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Wolfe Waves - Get in the Zone

  • #181
  • Mar 7, 2017 9:17am Mar 7, 2017 9:17am
Once a valid WW is formed what situations can invalidate it? TY
  • #182
  • Edited 10:16am Mar 7, 2017 9:52am | Edited 10:16am
Quoting biganc
Expo33, Would you give me a synopsis of the process you go through finding you WW setups. Do you have multiple charts open on you MT4? Do you start with one time frame and move to a larger or smaller time frame based on what you observe? How many pairs do you concentrate on? Periodically do you open up each chart to observe the potential WW formation? I know I have asked alot. I am just trying to get an understanding how to find the setups. Thank you. Alan
Edit: Sorry, I missed that you wanted Expo's way of finding them. Feel free to read mine below!

Sure. If using the uploaded ZigZag indicator, the first step is to look for channel-like structures with converging trendlines (looking like the drawn images in the first post). If you find them, see if they fit the rules in the first post (for instance for a bearish setup the lower trendline needs to be steeper). Then map out the b-c line, fibonacci extension and the ABCD pattern to find the sweetzone. It's all in the first post.

The timeframe doesn't matter, we are only learning the pattern here. When finding the pattern we do not need to have multiple charts open either. I have two lists of pairs that I get lower spread on from my broker, and so they are better when trading 5-15 min patterns. For 30-min plus I scan almost all pairs (with all I mean the major crosses, it's about 20). I do this when I have time, about 2-4 times a day. It only takes a couple of minutes.

When we have found the setups we can start look at other things to filter them. We can look at different timeframes, RSI, divergence, trend, pretty much anything that gives us better confidence in the setup. Google "Forex Confluence" if you are not sure what I am talking about.

When I have found a proper setup I set an alarm just above the sweetzone so that I don't have to watch the pair every minute.

That's about it, good luck
  • #183
  • Edited 2:50pm Mar 7, 2017 10:01am | Edited 2:50pm
Quoting Rgo
Once a valid WW is formed what situations can invalidate it? TY
Edit: The way we want to trade the Wolfe Wave here is that the trade is not valid until we hit the Sweet zone. Just the Wolfe Wave is valid as long as the D breaks outside of the X-B trendline.

A WW is not really valid until we hit the sweet zone. If this zone is hit, it can only invalidate by moving too far from the wave (channel), hitting the stoploss (This means that it was more of a breakout than a fakeout).

If you mean before the sweetzone is hit, anything that invalidates the structure is invalidating the wave, for instance if price takes too long from wave A to B, or from C to D (meaning that there is no symmetry in the AB=CD pattern), if price is generally whipsawing so no clear wave can be seen (remember to not force the setups) or if it breaks any of the trendlines (an example is in the picture below.)

Take care!
Attached Image (click to enlarge)
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  • #184
  • Mar 7, 2017 10:51am Mar 7, 2017 10:51am
Quoting Krossaren96
{quote} Hi Sailingboat. Please read the first post of the thread and mark out the sweetzone on your charts using the projected A-C line, the fibonacci expansion and the ABCD pattern, thanks!
AUDCHF 4H
Attached Image (click to enlarge)
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Do you mean that the WW ist not valid till the price reaches the sweet zone? What about if the price touches the BD-Line somewhere without reaching the sweet zone?
  • #185
  • Mar 7, 2017 1:23pm Mar 7, 2017 1:23pm
Quoting CrocodileRex
nzd/usd setup {image}
Was tracking the same trade and now it has been triggered. Good luck

NZD/USD 30MIN CWW
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Pride always comes before destruction.... -Proverbs 16:18
  • #186
  • Mar 7, 2017 1:30pm Mar 7, 2017 1:30pm
Quoting dublo144
Awesome thread guys. I have been following for a couple of days, but just signed up to participate. I have a question though. Do price have to enter the sweet zone in order to present an entry? What if price bounces on the top of the sweet zone? For instance in the setup attached below. Btw, please do tell if the setup is off. {image}
Hi Dublo,

If price bounces before entering the sweet zone it is still a valid Wolfe wave. You could enter on the TDI cross.

