A new look at Wolf Waves | Foreign exchange EA download - MT4/MT5 resources
This is a summary of the contributors later in this topic by Bill Wolfe.
First off, I must say that this is not my primary trading system, but I have recently started using Wolf Waves and have had some success. There were only a few other posts on FF on this topic, but they disappeared quickly.
I'll start with my understanding of the concept and expand from there. I would greatly appreciate the participation of any active users of this system (classic or modified).
As far as I can tell, the classic system is illustrated by last week's H4 CAD/JPY chart.
We are looking at wedge patterns with top/bottom or wave counts. In the case of a falling wedge, #1 is at the bottom. In the case of a rising wedge, #1 is at the top.
When the count reaches 5, lines 1 to 3 should be penetrated. When 5 is reached, a pending order will be placed on the other side of lines 1 to 3 with a stop loss below point 5.
Draw a line from point 1 to point 4. This is the profit target line. Entry and profit targets are represented by green and pink arrows.
The stop loss for this trade is 69 pips and the profit target is 325 pips, which has been reached.
I like this system because it has clearly defined entry, stop loss, and profit targets.
I will discuss these changes in my next post.
I just noticed that I misspelled Wolfe. I left out the "e" in the title and the first few posts.
EDIT: Here is a good link: http://www.forexmt4.com/_MT4_Tutoria...fe%20Waves.pdf
Another link with lots of charts: http://www.chart.nu/wolfewave.htm
:
First off, I must say that this is not my primary trading system, but I have recently started using Wolf Waves and have had some success. There were only a few other posts on FF on this topic, but they disappeared quickly.
I'll start with my understanding of the concept and expand from there. I would greatly appreciate the participation of any active users of this system (classic or modified).
As far as I can tell, the classic system is illustrated by last week's H4 CAD/JPY chart.
We are looking at wedge patterns with top/bottom or wave counts. In the case of a falling wedge, #1 is at the bottom. In the case of a rising wedge, #1 is at the top.
When the count reaches 5, lines 1 to 3 should be penetrated. When 5 is reached, a pending order will be placed on the other side of lines 1 to 3 with a stop loss below point 5.
Draw a line from point 1 to point 4. This is the profit target line. Entry and profit targets are represented by green and pink arrows.
The stop loss for this trade is 69 pips and the profit target is 325 pips, which has been reached.
I like this system because it has clearly defined entry, stop loss, and profit targets.
I will discuss these changes in my next post.
I just noticed that I misspelled Wolfe. I left out the "e" in the title and the first few posts.
EDIT: Here is a good link: http://www.forexmt4.com/_MT4_Tutoria...fe%20Waves.pdf
Another link with lots of charts: http://www.chart.nu/wolfewave.htm
:
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