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Wolfe Waves - Get in the Zone

  • #281
  • Mar 10, 2017 12:42am Mar 10, 2017 12:42am
Better not to trade before NFP. High volatility and stop lost hunting.
  • #282
  • Mar 10, 2017 1:23am Mar 10, 2017 1:23am
Quoting CrocodileRex
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. {image}
Thanks. Yea, the symmetry isn't that pleasant.

This trade is more about the previous S/R. This is the dragon, an explosive pair, so don't want to enter to early. My thinking was scale in 10 pips shy of the AB=CD. Bulls will be targeting 140.73. My soldiers are lined up from 140.36 to completion at 140.46 and are ready to do battle!

All 3 positions are now filled. As the young kids say these days, I say to the dragon....."come at me bro"
Pride always comes before destruction.... -Proverbs 16:18
  • #283
  • Mar 10, 2017 1:24am Mar 10, 2017 1:24am
Quoting Velikov
Just found this Wolfe on 233 tick chart. {image}
Nice. As we say around here, we are only constrained by our imagination. If the tick chart works for you, then have at it and trade safe
Pride always comes before destruction.... -Proverbs 16:18
  • #284
  • Mar 10, 2017 1:27am Mar 10, 2017 1:27am
Quoting frx_trader
Better not to trade before NFP. High volatility and stop lost hunting.
Certainly on smaller time frames that is true.

However if we have a 4h or daily set up on leg D, the NFP might just be the catalyst that gets our positions filled. But true also is having no position also a position.
Pride always comes before destruction.... -Proverbs 16:18
  • #285
  • Mar 10, 2017 1:46am Mar 10, 2017 1:46am
UKX H4 - a setup to stalk. The premise would be a strong rejection of the all time high at a confluence of measured move targets based on higher time frame charts. Indeed, if the move ensues then it could be the start of something much, much bigger....
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  • #286
  • Mar 10, 2017 2:20am Mar 10, 2017 2:20am
Quoting salamanda74
UKX H4 - a setup to stalk. The premise would be a strong rejection of the all time high at a confluence of measured move targets based on higher time frame charts. Indeed, if the move ensues then it could be the start of something much, much bigger.... {image}
Looks like it has potential.

Just as a housekeeping detail, this wave doesn't converge so not a "classic" Wolfe wave but fits what I call the "anti" Wolfe wave, fancy way of saying lines XB and AC don't converge.

Thanks for posting, will track this.

Cheers
Pride always comes before destruction.... -Proverbs 16:18
  • #287
  • Mar 10, 2017 3:59am Mar 10, 2017 3:59am
GBP/NZD H1
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  • #288
  • Mar 10, 2017 4:29am Mar 10, 2017 4:29am
EUR/NZD M30
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  • #289
  • Mar 10, 2017 5:43am Mar 10, 2017 5:43am
Quoting mnopq
GBP/NZD H1 {image}
Without any comments or explanation, I don't understand your entry strategy. Clearly both are far beyond the AB=CD level. Care to let us in on your strategy?
Pride always comes before destruction.... -Proverbs 16:18
  • #290
  • Mar 10, 2017 6:56am Mar 10, 2017 6:56am
Here's a nice one i took earlier. Sorry i didn't post the setup earlier. 10 pips to the pip.

This might be a anti wolfe wave as you called it or a very parallel one but well, i gues i am fine with whatever makes me the dough.

Also, for those who are still having a hard time to find the wolfe waves formation, i recommend this pacman setup with two open mouths like the picture. It's easier to spot like this. Draw the remaining lines after.
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  • #291
  • Mar 10, 2017 9:06am Mar 10, 2017 9:06am
USDCHF H4 - Maybe. I'm not totally convinced, but then again I detest trading Swissy. What #I would say is that on Thursday 16th, the bears had a sell the close bear trend and the market has not been back to test the close of the bar around 9970 so that would be a magnet in my view and, therefore, ammunition for the case for a bear move at some point....
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  • #292
  • Mar 10, 2017 9:31am Mar 10, 2017 9:31am
[quote=salamanda74;9651075]USDCHF H4 - Maybe. I'm not totally convinced, but then again I detest trading Swissy. What #I would say is that on Thursday 16th, the bears had a sell the close bear trend and the market has not been back to test the close of the bar around 9970 so that would be a magnet in my view and, therefore, ammunition for the case for a bear move at some point.... {image}[/quote