You're set up is perfect with nice symmetry too!
Pride always comes before destruction.... -Proverbs 16:18
  • #187
  • Mar 7, 2017 1:38pm Mar 7, 2017 1:38pm
Hell Expo33, just referring your first post WWs with extremely steep angles tend to reverse at the 200 to 261 fib extensions
This one looks like very steep. What do you think? Is it wise to wait till the price reachs fib200?



NZDJPY 1H

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2017-03-07 22.35.03.png Size: 22 KB
  • #188
  • Mar 7, 2017 1:43pm Mar 7, 2017 1:43pm
Quoting biganc
Expo33, Would you give me a synopsis of the process you go through finding you WW setups. Do you have multiple charts open on you MT4? Do you start with one time frame and move to a larger or smaller time frame based on what you observe? How many pairs do you concentrate on? Periodically do you open up each chart to observe the potential WW formation? I know I have asked alot. I am just trying to get an understanding how to find the setups. Thank you. Alan
Any pair and any time frame from 5 minutes to weekly.

Every day I start fresh. The only charts I leave up from the previous day are those that are still valid Wolfe waves that are still developing in the D leg.

I start with the majors and work my way through the list. A quick glance at the higher time frames and on down through the lower time frames. Since I do this every day I usually can skip many of the higher time frames because I already know there isn't any potential set up.

Generally speaking throughout the day you will be looking for hourly, 30 minute, 15 minute, and 5 minute set ups. The 4H and up set ups take so much longer you just need to map it once and monitor t for days or possibly weeks.

A good exercise is to pull up any pair and scroll thru a lower time frame as far back as you can and look for WWs and map them out. Just to see where the reversal happened and what the final result was.

Feel free to post any set ups you think are valid and we would be happy to check them out for you.

Cheers
Pride always comes before destruction.... -Proverbs 16:18
  • #189
  • Mar 7, 2017 1:50pm Mar 7, 2017 1:50pm
Quoting Krossaren96
{quote} A WW is not really valid until we hit the sweet zone. If this zone is hit, it can only invalidate by moving too far from the wave (channel), hitting the stoploss (This means that it was more of a breakout than a fakeout). If you mean before the sweetzone is hit, anything that invalidates the structure is invalidating the wave, for instance if price takes too long from wave A to B, or from C to D (meaning that there is no symmetry in the AB=CD pattern), if price is generally whipsawing so no clear wave can be seen (remember to not force the...
Nice chart mate.

Actually the wave doesn't have to enter the sweet zone to be valid. Here is a chart from Bill Wolfe's web site showing CWW that doesn't actually enter the sweet. straight from the founder himself

http://www.wolfewave.com/an_illustra..._the_rules.htm
Pride always comes before destruction.... -Proverbs 16:18
  • #190
  • Mar 7, 2017 2:04pm Mar 7, 2017 2:04pm
Quoting sailingboat
Hell Expo33, just referring your first post WWs with extremely steep angles tend to reverse at the 200 to 261 fib extensions This one looks like very steep. What do you think? Is it wise to wait till the price reachs fib200? NZDJPY 1H {image}
The AB=CD is right there at 79.26 I would either be in now with SL below the 200FIB, or since liquidity is very low this time of day you could monitor and wait for a TDI cross on the 30 minute time frame.

My spread on Oanda at the moment is 10 pips. Every day at around 2pm PST in the US spreads on minor pairs is pretty big for 30 minutes or so. I don't know how it is with your broker, but something to consider.
Pride always comes before destruction.... -Proverbs 16:18
  • #191
  • Mar 7, 2017 2:29pm Mar 7, 2017 2:29pm
Quoting Expo33
{quote} The AB=CD is right there at 79.26 I would either be in now with SL below the 200FIB, or since liquidity is very low this time of day you could monitor and wait for a TDI cross on the 30 minute time frame. My spread on Oanda at the moment is 10 pips. Every day at around 2pm PST in the US spreads on minor pairs is pretty big for 30 minutes or so. I don't know how it is with your broker, but something to consider.
Thanks, Expor33. I enjoy this forum. Things start to bee clear slowly. Especially combing WW with Fib. I appreciate your great effort to make this tread very active. I would like also to thank Krossaren96 for his excellent Kontribution.
  • #192
  • Mar 7, 2017 2:38pm Mar 7, 2017 2:38pm
Quoting Expo33
{quote} Was tracking the same trade and now it has been triggered. Good luck NZD/USD 30MIN CWW {image}
nzd/jpy is actually the same thing but i dont want to risk double on same currency pairs of nzd.

