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Wolfe Waves - Get in the Zone

  • #1,421
  • May 23, 2017 11:32pm May 23, 2017 11:32pm
Entered long with more positions scaled in and waiting.

NZD/USD 30MIN CWW
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Pride always comes before destruction.... -Proverbs 16:18
  • #1,422
  • May 23, 2017 11:57pm May 23, 2017 11:57pm
Quoting Expo33
{quote} I think there may be some confusion as to what constitutes a Quasimodo QUASIMODO PATTERN {image}
Hi Kurt, thanks for explanation.
I meant Aussie daily chart, seems that Up and Under Price Pattern.
  • #1,423
  • May 24, 2017 1:35am May 24, 2017 1:35am
Quoting Expo33
Entered long with more positions scaled in and waiting. NZD/USD 30MIN CWW {image}
We got most of the positions filled and the bounce in price. Stops moved up pretty tight, now to let this run.

NZD/USD 30MIN CWW - UPDATE
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Pride always comes before destruction.... -Proverbs 16:18
  • #1,424
  • May 24, 2017 3:14am May 24, 2017 3:14am
Quoting Expo33
{quote} I'm still holding short from my hourly WW. SL to BE. Too bad only 1 of my 5 positions got filled. I see that on the daily it may be the start of a D leg down but way too early to tell. AUD/USD 1H CWW UPDATE {image} A look at the Daily {image}
AUDUSD D1

I was thinking more along the lines of the chart below, being a bit more open minded as to how the waves are perceived.

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  • #1,425
  • Edited 4:36am May 24, 2017 4:12am | Edited 4:36am
Quoting salamanda74
{quote} AUDUSD D1 I was thinking more along the lines of the chart below, being a bit more open minded as to how the waves are perceived. {image}
Yes I agree. I knew I was trading against the bigger time frame wave. I posted this same wave on post#1326 and ended up banking about 120 pips. Longer term fundamentals kept me from holding it any longer than a week. As a general rule, the bigger time frame takes precedence but that won't stop me from entering a trade in the opposite direction on a smaller time frame if a valid WW presents itself. In fact, WWs inside bigger waves are good indicators that it's time to take some profit off the table. Truly, the possibilities are only limited by each trader's imagination.

The hourly WW short on the Aussie netted me 50 pips in less than a day. Precisely, why I love WWs. Don't need a trend, don't need a particular pair, don't need a specific time frame. It's just one big smorgasbord of opportunities.

Cheers, -Kurt
Pride always comes before destruction.... -Proverbs 16:18
  • #1,426
  • Edited 4:36am May 24, 2017 4:18am | Edited 4:36am
Quoting Expo33
{quote} We got most of the positions filled and the bounce in price. Stops moved up pretty tight, now to let this run. NZD/USD 30MIN CWW - UPDATE {image}
Stops moved to BE. Hopefully the Kiwi will keep running north. A nice little pullback into a demand zone, then the continuation up. So far a textbook trade.

NZD/USD 30MIN CWW - UPDATE
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Pride always comes before destruction.... -Proverbs 16:18
  • #1,427
  • Edited 4:34am May 24, 2017 4:21am | Edited 4:34am
Quoting Expo33
Armed and ready for war.......... GBP/CHF 1H CWW {image}
Been waiting about 10 hours on this one. We are at the cusp of the scale in zone. Hopefully we can get some positions filled

GBP/CHF 1H CWW - POTENTIAL FILL
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Pride always comes before destruction.... -Proverbs 16:18
  • #1,428
  • May 24, 2017 6:03am May 24, 2017 6:03am
Hi Kurt,
I was looking at the front page trying to find the stop exit part of the plan. Maybe you have discussed it elsewhere in the thread, but would you mind outlining how you define your stop when using this strategy?
Many thanks,
Stuart
  • #1,429
  • May 24, 2017 11:59am May 24, 2017 11:59am
Quoting Expo33
{quote} Been waiting about 10 hours on this one. We are at the cusp of the scale in zone. Hopefully we can get some positions filled GBP/CHF 1H CWW - POTENTIAL FILL {image}
We only got 4 out of 10 positions filled but we took profit of 50+ pips per position. Price hit the target line to the pip

GBP/CHF 1H CWW - UPDATE
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Pride always comes before destruction.... -Proverbs 16:18
  • #1,430
  • Edited 1:01pm May 24, 2017 12:10pm | Edited 1:01pm
Quoting salamanda74
Hi Kurt, I was looking at the front page trying to find the stop exit part of the plan. Maybe you have discussed it elsewhere in the thread, but would you mind outlining how you define your stop when using this strategy? Many thanks, Stuart
Hi Stuart.

Placing the SLs is going to be somewhat subjective. A lot will depend on your risk management profile. For me, I tend to use the FIB extension of BC as a guideline. So, if I'm planning on scaling in from the 161FIB to the 200FIB, then my SLs will be above/below the next level which would be the 261FIB. I also look at the XA FIB extension to see if there is any confluence. I also look at the FIB levels from the bigger move to see if there is any confluence. In addition, I also look at previous S/R and Gann fans. I'm trying to use multiple tools to find a layer of confluential resistance. Where is a level that will be the line in the sand? Then place my SLs above/below that level. The idea is to give the trade enough room to breath while managing the risk in a way that makes sense.

