Price Patterns(Gartley,Butterfly,Bat,...) - page 185

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Hmm, matter of opinion. IMO it is the only usable indicator for WWs and the only one that draws them correctly. The others don't work at all or don't follow the rules for WW. But please clear me up why the indi from PointZero should be the worst (I can't find anyone else who claims that the patterns are wrong drawn), and the indi costs 150$, there would be some angry people.

Heavy on system? Really? How many bars do you consider?

 
tropicalrecon:

The free version that can be found around the internet, is terrible, the new updated version point zero is selling, I have not tested out, But I saw the youtube video showing it in action and it still did not draw the waves correctly.

The lines 1-3, 2-4 have to converge, in pz wolfe waves, most of them are expanding.

Nice, Thanks

 

I played a bit with the WWs among others and the result you see here: https://www.mql5.com/en/forum/183127/page231

PZ's indi draws many patterns, mess around but the chart is still quiet good readable. Some patterns are strange, but NTL they work as well as the strict ones (no repaint). I'm not sure anymore whether 1-3 and 2-4 really have to converge. See here: http://www.wolfewave.com/an_illustration_along_with_the_rules.htm

  • The 2 point is a top.
  • The 3 point is the bottom of the first decline.
  • The 1 point is the bottom prior to point 2 (top), that 3 has surpassed.
  • The 4 point is the top of the rally after point 3.
  • The 5 point is the bottom after point 4 and is likely to exceed the extended trend line of 1 to 3. This is the entry point for a ride to the EPA line (1 to 4).
  • Estimated Price at Arrival (EPA) is trend line of 1 to 4 at apex of extended trend line of 1 to 3 and extended trend line of 2 to 4.
  • Estimated Time of Arrival (ETA) is apex of extended trend line of 1 to 3 and 2 to 4.

I think, they have to converge for point ETA and then EPA. If they don't converge or do in infinite, you have no ETA and EPA, but I can deal with it.

I think, one day I'll participate his course for 3,000$ and know it for sure

 
krelian99:
I played a bit with the WWs among others and the result you see here: https://www.mql5.com/en/forum/183127/page231

PZ's indi draws many patterns, mess around but the chart is still quiet good readable. Some patterns are strange, but NTL they work as well as the strict ones (no repaint). I'm not sure anymore whether 1-3 and 2-4 really have to converge. See here: http://www.wolfewave.com/an_illustration_along_with_the_rules.htm

I think, they have to converge for point ETA and then EPA. If they don't converge or do in infinite, you have no ETA and EPA, but I can deal with it.

I think, one day I'll participate his course for 3,000$ and know it for sure

Check out the pdf, that was written by Bill Wolfe himself, he states they have to converge. Cheers.

 

Yes, I know that he wrote it. So, Cheers.

 

Flag and Pennant patterns indicator

flag_and_pennant.mq4

 
krelian99:
Hmm, matter of opinion. IMO it is the only usable indicator for WWs and the only one that draws them correctly. The others don't work at all or don't follow the rules for WW. But please clear me up why the indi from PointZero should be the worst (I can't find anyone else who claims that the patterns are wrong drawn), and the indi costs 150$, there would be some angry people. Heavy on system? Really? How many bars do you consider?

The free version that can be found around the internet, is terrible, the new updated version point zero is selling, I have not tested out, But I saw the youtube video showing it in action and it still did not draw the waves correctly.

The lines 1-3, 2-4 have to converge, in pz wolfe waves, most of them are expanding.

Files:
at-wolfe.gif  9 kb
 
Files:
image_196684.png  250 kb
 
Using two sets of data, including daily prices (open, close, high and low) of all S&P 500 stocks between 1992 and 1996, we perform a statistical test of predictive capability of candlestick patterns. Out-of-sample tests indicate statistical significance at the level of 36 standard deviations from the null hypothesis, and indicate a profit of almost 1% during a two-day holding period. An essentially non-parametric test utilizes standard definitions of three-day candlestick patterns and removes conditions on magnitudes. The results provide evidence that traders are influenced by price behavior. To the best of our knowledge, this is the first scientific test to provide strong evidence in favor of any trading rule or pattern on a large unrestricted scale.
 
Good ideas to put into practice, very good info and useful.
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