Modify Wolfe wave - page 6
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Clam and Akkuma...........
Please confirm correct wave structure.
Thanks in advance.
Just for kicks I have been reading this thread. Funny that Clam didn't report the results to post #94 graph "Wolfe Wave". Turns out it moved down. 2.3682 is a Murrey Math 4/8 line, a major support resist line. All penetrations of this line are clearly high OSMA values. I'm getting the full list of 64 trading signals, but my first rule has been used very profitably so far. The rule I have doesn't apply to this chart (Clearly within the channel 2.3865 @7/8 and 2.3449 @1/8.
Going back a little, the 2.3438 @0/8 line was penetrated but didn't go past the critical -2 line 2.3315. That means buy signal on 0/8, close trade at 4/8 2.3682 for 244 pip. Similar signals 9/5/06 SELL, 9/13/06 BUY and 8/15/06 SELL. 3 easy trades, nearly 250 pip each time. No false signals. The 9/13 signal might have been filtered out by looking at previous time frame, but mechanically trading the rule as it sits, that is 4 win 0 loss. wins are also 2x as large as losses
Even better, I can scan 10 charts looking for trade signals in under a minute.
does this look correct?
https://www.mql5.com/en/forum/172943
That is the thread started by Newdigital. It has a lot of resources and information, links and indicators.
One of my original points is that WW should probably be checked against something else. In some cases WW may predict a drastic change in price that exceeds previous 30 day or all time high or low. This doesn't mean don't trade it, it means you need to keep the system in perspective.
All time based indicators on forex are also rather strange, because we are actually dealing in 3 major markets and the projections from off hours are based on off hours conditions that don't exist in major markets. In many cases, news results are the major price movements. I have an indicator I wrote that draws news events on the chart, and the line up with most major spikes. I add another indicator that shows open/close times of markets, and now I have almost all lagre movements listed. A somewhat complex but possibly fruitful idea would be to look at a currency pair reacting to news in one market and mapping it to the opening of another market... but I'm way off topic. Back to work for me!
Murrey definitely has a sense of humor, but most of the people he attempts to train trade stacks based on fundamentals that don't work.
I'm using MMOctaves v5. I posted it somewhere in the forum about 3 times.
The news events I have come from a CSV text file, updated once per week.
well, well, well
i was gone for 1 month and you used 2 work without me
good job clam61
and i wanna share with you guys
one of the most beautifull wolfe wave i have ever trade
take a look at the the eur\aud
nice, did you trade it?