Here's an example form my active Kiwi trade. I took the trade levels and indicator off the chart so it's easier to see how I initially set my SLs. Hopefully, it's self explanatory. In this case the SL is roughly 30 pips from the top of the scale in zone which may seem like a lot for a 30MIN WW, but my ultimate TP zone is from 50-100 pips. As long as the total %risk for the trade is within my own personal risk management parameters, then I can sleep well at night.

It may sound silly to some, but for me, the whole process is almost an art form. From locating/mapping the wave, to constructing a confluence profile, to setting the SLs and TPs. It's all a personal journey. We all have the same canvas but we have the freedom to paint our own masterpiece (wow, that is some cheesy stuff right there!)
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Updated look with trade levels and SLs moved to BE. Notice the 23.6FIB from the larger move is now my support area. The SLs at BE are just below that level. Now it's a stress free trade, just sit back and see if we hot a home run. I actually did bank some pips from one position. There were 7 scaled in from the start with 6 left running.
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Just to take the discussion a little further, there is now a new bearish WW developing. This may give us a new guideline for adjusting a few of our TPs. Have a look here:
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Pride always comes before destruction.... -Proverbs 16:18
  • #1,431
  • May 24, 2017 12:23pm May 24, 2017 12:23pm
Quoting Expo33
{quote} Hi Stuart. Placing the SLs is going to be somewhat subjective. A lot will depend on your risk management profile. For me, I tend to use the FIB extension of BC as a guideline. So, if I'm planning on scaling in from the 161FIB to the 200FIB, then my SLs will be above/below the next level which would be the 261FIB. I also look at the XA FIB extension to see if there is any confluence. I also look at the FIB levels from the bigger move to see if there is any confluence. In addition, I also look at previous S/R. The idea is to give the trade...
Kurt,
Thanks for the reply. I thought it would be a subjective matter or else it would, no doubt, have been specified from the outset, but I thought I'd check.

Cheers
Stuart
  • #1,432
  • May 24, 2017 1:23pm May 24, 2017 1:23pm
Quoting salamanda74
{quote} Kurt, Thanks for the reply. I thought it would be a subjective matter or else it would, no doubt, have been specified from the outset, but I thought I'd check. Cheers Stuart
You're welcome Stuart.

I think I went a little more in depth with an example since your reply. Hopefully you'll check it out later

Cheers
Pride always comes before destruction.... -Proverbs 16:18
  • #1,433
  • May 24, 2017 1:52pm May 24, 2017 1:52pm
Quoting Expo33
{quote} You're welcome Stuart. I think I went a little more in depth with an example since your reply. Hopefully you'll check it out later Cheers
Thanks for the clarification Kurt. Like you say it's a subjective matter and I would probably do something similar using the S/R zones to the left and some function of ATR (depending on timeframe) rather than extension percentages. If there's a number of S/R targets in close proximity, I've noticed that the middle of the zone can work well if not scaling in. Then it is just a matter of determining where the next S/R zone is and whether it is worth toughing it out and letting price head towards it whilst on board, or stopping out and maybe trying again in the next zone.

All the best,
Stuart
  • #1,434
  • May 24, 2017 2:34pm May 24, 2017 2:34pm
EURUSD Renko Chart:
Maybe one more Impulsive Wave D[5].
Cheers, U2
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Wait, or you will be slaughtered!
  • #1,435
  • May 24, 2017 3:07pm May 24, 2017 3:07pm
correct me if I am wrong, new to this methodology. Thanks

GOLD 1HR CHART
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  • #1,436
  • May 24, 2017 5:11pm May 24, 2017 5:11pm
correct me if I am wrong, new to this methodology. Thanks GOLD 1HR CHART

Hi John, just look for 3 higher highs , with 2 converging higher lows . nice triangle though

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  • #1,437
  • May 24, 2017 5:19pm May 24, 2017 5:19pm
Quoting Tbuild
correct me if I am wrong, new to this methodology. Thanks GOLD 1HR CHART Hi John, just look for 3 higher highs , with 2 converging higher lows . nice triangle though {image}
Thanks!
  • #1,438
  • May 24, 2017 6:13pm May 24, 2017 6:13pm
disappointing....overnight rate and FOMC both in the same direction against my trade....
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No one wants to be defeated~
  • #1,439
  • May 24, 2017 6:16pm May 24, 2017 6:16pm
Quoting Uturn2
EURUSD Renko Chart: Maybe one more Impulsive Wave D[5]. Cheers, U2 {image}
Well I certainly hope not

I am still trading short on the daily bearish WW. Took profits before the FOMC minutes at the 1.1180 area, now trying to refill short from 1.1122 to 1.1142

Time will tell..........
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Pride always comes before destruction.... -Proverbs 16:18
  • #1,440
  • May 24, 2017 6:18pm May 24, 2017 6:18pm
miserable thing happens again....

0.4 pip higher to my entry lvl....oh....
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No one wants to be defeated~
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