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Wolfe Waves - Get in the Zone

  • #261
  • Edited 7:46am Mar 9, 2017 7:29am | Edited 7:46am
Quoting frx_trader
Followed EurAud post with loses up to 80 pips. Finally cut my lost of only 20 pips.
Glad you only lost 20 pips. Just curious why you'd be down 80 pips on a 15 time frame. My SL was 15 pips or so.

Also, that trade initially was 20 pips in the green. For such a small time frame, I usually move my SLs to BE and take the free trade looking for the home run. Price rarely just blows through the sweet zone without looking back. There is almost always resistance and more often then not a reaction in the zone.

Anyways, I post the trades I'm getting into just as an illustration of how I go about trading the WWs. I hope everyone does their due diligence and develops a strategy that fits their personality and risk profile.

Cheers
Pride always comes before destruction.... -Proverbs 16:18
  • #262
  • Mar 9, 2017 7:32am Mar 9, 2017 7:32am
Quoting GreenEarth
Any current EWCharts for USD/CAD ? A previous chart was invalidated with the break higher. ADP Employment figures out of the US on Wednesday were highly suspicious to me. I see a big revision coming to this number , wouldn't be the first time. Regards,
I'm assuming you mean Elliot waves? I don't have the knowledge to plot EWs, only Wolfe waves. At the moment, no Wolfe waves in development for UCAD.
Pride always comes before destruction.... -Proverbs 16:18
  • #263
  • Mar 9, 2017 7:39am Mar 9, 2017 7:39am
Quoting salamanda74
{quote} I refer you to my post yesterday (EURJPY H4) - sorry no chart, but it takes so long for my messages to appear. I've attached a pdf of my chart which does not conform to your template but you should get the idea... {image}
Great trade mate! That is the home run trade we dream about. Big time frame, big pips!

Are you having computer issues because I always read every post, but I noticed your posts appear well after I have read through the latests posts.
Pride always comes before destruction.... -Proverbs 16:18
  • #264
  • Mar 9, 2017 7:58am Mar 9, 2017 7:58am
interesting and subscribed
  • #265
  • Mar 9, 2017 7:59am Mar 9, 2017 7:59am
Quoting Expo33
{quote} I'm assuming you mean Elliot waves? I don't have the knowledge to plot EWs, only Wolfe waves. At the moment, no Wolfe waves in development for UCAD.
Let's see:
Attached Image (click to enlarge)
Click to Enlarge Name: USDCADH1.png Size: 25 KB
  • #266
  • Mar 9, 2017 8:12am Mar 9, 2017 8:12am
Quoting Expo33
{quote} Great trade mate! That is the home run trade we dream about. Big time frame, big pips! Are you having computer issues because I always read every post, but I noticed your posts appear well after I have read through the latest posts.
Hi, thanks I did try to point it out when I saw the good trade, but my posts get directed to 'manual moderation' to ensure they are fit for consumption! Maybe one has to have x posts (?) before one is trusted...
Hey ho. Hope you managed to catch some of the move
  • #267
  • Mar 9, 2017 9:19am Mar 9, 2017 9:19am
both nzd/jpy and chf/jpy missed my entry by 1 pip. Meh, talk about bad luck. Well, on to the next one!

I have aud/chf and aud/nzd on limits now.
  • #268
  • Mar 9, 2017 9:34am Mar 9, 2017 9:34am
Quoting Expo33
{quote} Glad you only lost 20 pips. Just curious why you'd be down 80 pips on a 15 time frame. My SL was 15 pips or so. Also, that trade initially was 20 pips in the green. For such a small time frame, I usually move my SLs to BE and take the free trade looking for the home run. Price rarely just blows through the sweet zone without looking back. There is almost always resistance and more often then not a reaction in the zone. Anyways, I post the trades I'm getting into just as an illustration of how I go about trading the WWs. I hope everyone does...
I let it run. It's ok 20 pips. I have other trades in GU and EU that are profit. In the end, I still end up in green.
  • #269
  • Mar 9, 2017 12:55pm Mar 9, 2017 12:55pm
Thankyou EXPO33 and MNOPQ. Very much appreciated.

Cheers ,

GreenEarth
"Define the risk OUT of your trade"--Mark Douglas
  • #270
  • Mar 9, 2017 5:27pm Mar 9, 2017 5:27pm
USDJPY 15 min, not the best setup due to symmetry but it bounced perfectly off of the 161.8 fib so I'm in when the TDI crosses.
Attached Image (click to enlarge)
Click to Enlarge Name: Skärmavbild 2017-03-10 kl. 00.23.55.png Size: 183 KB
  • #271
  • Edited 5:48pm Mar 9, 2017 5:31pm | Edited 5:48pm
AUDJPY 5 min quick, very nice setup:

I'm short when the TDI crosses down!

Update: Triggered short

Update 2: Stopped out
Attached Image (click to enlarge)
Click to Enlarge Name: Skärmavbild 2017-03-10 kl. 00.31.00.png Size: 186 KB
  • #272
  • Mar 9, 2017 7:40pm Mar 9, 2017 7:40pm
Quoting mnopq
{quote} Let's see: {image}
Not sure what your point is, maybe just showing a failed Wolfe wave?