USD/CHF H4
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  • #293
  • Mar 10, 2017 10:37am Mar 10, 2017 10:37am
Quoting CrocodileRex
Here's a nice one i took earlier. Sorry i didn't post the setup earlier. 10 pips to the pip. This might be a anti wolfe wave as you called it or a very parallel one but well, i gues i am fine with whatever makes me the dough. Also, for those who are still having a hard time to find the wolfe waves formation, i recommend this pacman setup with two open mouths like the picture. It's easier to spot like this. Draw the remaining lines after. {image}
Interesting way of thinking about it! Another way, without having to draw lines is to visualise a stairs type pattern. These patterns generally occur after the strong phase of a trend; when a 'broad channel' has established - it will all depend on your time frame as to what 'broad' means. At any rate, it would be a weaker stage of a trend. So for a weak bull trend / broad bull channel after every high, the bears are shorting and able to make money by taking the market back down below the prior major high. As the bulls get weaker and the bears get stronger, the pullbacks get deeper and that is the harbinger of a bear move as eventually the bulls will run out of steam. So I see that as the driver for the change in trend. The Wolffe wave pattern, for me, is interesting, but I don't actually trade it - it's fun to find the patterns though! The other factors (bull / bear pressure) are what I feel are more important to get a grasp of.
  • #294
  • Mar 10, 2017 11:13am Mar 10, 2017 11:13am
Quoting Expo33
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 {image} 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...
After a lackluster week, I finally got the home rune type trade.

I didn't notice it when I posted it, but my this 15 minute GJ WW also had a larger WW on the hourly, both completing nearly to the pip at 140.46. As stated initially, major previous S/R at that level. Loaded up 5 positions total and have taken 80 pips each from the first 3 and will let the last 2 run into next week.

Interesting to note: On the GBP?JPY thread the experts for this pair were focused on the 140.7 as the next resistance but the power of the Wolfe strikes again!

GBP/JPY 1H CWW UPDATE
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Pride always comes before destruction.... -Proverbs 16:18
  • #295
  • Edited 1:59pm Mar 10, 2017 11:26am | Edited 1:59pm
To all of the traders that have stopped by this thread: Thanks for all of the posts this week!

I am going to start a demo on my FxChoice account where all of the trades are exclusively Wolfe wave set ups. Even though only a demo, it would be a good way to track the potential of this strategy, and a good way to build some confidence without risking any real money.

Anyone else interested, maybe give it a try if you want. Demo super hero bragging rights on the line. I'll set one up with 10,000 using 1% max risk per trade (meaning that's the total for all positions for each particular set up) with 200:1 leverage. A good broker to do it with too. They use the New York closing candles and have unlimited demo time.

Have a great weekend everyone!
Pride always comes before destruction.... -Proverbs 16:18
  • #296
  • Mar 11, 2017 2:54am Mar 11, 2017 2:54am
Quoting Expo33
{quote} 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...
Yes, we can learn if we have a good teacher. Non AB=CD wolfe waves
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  • #297
  • Mar 11, 2017 5:12am Mar 11, 2017 5:12am
Quoting shagrz
{quote} true dat, i have it as a wave 6 in progress
euro.. had to wait 1 more swing from original plan. but yes it worked, clean wave 6
  • #298
  • Mar 11, 2017 1:51pm Mar 11, 2017 1:51pm
Quoting mnopq
{quote} Yes, we can learn if we have a good teacher. Non AB=CD wolfe waves {image}
Yes, AB=CD is not a requirement for WW or for entry. My point was, I didn't see any explanation for your entry point and was curious as to how you decide when you are going to enter the trade. After all, the D leg can go on indefintely
Pride always comes before destruction.... -Proverbs 16:18
  • #299
  • Mar 12, 2017 3:57am Mar 12, 2017 3:57am
Hope everyone had a nice weekend.

Just some thoughts going forward:

1) Patience - It may be cliche, but let the trade come to you. Considering all of the pairs, not to mention all of the smaller time frames, we could easily find 100 WWs in a week. BUT, we only need a couple of good trades a week to make consistent pips.

2) Dangerous trades - Big news, small time frames, low liquidity. We just have to pass on these WWs

3) Filters - When we were kids we knew the guy smoking the non filter Camel cigarette was a rebel. Why? Because we knew it was more dangerous to his health. Same in trading. If we don't have confluence with filters, then we don't have the necessary edge.

Speaking of filters, I spent my extra time this weekend going over about 100 completed WWs. I slapped a pitchfork on the last swing up to the D leg and found this to have great potential as another filter for entry. Especially for steep waves and higher time frames where entry can be difficult. Coupled with our other filters, this could be very powerful.

Cherry picked of course but just to show the idea:

CHF/JPY DAILY CWW - PITCHFORK FILTER
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Pride always comes before destruction.... -Proverbs 16:18
  • #300
  • Mar 12, 2017 7:01am Mar 12, 2017 7:01am
EURUSD 4H

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