BTW, i'm seeing strong resistance on nzd/usd at 0.6990. Will exit all there.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: NZDUSDM15 3-8.png Size: 61 KB
  • #193
  • Edited 6:28pm Mar 7, 2017 2:40pm | Edited 6:28pm
Quoting sailingboat
{quote} Thanks, Expor33. I enjoy this forum. Things start to bee clear slowly. Especially combing WW with Fib. I appreciate your great effort to make this tread very active. I would like also to thank Krossaren96 for his excellent Kontribution.
You're welcome.

We appreciate you being here as well. This thread is meant to be interactive and personal. We are all in this together, just trying to sharpen each other's skills. New ideas and filters emerge through the sharing of knowledge and ideas

Cheers

PS. Looks like the TDI crossed on the NZD/JPY 30 minute, keeping an eye on the hourly now
Pride always comes before destruction.... -Proverbs 16:18
  • #194
  • Mar 7, 2017 2:43pm Mar 7, 2017 2:43pm
Quoting CrocodileRex
{quote} nzd/jpy is actually the same thing but i dont want to risk double on same currency pairs of nzd. BTW, i'm seeing strong resistance on nzd/usd at 0.6990. Will exit all there. {image} {image}
Good way of thinking mate.
Pride always comes before destruction.... -Proverbs 16:18
  • #195
  • Mar 7, 2017 2:54pm Mar 7, 2017 2:54pm
Quoting Expo33
{quote} Nice chart mate. Actually the wave doesn't have to enter the sweet zone to be valid. Here is a chart from Bill Wolfe's web site showing CWW that doesn't actually enter the sweet. straight from the founder himself http://www.wolfewave.com/an_illustra..._the_rules.htm
I stand corrected, I added this line to my post: Edit: The way we want to trade the Wolfe Wave here is that the trade is not valid until we hit the Sweet zone. Just the Wolfe Wave is valid as long as the D breaks outside of the X-B trendline.

So future readers don't get confused.
  • #196
  • Mar 7, 2017 2:59pm Mar 7, 2017 2:59pm
A setup looking good: The 30-min NZDUSD chart that was shared by CrocodileRex, having nice trendline confluence, divergence and uptrend on the daily. I'm Long if the TDI crosses up on the 30-min!

Edit: Triggered Long
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  • #197
  • Mar 7, 2017 3:02pm Mar 7, 2017 3:02pm
Quoting Expo33
{quote} You're welcome. We appreciate you being here as well. This thread is meant to be interactive and personal. We are all in this together, just trying to sharpen each others skills. New ideas and filters emerge through the sharing of knowledge and ideas Cheers PS. Looks like the TDI crossed on the NZD/JPY 30 minute, keeping an eye on the hourly now
JPY GDP coming out in a couple of hours, be safe mate!
  • #198
  • Mar 7, 2017 3:04pm Mar 7, 2017 3:04pm
Quoting sailingboat
{quote} Thanks, Expor33. I enjoy this forum. Things start to bee clear slowly. Especially combing WW with Fib. I appreciate your great effort to make this tread very active. I would like also to thank Krossaren96 for his excellent Kontribution.
Thank you very much mate. For me engaging and helping (with what I know) is developing my WW skills as well. Keep up the good work!
  • #199
  • Mar 7, 2017 3:13pm Mar 7, 2017 3:13pm
Quoting Expo33
{quote} Was tracking the same trade and now it has been triggered. Good luck NZD/USD 30MIN CWW {image}
Hello again,

I want to ask you why it looks so diferent the same template and same settings in NZDUSD M30 Chart?? Or do you use diferent settings here in M30??


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thank you in advance, you are a great helper!
TONI
  • #200
  • Mar 7, 2017 3:38pm Mar 7, 2017 3:38pm
Quoting forexdaist
{quote} Hello again, I want to ask you why it looks so diferent the same template and same settings in NZDUSD M30 Chart?? Or do you use diferent settings here in M30?? {image} thank you in advance, you are a great helper! TONI
He sometimes changes the settings to fit the waves better. Try changing the ExtDepth setting to different values and see if you find the correct one. If that doesn't work I am sure he will answer as soon as he comes back online.
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