 1:19am Mar 6, 2017 1:19am
Quoting Welcrazy
I tried backtest the method but I was able to find only few setups which are, according to the rules even wrong...am I missing something? These entries have no convergence {image} {image} {image} and these have convergence but B lower than X {image} {image}
I don't see WW in any charts. You should see the rules again. Some rules are important.
  • #93
  • Edited 1:39am Mar 6, 2017 1:25am | Edited 1:39am
Quoting Welcrazy
I tried backtest the method but I was able to find only few setups which are, according to the rules even wrong...am I missing something? {image}
Waves #2 and #5 that you posted don't fit any wave we will be studying here.

Waves #1 and #3 do not fit the requirements of a Classic Wolfe wave (CWW), because lines XB and AC don't converge.

Ironically, #1 and #3 are what I call an "Anti" Wolfe wave (AWW) that I kind of made up during my study period. In my first post I mentioned that we might discuss this type of wave after getting a good grasp on the classic wave. I just didn't want traders to get confused. I would of actually traded your set up as a valid Anti Wolfe wave (AWW).

Three differences that the Anti Wolfe wave exhibit:

1) Lines XB and AC do NOT converge
2) Price rarely gets to far into the "anti" sweet zone, if you will, just because of the "expanding" nature of the wave.
3) Because of difference 2, the entry generally takes place very near the AB=CD completion and very near to the parallel extension line.

Wave #4 is actually a Parallel Wolfe wave (PWW) which we haven't discussed yet either. Line XB is horizontal which is what defines the parallel wave

By the way, THANK YOU for using the template and for marking out the points so clearly. It makes the discussion so much easier for everyone involved, especially me.

Cheers

Here is an Anti wave example that I had saved for a discussion at a later date. Note how is looks almost exactly like yours. it also shows a classic wave developing near the TP zone as a good indicator for exit
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Pride always comes before destruction.... -Proverbs 16:18
  • #94
  • Mar 6, 2017 1:38am Mar 6, 2017 1:38am
GBPNZD, 6 min Today. Wow, WW is unbelievable.
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  • #95
  • Mar 6, 2017 1:47am Mar 6, 2017 1:47am
Quoting frx_trader
GBPNZD, 6 min Today. Wow, WW is unbelievable. {image}
I'm just not seeing it mate.

I'm glad your banking pips but I just can't see the wave you're trading. Could you at least mark the starting point with an "X"

And the 6 minute chart, well, as the young kids say these days, that's just off the hook!
Pride always comes before destruction.... -Proverbs 16:18
  • #96
  • Mar 6, 2017 2:06am Mar 6, 2017 2:06am
Quoting Expo33
{quote} I'm just not seeing it mate. I'm glad your banking pips but I just can't see the wave you're trading. Could you at least mark the starting point with an "X" And the 6 minute chart, well, as the young kids say these days, that's just off the hook!
I redraw it. Here it is. That's the setup I use. I don't know if it's a classic WW or not. But it works ok for me. Yeah, not all pips, but 40 pips TP.

I will extend my TP when I develop confident in WW. Thanks.
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  • #97
  • Mar 6, 2017 2:11am Mar 6, 2017 2:11am
Quoting frx_trader
{quote} I redraw it. Here it is. That's the setup I use. I don't know if it's a classic WW or not. But it works ok for me. Yeah, not all pips, but 40 pips TP. I will extend my TP when I develop confident in WW. Thanks. {image}
XB AND AC don't converge so not a CWW

With all due respect, it would be helpful and less confusing for all who are involved if you would please stick to the CWW. We are trying to master the CWW structure first and foremost.
Pride always comes before destruction.... -Proverbs 16:18
  • #98
  • Mar 6, 2017 2:14am Mar 6, 2017 2:14am
Not much on the radar yet for this week but i am tracking this one. Pretty flat structure but decent symmetry so far. Myabe London can get this completed for an entry. If not, throw it in the scrap pile and look for others possibilities.

GBP/AUD 30MIN CWW
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UPDATE: Wave structure invalidated 7 minutes after posting, moving right along
Pride always comes before destruction.... -Proverbs 16:18
  • #99
  • Mar 6, 2017 2:59am Mar 6, 2017 2:59am
Quoting heispark
PZ Wolfwave {file} https://youtu.be/cGxuiq3-hfU
thanks to share pz wolfwave.do you have 2nd indicator like macd ?
Say something meaningful or Silence!!
  • #100
  • Mar 6, 2017 3:48am Mar 6, 2017 3:48am
Wolfe Wave setup on USDCAD 60 min:
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