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Wolfe Waves - Get in the Zone

  • #461
  • Mar 19, 2017 11:46pm Mar 19, 2017 11:46pm
Quoting jonirrenicus
{quote} Hi, Could you pls. make change to your indicator, it will delete all objects when WW was not found. Pls. do not let it delete all objects, it will affect other indicators and manual marks... Thanks!
Thanks, good point , i hope problem has been solved for now , I am trying to complete the new version soon
Attached File(s)
File Type: ex4 parvizWolfWave.ex4   36 KB | 338 downloads
  • #462
  • Mar 19, 2017 11:55pm Mar 19, 2017 11:55pm
Quoting Expo33
{quote} I noticed that too, I thought I was hallucinating. I was positive I put a trend line on my chart but it disappeared.
For 5 years, i have wasted too much time on " trend or martingale" trading.

And this thread tells me " market is a living animal",studying the crowd psychology is the only way to win.

Now I'm finally on the right way...
No one wants to be defeated~
  • #463
  • Mar 20, 2017 12:09am Mar 20, 2017 12:09am
Quoting parviz1953
{quote} Thanks, good point , i hope problem has been solved for now , I am trying to complete the new version soon{file}
excellent working , thanks so much~

What's new in next version? Sometimes Zigzag do need manual adjustment, we can't avoid that...
No one wants to be defeated~
  • #464
  • Mar 20, 2017 12:23am Mar 20, 2017 12:23am
CWW-buy
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 76 KB
No one wants to be defeated~
  • #465
  • Mar 20, 2017 2:35am Mar 20, 2017 2:35am
[quote=jonirrenicus;9684346]{quote} For 5 years, i have wasted too much time on " trend or martingale" trading. And this thread tells me " market is a living animal",studying the crowd psychology is the only way to win. Now I'm finally on the right way...[/quote

hey dude,

I am glad you get over this martingale bs, but do not get too exited, wolf wave is a purely counter trend pattern, you will be chasing falling knives that are the most rewarding but the most difficult losses to manage.
LDFX Trading Ltd
  • #466
  • Mar 20, 2017 2:39am Mar 20, 2017 2:39am
Quoting jonirrenicus
CWW-buy {image}
Hey brother I'm trying to figure out what you're trading. I'm assuming it's just based on price action because I don't see any Wolfe wave. That's fine, I just am confused
Pride always comes before destruction.... -Proverbs 16:18
  • #467
  • Mar 20, 2017 3:02am Mar 20, 2017 3:02am
Quoting LDFX
Quoting jonirrenicus
{quote} For 5 years, i have wasted too much time on " trend or martingale" trading. And this thread tells me " market is a living animal",studying the crowd psychology is the only way to win. Now I'm finally on the right way...[/quote hey dude, I am glad you get over this martingale bs, but do not get too exited, wolf wave is a purely counter trend pattern, you will be chasing falling knives that are the most rewarding but the most difficult losses to manage.
...
Hi, I was giving this some thought over the weekend and I don't think that it is entirely true that it is purely a countertrend pattern. I suppose it depends on one's perspective. For instance, suppose we have a broad bull channel on, say, the H4 timeframe where price has come down to touch the trend line. Let's take a textbook TR / channel scenario where we are looking at a nice two legs up from the bottom to the top of the channel. The pullback in between the legs could very well have the stair-stepping pattern on a lower timeframe (say 15min) indicative of a Wolfe Wave setup on that timefreame, but to a price action trader it is merely a flag where a bull breakout towards the top of the H4 channel is expected. Therefore, although the Wolf Wave is reversing the smaller 15min trend, the trade is in the direction of the H4 trend and therefore a continuation setup and higher probability.
Or am I stating the bleeding obvious?!
  • #468
  • Mar 20, 2017 3:31am Mar 20, 2017 3:31am
FTSE (UKX) H1 (also visible on H4) - I would be very wary of this and would want to see some very strong selling before entering as this is very much countertrend.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 284 KB
  • #469
  • Mar 20, 2017 4:30am Mar 20, 2017 4:30am
Quoting salamanda74
{quote}{quote} Hi, I was giving this some thought over the weekend and I don't think that it is entirely true that it is purely a countertrend pattern. I suppose it depends on one's perspective. For instance, suppose we have a broad bull channel on, say, the H4 timeframe where price has come down to touch the trend line. Let's take a textbook TR / channel scenario where we are looking at a nice two legs up from the bottom to the top of the channel. The pullback in between the legs could very well have the stair-stepping pattern on a lower timeframe...
Easy, a wolfe wave to unfold need 3 waves that you will enter against it at the end of the third wave.