Anyways, we can learn a lot by looking at failed WWs. For instance on this particular WW note:

1) The AB=CD completion level is 13 pips above the previous 2 month high, so taking this trade is potentially trading against a significant breakout level.

2) After the ABCD level was barely hit, if you look at the lower time frame, price initially bounced back down, as it so often does, to about 17 pips in the green. That's why I like to take at least 1/3 of my position off the table in profit and move the SLs to BE for the remaining 2/3's. Gives you a guaranteed small win with the potential for a home run. Otherwise, as was the case here, price reversed back up and blew out the original SLs and you incur the full value loss of the initial trade.

3) From a fundamental perspective, a different animal altogether, commodity prices, especially oil, have been selling off recently so going against that trend (i.e. shorting UCAD) is risky business

USD/CAD 1H FAILED CWW
Attached Image (click to enlarge)
Click to Enlarge Name: UCAD1H.png Size: 68 KB
Pride always comes before destruction.... -Proverbs 16:18
  • #273
  • Mar 9, 2017 7:47pm Mar 9, 2017 7:47pm
Quoting salamanda74
{quote} Hi, thanks I did try to point it out when I saw the good trade, but my posts get directed to 'manual moderation' to ensure they are fit for consumption! Maybe one has to have x posts (?) before one is trusted... Hey ho. Hope you managed to catch some of the move
Yes, I think that is the case. Even though you signed up a while back. You should be able to post directly soon enough. If not, I'd send support a quick email
Pride always comes before destruction.... -Proverbs 16:18
  • #274
  • Mar 9, 2017 7:48pm Mar 9, 2017 7:48pm
Quoting CrocodileRex
both nzd/jpy and chf/jpy missed my entry by 1 pip. Meh, talk about bad luck. Well, on to the next one! I have aud/chf and aud/nzd on limits now.
It's a cruel world sometimes!
Pride always comes before destruction.... -Proverbs 16:18
  • #275
  • Mar 9, 2017 7:48pm Mar 9, 2017 7:48pm
Quoting frx_trader
{quote} I let it run. It's ok 20 pips. I have other trades in GU and EU that are profit. In the end, I still end up in green.
Good to hear!
Pride always comes before destruction.... -Proverbs 16:18
  • #276
  • Mar 9, 2017 8:01pm Mar 9, 2017 8:01pm
Quoting Krossaren96
USDJPY 15 min, not the best setup due to symmetry but it bounced perfectly off of the 161.8 fib so I'm in when the TDI crosses. {image}
Waiting for the TDI cross is a good thing here for sure. Still, you're potentially fighting against the current. Zoom out to the 1HOUR and look at what's going on at 114.94, a significant breakout area. Look where that line is on your 15 minute chart. Bulls will be looking to get long on retest of 114.94, bears getting short on a break below that level. 115.36 the next significant high
Attached Image (click to enlarge)
Click to Enlarge Name: ujih.png Size: 118 KB
Pride always comes before destruction.... -Proverbs 16:18
  • #277
  • Mar 9, 2017 8:15pm Mar 9, 2017 8:15pm
Quoting Krossaren96
AUDJPY 5 min quick, very nice setup: I'm short when the TDI crosses down! Update: Triggered short Update 2: Stopped out {image}
From the first post, beware small time frames during low liquidity
Pride always comes before destruction.... -Proverbs 16:18
  • #278
  • Mar 9, 2017 9:19pm Mar 9, 2017 9:19pm
I don't really expect this to get filled but nonetheless I wanted to share it. Also, I will scale in a bit early as it is likely there will be major supply as we get into 140.46 area, if we even make it that far

This a really good example of trying to short into the major resistance instead of trying to short after a break of major resistance.

GBP/JPY 15MIN CWW
Attached Image (click to enlarge)
Click to Enlarge Name: gj15.png Size: 75 KB


I stripped the same chart of everything but the AB=CD completion line and zoomed out on the hourly to show what I meant in my recent posts about major resistance. If the AB=CD completion line is above the major resistance and we are trying to short, then we are really playing with fire. Instead our AB=CD is exactly THE major resistance, so I am scaling in bit early. Also, we know where our SL will be. Clearly as the charts shows, if 140.46 breaks then 140.73 is pretty likely, so we can go smaller position size and bigger SL above 140.73, or what I will do is scale in early and SL will be 140.60 area.

Hopefully the chart illustrates a little better what I'm trying t say

GBP/JPY HOURLY ZOOM SHOT FOR MAJOR RESISTANCE ANALYSIS
Attached Image (click to enlarge)
Click to Enlarge Name: gj1h.png Size: 106 KB
Pride always comes before destruction.... -Proverbs 16:18
  • #279
  • Mar 9, 2017 11:22pm Mar 9, 2017 11:22pm
Just found this Wolfe on 233 tick chart.
Attached Image (click to enlarge)
Click to Enlarge Name: image.jpeg Size: 111 KB
  • #280
  • Mar 10, 2017 12:01am Mar 10, 2017 12:01am
i don't really like this formation here because i think the BC is too steep/short. Good luck anyway. Also, if i were you, i would enter at 1.618 instead of 2.0 there.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYM15 3-10.png Size: 60 KB
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