I’m only vaguely familiar with the Wolfe Wave. Read about it in Ross Beck’s book “The Gartley Pattern”. Very familiar with Harmonic Patterns, especially the works of Persevento and Carney. Have all their books, mostly in pdf format. I used to plot all the patterns by hand.
I’ve found that a counter trend trade at the London Close is sometimes indicated by a Harmonic pattern, as the one I posted. Seems to fit well with ICT material, not only the London Close Trade.
Do you have a good Wolfe Wave Indicator for MT4? Maybe I’ll give it another look.
I was anticipating a sell day and sold at 1.6190(Yesterday’s high to low OTE) level which was in the sell zone and also stoch divergence, though it went 20 pips in favour, later it shooted higher and stopped me out.
Now i see your post and couldn’t understand why you were in a buy position.
Reason: 4Hour MF bearish; Looks like a Market Reversal Profile on Daily; Confluence of OTE on Weekly and 1Hour (This weeks high to low); MR2; Confluence of Monday Asian Range High; Stoch 1Hour overbought with ICT Stinger Stochastic 1Hour; SMT Bearish Divergence Fiber and Cable 1Hour chart.
Running on Ny Midnight. Example on the 9/21 we had the big fig at .6300 on the cable. In my chart it went to .6305 . In the ptc vid it looked like it peaked out at .6315?
You seem to know your stuff about the Harmonics side of things so I’ll have to check out those authors, thanks for the ‘heads-up’ on those.
The only indicators I use for forex are ICT’s and COT as I’m still in the basics of programming this chart software I have. It’s a bit of a pain to gather the raw COT data from the CFTC site and process it but it is generally worth it. With all the numbers you can get number blindness sometimes.
Another top vid in the development series Michael, certainly echo Kubio’s comment!
Have closed 70% of the position at 30 pips. Stop at brake even for the rest.
Stop has been taken out for the rest. No regrets! I’m in the money and techs worked just fine!
Overall +2% for this week and +4% for the month!
Thank you Michael for everything!
ICT, great 3rd installment in the series. It answered some of my previous questions about the structure of your trading plan. Something I’m still not comprehending though. What is the difference between the analysis you’re talking about in the General Market Stage, of say, Stock Indices, and the Anticipatory Stage of the Stock Indices SMT? Different time frames?
Good question… the General Market Stock Indices is the “general market direction” or current direction. The Anticipatory stage is when you are monitoring the Stock Indices for a direction change… thus signaling a new opportunity and SMT will be the focus here. Simply looking for failure swings to negate comparable highs and or lows.
Is this the same approach to the IR department? You only watch SMT divergence between US Tnotes and TBonds Yields for a shift in USD direction (Risk On->Off and Off->On) ?
