Wolf Wave system
ive been reading a few different forums and i noticed a discussion about wolf wave. on the wolf wave site its about 3 grand for the manual. lol. thats a lot of dough but i wouldnt mind paying for it if i can get some good freeback about how well it works.
http://www.traderji.com/trading-tech...wolf-wave.html (Chheda gives a brief explaination of this system) i dont quite understand whats going on. any feedback would be nice. thanks.
it sorta reminds me of the gartley but then again i cant make sense of this formation either.
Last edited by honeb; 01-04-2007 at 11:32 PM.
http://www.chart.nu/wolfewave.htm (oooo i found this. they also show gartley formation)
Last edited by honeb; 01-04-2007 at 11:50 PM.
Wolfe Waves are a favorite pattern that I follow, but don't necessarily trade...you should just be aware of how often they occur in every market, time and again.
Originally Posted by honeb
You can see from almost any timeframe this 5 wave pattern. It's the market's way of transitioning from periods of low volatility to high by expanding the range above and below the market in distinct legs.
Linda Rashke does talk about this pattern in the book "Street Smarts"..
It can be traded, but I haven't really done that much trading off of these patterns.
Last edited by vmcd62; 01-06-2007 at 01:17 AM.
does anyone trade this system exclusively or the gartley?
is the gartley composed of fib levels? and if so, how do you calculate them? i dont getll all the .79 and .38(i know they are fib levels) but how do they form a gartley?
Originally Posted by honeb
I trade the Gartley pattern exclusively. They work on any time frame and any market. I trade the longer term charts myself though. I trade mainly the 1hr,2hr,4hr, and daily charts. I love this pattern and it is an age-old pattern that was discovered more than 50yrs ago. I was mentored on this pattern by a professional trader. I started a blog just for Pattern trading in the Forex market.
Here is a chart of a trade I took a couple of weeks ago. They all don't work out like this but the Reward/Risk ratio on these patterns in high, usually around a 3:1 at least. As you can see the buy point was D and notice how it stopped and reversed on a dime at the confluence points. Most people would not have bought into those big fat red ugly down candles.
wolf wave set up
this could be a nice sell set up for eur-usd ( daily chart) according to wolfe wave prenciples.
the entry point shall be at the wave 5 area around the line extended from wave 1 to 3 and the target indicated in the chart.
althought this set up is against the main trend which could take the pair to higher levels but reracement could happen .
watch it closely . it could be a nice trade .
good luck and happy trading
Found a wolf wave indicator.
Just google: Wolf Wave indicator mt4
Ok, you showed me yours...now I'll show you mine ....
...in case anyone missed it on the other thread
Just rename it's extension from .txt to .mq4 before saving it to your MT4's indicator folder.
Wolf waves, great tool! But WW indicators suck well... ass. They don't apply the WW rules. example in the case of the screenshot: point 1 must be higher that point 4 in a sell setup and line 1 - 3 / 2 - 4 are not coming together. Invalid trade... Maybe GBP/JPY will go down, although not because of WW.
Draw them yourself!
Example of a correct one:
1 - 3 / 2 - 4 lines are coming together
1 lower than 4 (it's a buy)
SL 1 pip under 5 (horizontal line)
exit (x, price hitting 1 - 4 line) 384 pips in profit
Entry when price closes above 1 - 3 line (arrow)
Other indicators price would go up:
Inside bar 4x
Outside bar 2x
Fibo forming resistance at 261.8 (3 - 4 wave)
Last edited by priest9; 05-29-2008 at 07:48 AM.
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