it is then a pure counter trend trading, you can still say the primary trend blabla, but 3 waves in a direction and taking the opossite side is not purely counter trend ?

you are trading against the momentum, it is what gives the strenght to the wolf wave but is also its weakness.
LDFX Trading Ltd
  • #470
  • Mar 20, 2017 4:32am Mar 20, 2017 4:32am
Quoting Expo33
{quote} Hey brother I'm trying to figure out what you're trading. I'm assuming it's just based on price action because I don't see any Wolfe wave. That's fine, I just am confused
sorry, i dont know what's wrong, pls. point out, thanks!
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 36 KB
No one wants to be defeated~
  • #471
  • Mar 20, 2017 4:39am Mar 20, 2017 4:39am
Quoting LDFX
Quoting jonirrenicus
{quote} For 5 years, i have wasted too much time on " trend or martingale" trading. And this thread tells me " market is a living animal",studying the crowd psychology is the only way to win. Now I'm finally on the right way...[/quote hey dude, I am glad you get over this martingale bs, but do not get too exited, wolf wave is a purely counter trend pattern, you will be chasing falling knives that are the most rewarding but the most difficult losses to manage.
...
Yeah, Gambling at people's SL, that's the way WW works...

Maybe we could use more patterns to find those "sweet spot"
No one wants to be defeated~
  • #472
  • Mar 20, 2017 4:56am Mar 20, 2017 4:56am
Quoting LDFX
{quote} Easy, a wolfe wave to unfold need 3 waves that you will enter against it at the end of the third wave. it is then a pure counter trend trading, you can still say the primary trend blabla, but 3 waves in a direction and taking the opossite side is not purely counter trend ? you are trading against the momentum, it is what gives the strenght to the wolf wave but is also its weakness.
I think you have completely missed the point of what I am saying.
If it was not clear, then my apologies. The way many traders enter trends is by waiting for a pullback - agreed? By definition, a pullback is a smaller trend in the opposite direction so entering the main trend again is trading counter and against the momentum of the pullback. Obviously the pullback has to be weak in relation to the trend. So, a higher probability way to trade the Wolfe Wave pattern is to identify the setup on a lower time frame during a pullback in an obvious higher time frame trend. Makes perfect sense to me, but then again, I accept that my beliefs about the market may not be useful to others. You pay your money and take your choice.
  • #473
  • Mar 20, 2017 4:59am Mar 20, 2017 4:59am
Quoting jonirrenicus
{quote} sorry, i dont know what's wrong, pls. point out, thanks! {image}
Ok now I see what you are trying to trade. It's not a classic Wolfe wave because line XB and AC don't converge. Technically it fits my made up definition of an Anti wave because those two lines are diverging. Unfortunately the structure and symmetry are really not very good
Pride always comes before destruction.... -Proverbs 16:18
  • #474
  • Mar 20, 2017 5:07am Mar 20, 2017 5:07am
Quoting salamanda74
{quote} I think you have completely missed the point of what I am saying. If it was not clear, then my apologies. The way many traders enter trends is by waiting for a pullback - agreed? By definition, a pullback is a smaller trend in the opposite direction so entering the main trend again is trading counter and against the momentum of the pullback. Obviously the pullback has to be weak in relation to the trend. So, a higher probability way to trade the Wolfe Wave
pattern is to identify the setup on a lower time frame during a pullback in an obvious...
hi dude,

I totally got your point, for me any pull back is a counter trend entry, the wolfe wave being one of the most needed trend in order to unfold, x abcd needs time and space aka a trend.

A stop order above the high would be a trend continuation entry, there is of course trend continuation patterns but that are taken in counter trend.

