Modify Wolfe wave - page 3
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What do you think about this one?
Does it fit? But if, how to count it?
The target could be pretty high in this example.Point 1 Needs to be between points 3 and 4. or it doesn't meet the street smarts rules. Linda apparently added the requirement of 4 being less than or greater than 1 depending bull or bear.
I don't know what Wolfe would say
I need more info.
Edit: It is hard to tell without any numbers on the chart. Using the conditions listed above, I ended up drawing the same lines you did, and it looks like one to me... but I still don't know much
Point 1 Needs to be between points 3 and 4. or it doesn't meet the street smarts rules. Linda apparently added the requirement of 4 being less than or greater than 1 depending bull or bear.
I don't know what Wolfe would say
I need more info.
Edit: It is hard to tell without any numbers on the chart. Using the conditions listed above, I ended up drawing the same lines you did, and it looks like one to me... but I still don't know muchAnyway, it is a past one. I think, it is wrong. But my secony one, in this thread looks good, or?
...probably a wolfe wave. If it creates the exprected point 5 I will go long
I went over the chart to see if I could find the section of your chart. I did, and it appears Murrey Math beats Wolfe Waves.
In MM, if the price goes over (or under) a thick line but doesn't close above the second line above the thick line, it falls back to at least the dotted line. 6/8 (Oct 15), 4/8 (Nov 8)
The dotted line (4/8) is also a strong resistance line. I have noticed that if it is penetrated but no close above the higher (5/8) line it will shoot down to at least the thick line. Same goes with 3/8 and dotted line. You can see this at the 3.5/8, 4.5/8, 5.5/8 (oct 12), 5.5/8 (Oct 24), 4.5/8 (nov 4)
Your trade looks like an example of Murrey vs Wolfe, with Murrey winning. (second thumbnail). Your point 4 was just over the dotted line, and so a quick reversal was predicted by MM. Point 5 hasn't been hit yet (MM predicted drop to 5) but in order to hit your EPA will need to pierce the 3/8 line of resistance, 4/8 and 5/8. If USDCHF closes under 1.2344 I wouldn't try the WW target.
Edit: I used the current price and the fact this hasn't appeared yet to guess what the prices were on my charts.
Anyway, it is a past one. I think, it is wrong. But my secony one, in this thread looks good, or?
Check my edit, when I calculated again, I can kind of see what you mean. I am still learning and have not read the manual yet. :|
I went over the chart to see if I could find the section of your chart. I did, and it appears Murrey Math beats Wolfe Waves.
In MM, if the price goes over (or under) a thick line but doesn't close above the second line above the thick line, it falls back to at least the dotted line. 6/8 (Oct 15), 4/8 (Nov 8)
The dotted line (4/8) is also a strong resistance line. I have noticed that if it is penetrated but no close above the higher (5/8) line it will shoot down to at least the thick line. Same goes with 3/8 and dotted line. You can see this at the 3.5/8, 4.5/8, 5.5/8 (oct 12), 5.5/8 (Oct 24), 4.5/8 (nov 4)
Your trade looks like an example of Murrey vs Wolfe, with Murrey winning. (second thumbnail). Your point 4 was just over the dotted line, and so a quick reversal was predicted by MM. Point 5 hasn't been hit yet (MM predicted drop to 5) but in order to hit your EPA will need to pierce the 3/8 line of resistance, 4/8 and 5/8. If USDCHF closes under 1.2344 I wouldn't try the WW target.
Edit: I used the current price and the fact this hasn't appeared yet to guess what the prices were on my charts.Hey, thank you for your answer. I think, I do understand your explanation. Now I see it is not so easy as I thought
GBP/USD this morning.......
Anyone to give me some advise here please? Is it correctly labelled?
Thanks in advance.
Anyone to give me some advise here please? Is it correctly labelled? Thanks in advance.
That would have been a nice trade, but it wasn't a Wolfe Wave. The 1 needs to fall between the 3 and 4. Either 3 < 1 1 > 4.
Without more resources I'm not sure this is real. I've looked at a bunch of waves that follow the trading rules we have listed, and none of the ones I looked at hit the profit targets. I also looked at Wolfe's Waves on his website and sometimes he draws charts using the close data, and sometimes using highs or lows. I'm pretty sure I could draw 100 waves following the trading rules, and through random chance many would go near the profit target. I want more rule data before I proceed any further with WW.
If 1 3 5 lined up more often, and the time targets were accurate I would be stunned. The way it is now, I don't get it. No way in hell am I spending 3k to find out if it is real.
Hey, thank you for your answer. I think, I do understand your explanation. Now I see it is not so easy as I thought
I was comparing 2 different trading tactics. Murrey math is much simpler than Wolfe Waves. There are no moving lines, no connecting dots, no 'hidden secrets' sold for thousands. Many people use other systems to verify WW, like Fibonacci retracements, etc. In this particular case, your trade would need to fight against a system that works very consistently. Breaking 3 resistance lines sounds hard even with a news event.
What I did give you was a way to make sure WW and MM agree. If USDCHF doesn't close under 1.2344, then MM predicts a reversal to at least 1.2437. I'd do 2 trades, one TP at 1.2437, and another that does a 20+ trailing stop with a TP where WW predicts. Even if it didn't hit WW level, I would still get profit.
It looks like the reversal is coming.
this one too
this one too
Can you please post this indicator...
Thanks