“On the thread you started “All you need to trade is a horizontal line” it would be nice to see an analysis of that breakout chart to know where you would have gotten in & why. I already know where jebatfx, james, tymen and others would get in because they have explained it clearly on their threads.”
[B]You enter at the HORIZONTAL LINE with the H1 CANDLE COLOR.[/B]
I know it’s “too simple”. The more you know, the harder it is to understand.
As far as the other indicators, they display statistics so you’ll know when something is “out of whack”. But you don’t need any of them to trade.
There is no “breakout chart”, only horizontal lines.
[B]I can tell you right now, if the H1 candle is green, I am going long at the line. If the H1 candle is red, I am going short at the line. THERE IS NOTHING ELSE!! So it’s not “after the fact”, it’s before. If you don’t understand that, then perhaps jebatfx, james, tymen and others can explain it to you.[/B]
If you google therumpledone, you’ll find just about everything.
“Knowing when to fish” is based on the statistics. Some hours have larger ranges than others on average. Once again, simple.
I don’t think I have posted a chart with a dozen indicators nor have I suggested that you need a dozen indicators. Perhaps my simple method won’t work for you and that’s ok.
I believed market in progress to complete wave v (either magenta/yellow/white) and looking forward for a bearish reversal trend later this week. Please refer to my previous 1H PMO analysis comments for further detail. Preferably - a truncated wave v. Have a nice day.
So it is not as simple as ‘just go long at the line’, other factors have to be taken into consideration … volume, time of day, … maybe stochs and macd… maybe what wave it has just completed … type of candle formation??
I think if people just start going long or short on the .25 increment lines depending on candle color at the time and ignoring all other factors, there will be a lot of carnage. Glad it works for you though!
Anyway I think we should take this to another thread, it is really off topic with regard to waves, which is what Jeb does.
Thanks Jeb, when you say a ‘truncated’ wave, does that mean it maynot reach the white v which is the furthest away … but if it passes the yellow v, which is the critical truncated line, then it could go all the way to the white one? At each colored v level, there is a chance of it turning there instead of continuing the wave to the next level?
Yes, COMMON SENSE needs to be taken into consideration. When you know the spread is usually 1 - 5 pips and you see the spread is 10 or higher, COMMON SENSE tells you to wait. When the trading is usually moderate to heavy and you see the trading is light, COMMON SENSE tells you to wait. It was a holiday Sunday, so once again, COMMON SENSE tells you to wait.
Yes, if traders do NOT use COMMON SENSE, there is going to be a lot of carnage no matter what system they are trading.
NO WHERE DID I TELL PEOPLE TO ABANDON COMMON SENSE!!
Don’t need stochs, macd, candle formation. This is a trade based on average hourly range and price action at the XXX.00, XXX.25, XXX.50 and XXX.75 levels.
I strongly believed wave v in progress and looking forward for a bearish reversal signal later once wave v is completed within this few days. Therefore please watch closely the magenta and yellow count. Otherwise if there is a true breakout to my bullish continuation critical line 1, then this scenario would be invalid. Good luck.
Expecting for a completion of wave v later, which preferably a truncated wave (magenta or yellow). Advisable to wait for a bearish reversal signal later from BSTS. Please watch closely the teal triangle for any breakout. Please noted that this scenario will be invalid if there is any true breakout to the bullish continuation line 1 later which favourably to count in white. Happy trading.
TRO, that little price range indicator beside the candles that says 205.17…is that a profit target, or the candle high/lows, or…? I’m currently long in that pair at 205.05 entry and put in 205.20 as target which is just below my R1 pivot point …thanks.
Now I havn’t been using this wolfe wave indicator very long yet, but so far it’s pretty accurate as long as the wave forms correctly… to a point. If I had trusted it, I’d still be in and exit around 205.50/60. Then short again from there back down to the red line that goes from wave 1 to wave 4 which indicates a profit target which is pointing to around 204.45. Let’s see…
Until this moment, price already make a false breakout to my previous upper green triangle trendline. Please noted that there got possibility that a truncated wave v already completed (magenta). An establishment of a Head & Shoulder pattern (yellow triangle x 3) and a breakout to the bearish continuation critical line 1 would bolster this idea.
Otherwise if the price going further up, then we left with 2 more possibility either the yellow count or white count. Therefore, please make an entry with SL when there is a good bearish reversal signal from BSTS. Good luck.
Sorry missed your post earlier as I was in bed. I found it just surfin’ the net …actually I had just read about them (wolfe waves), then went to find one (indicator), but couldn’t. Then I stumbled across one when I was searching for something else (of course ) . Can’t remember where now though.
I think most of the comments within the mql are Russian and it seems there’s some unfinished code with regards to alerts but havn’t got time at present to go over it.
I checked the wolfe wave website & also forex factory. It looks interesting but I could not find a current indicator and apparently there are some problems with the russian one. I started a WolfeWave thread over at Forextown to discuss this so we can leave this thread clear for Jebatfx to post his charts
Most probably wave v (magenta) is already completed and looking forward for a bearish reversal scenario to complete wave a, b & c. But please don’t forget about the possibility of count in yellow and white. Please watch closely both lower red trendlines and upper green trendline to determine which alt count is more preferable. Advisable to wait for another bearish reversal entry signal later from BSTS. Good luck.
…actually I had just read about them (wolfe waves), then went to find one (indicator), but couldn’t. Then I stumbled across one when I was searching for something else (of course 
) . Can’t remember where now though.