To make it simple, when price makes lower low and you buy, it is a counter trend entry, if price makes higher high and you buy it is a trend continuation entry.
LDFX Trading Ltd
  • #475
  • Mar 20, 2017 5:58am Mar 20, 2017 5:58am
Quoting LDFX
{quote} hi dude, I totally got your point, for me any pull back is a counter trend entry, the wolfe wave being one of the most needed trend in order to unfold, x abcd needs time and space aka a trend. A stop order above the high would be a trend continuation entry, there is of course trend continuation patterns but that are taken in counter trend. To make it simple, when price makes lower low and you buy, it is a counter trend entry, if price makes higher high and you buy it is a trend continuation entry.
Hey,
Fair enough. The way you view the market is no doubt useful to you and that's great. For me there are many ways to view situations. For example, as a trend trader you would bet on most attempts to reverse the trend being unsuccessful. Therefore buying on a limit order below prior bars in a bull trend can be a prudent thing to do. One would be betting on continuation of the trend, but if the prior bar was a bear bar (and therefore a bear trend on some lower timeframe) by your definition it would be a purely counter trend trade. I guess it's all a matter of perspective.
  • #476
  • Mar 20, 2017 7:20am Mar 20, 2017 7:20am
Quoting salamanda74
{quote} Hey, Fair enough. The way you view the market is no doubt useful to you and that's great. For me there are many ways to view situations. For example, as a trend trader you would bet on most attempts to reverse the trend being unsuccessful. Therefore buying on a limit order below prior bars in a bull trend can be a prudent thing to do. One would be betting on continuation of the trend, but if the prior bar was a bear bar (and therefore a bear trend on some lower timeframe) by your definition it would be a purely counter trend trade. I guess...
Well not exactly, I was speaking about a counter trend once 3 waves unfolded to meet a wolfe wave which the entry would be counter trend because you would buy a bottom.

Is a wolf wave not a pattern with 3 lower lows ? Then buying in this scenario is not a counter trend trade ?
LDFX Trading Ltd
  • #477
  • Mar 20, 2017 7:44am Mar 20, 2017 7:44am
Quoting LDFX
{quote} Well not exactly, I was speaking about a counter trend once 3 waves unfolded to meet a wolfe wave which the entry would be counter trend because you would buy a bottom. Is a wolf wave not a pattern with 3 lower lows ? Then buying in this scenario is not a counter trend trade ?
I guess it depends on the scale you are watching.
There's no one trend IMHO, only waves within waves
Attached Image (click to enlarge)
Click to Enlarge Name: trend within trend.png Size: 73 KB

Maybe we can agree that both perspective are truthful in their own context
the 3rd wave is the crowd's wave
  • #478
  • Mar 20, 2017 7:54am Mar 20, 2017 7:54am
Quoting LDFX
{quote} Well not exactly, I was speaking about a counter trend once 3 waves unfolded to meet a wolfe wave which the entry would be counter trend because you would buy a bottom. Is a wolf wave not a pattern with 3 lower lows ? Then buying in this scenario is not a counter trend trade ?
Mate, we are talking at cross-purposes.
Like I said, it's all about perspective and timeframe. What I am suggesting is using the lower time frame Wolfe Wave set up to enter the larger trend which can be expected to continue (since most reversal attempts fail). It is perfectly feasible, in a bull trend on one timeframe to have a bear bar, which when dissected on some lower time frame, could contain a Wolf Wave setup. Entering on a limit below that higher time frame bear bar is identical to trading the Wolf Wave on the lower timeframe. So yes, I totally agree that it is counter trend to the lower time frame trend - although it is debatable whether it would really be a trend as a Wolf Wave setup (generally) has many overlapping bars and is really an expanding trading range.
It is a different kettle of fish entirely if the Wolfe Wave setup takes the market below a prior MAJOR low (ie a low after which the market had a strong breakout to give a new high) on the chart on which you are looking to enter the trend. Minor lows get taken out all of the time during two / three / x legged pullbacks and are of no consequence
What I am not talking about here is the more classical reversal Wolfe Wave at the top or bottom of a trend. In these cases I agree that most set ups will fail because that is the nature of reversals.

The idea is to add value to this thread and try to come up with ways to improve the Wolfe Wave strategy for those who actually trade it. By thinking about it from a pure price action point of view, using different timeframes can help to gain perspective.
All the best.
  • #479
  • Mar 20, 2017 7:58am Mar 20, 2017 7:58am
Quoting juriFX
{quote} I guess it depends on the scale you are watching. There's no one trend IMHO, only waves within waves {image} Maybe we can agree that both perspective are truthful in their own context

Hehe buddy,

a trend is very subjective anyways, if you prefer, I do call a trend the momentum that is taking out highs or lows, now trend as so called by many fx retail traders can be interpreted very much differently on any given time frame which is at the best just lagging, momentum is the key and the actual trend.
When a wolfe wafe is unfolding you do take entry on a lower low that is the 3rd low of the wolf wave pattern, if that is not a counter trend...
LDFX Trading Ltd
  • #480
  • Mar 20, 2017 8:48am Mar 20, 2017 8:48am
And, I would add, wolfe wave is there to not worry about trends.

just follow the pattern.
LDFX Trading Ltd
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