Clam61, great thread on FF. Made notes and will digest over the weekend and watch next week. I trade GBPUSD exclusively at the moment and often see the 5-0 harmonic set up, which ties in with WWs by the looks of it, well perhaps loosely, but the harmony, cleaness in moves etc all seem to add weight to better WW entries.
Looking forward to seeing more of your posts.
Looking forward to seeing more of your posts.
Silvertip
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Ive studied the wolfewave and can say that they rarely perform in todays markets. Most natural setups are manipulated beyond recognition for textbook wolfewave traders to take advantage of the formation, and the result is generally a greater loss on behalf of the trader. It takes a long time to fully master wolfewave theory, and taken that the wolfewave rarely forms in todays markets is it worth the time and effort? wolfewaves were tradeable during the 80's and 90's but these days it is far to common knowledge I'm afraid to say... All common knowledge becomes the norm, and when something within the market becomes the norm, it is no longer tradeable in terms of extracting regular profit.
You would be better off studying some well known technical analysis books, and focus upon price action as it takes long enough to learn what is required to become profitable already, so one should really focus upon the faster route to success, which in my opinion is without doubt price action and technical indicators.
You would be better off studying some well known technical analysis books, and focus upon price action as it takes long enough to learn what is required to become profitable already, so one should really focus upon the faster route to success, which in my opinion is without doubt price action and technical indicators.
...Clam and others certainly seem to be trading regular, profitable setups across a range of timeframes (5min thru daily) on several fx crosses at the moment, as per his pics above. I've looked into WWs before and found it didn't suit at that time, but from Clam's (and others) input on forexfactory, my interest has been rekindled. It is precisely the focus on price action/patterns that attracted me to the method in the first place, but I agree that indicators have their place too.
My belief is, that having a comprehensive range of trading strategies/methods/systems is one of the keys to long term trading success. Wolf wave patterns exist in today's market and are there to trade alongside 100's of other setups. I wouldn't rely on WW alone, or indeed any other single route.
Silvertip
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LOL looks like some subscribers are already taking the bait...
Clam61, I never said wolfewaves dont occur, I said that there are just as many fake-out wolfewaves in todays market because they are common knowledge. For every wave you win with, there will be another set-up that goes against you, and thus you are where you began. Your very naive to think that you can trade profitably long-term with wolfewaves alone in todays market climate. Why dont you produce some charts to show all the failed 1-2-3 wolfewave set-ups that have appeared in recent years ?
"beware the information you find on investopedia, voodootrader, and linda radshke's book about wolfe waves is plain WRONG. not slightly wrong..but absolutely wrong"....
.....and your the only guy who knows the truth and is willing to give the truth to everyone? Apologies for my cynicism, however Ive been around this game since the 80's, and to suggest on the forum that wolfewaves are some kind of holy grail is nothing short of laughable. In todays market the big boys use wolfewave set-ups to create fake waves, then when all the newbies see a textbook set-up that they believe is going to be profitable they pile in and invariably lose, because thats the whole idea. Just to show how stupid this is, why do you think there is still a market to trade ? If the wolfewave produced profits every 1-2-3 set-up that formed time and time again, do you not think it would have destroyed the market by now ? The very reason why it hasn't destroyed the market is because there as many fake 1-2-3's as genuine.
Clam61, I never said wolfewaves dont occur, I said that there are just as many fake-out wolfewaves in todays market because they are common knowledge. For every wave you win with, there will be another set-up that goes against you, and thus you are where you began. Your very naive to think that you can trade profitably long-term with wolfewaves alone in todays market climate. Why dont you produce some charts to show all the failed 1-2-3 wolfewave set-ups that have appeared in recent years ?
"beware the information you find on investopedia, voodootrader, and linda radshke's book about wolfe waves is plain WRONG. not slightly wrong..but absolutely wrong"....
.....and your the only guy who knows the truth and is willing to give the truth to everyone? Apologies for my cynicism, however Ive been around this game since the 80's, and to suggest on the forum that wolfewaves are some kind of holy grail is nothing short of laughable. In todays market the big boys use wolfewave set-ups to create fake waves, then when all the newbies see a textbook set-up that they believe is going to be profitable they pile in and invariably lose, because thats the whole idea. Just to show how stupid this is, why do you think there is still a market to trade ? If the wolfewave produced profits every 1-2-3 set-up that formed time and time again, do you not think it would have destroyed the market by now ? The very reason why it hasn't destroyed the market is because there as many fake 1-2-3's as genuine.
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Silvertip
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If you are unable to discern why I used the word "at-least" taking into consideration the context of this being Bill's proprietary technique being placed on a public forum, I assume without consent, then what more can I say ? Bill is somebody I have a lot of respect for, even if I dont think the waves are as tradeable today as they once were, but that is my opinion and I'm entitled to that. If you are doing well and can make money then thats great news for you.
With regards to our spirited debate ? Perhaps you may delineate precisely what it is that I'm meant to be replying too ?
You do seem to be quite confrontational, I observe rather heated discussion on the other forum that you linked to in the opening post, however that is not going to stop me from listening to what it is you have to say. I made some perfectly viable statements in previous posts and it appears you took a defensive position from the outset when returning my input. You ought to be aware that people are going to apply a critical analysis of any technique that is offered as a potential solution to trading profitably.
With regards to our spirited debate ? Perhaps you may delineate precisely what it is that I'm meant to be replying too ?
You do seem to be quite confrontational, I observe rather heated discussion on the other forum that you linked to in the opening post, however that is not going to stop me from listening to what it is you have to say. I made some perfectly viable statements in previous posts and it appears you took a defensive position from the outset when returning my input. You ought to be aware that people are going to apply a critical analysis of any technique that is offered as a potential solution to trading profitably.
Mr.Black
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Wolfe Wave= A,B,C Correction
My personal opinion is that 'Wolfe Wave' is continuation pattern and is equal to A,B,C correction
Thats way is bad idea to give $3000 to get 'Wolfe Wave' manual :!: :!: :!:
Here is a 1 min chart of EUR/USD from friday You can see 1,2,3,4,5 followed by A,B,C correction and trend continuation
My personal opinion is that 'Wolfe Wave' is continuation pattern and is equal to A,B,C correction
Thats way is bad idea to give $3000 to get 'Wolfe Wave' manual :!: :!: :!: Here is a 1 min chart of EUR/USD from friday You can see 1,2,3,4,5 followed by A,B,C correction and trend continuation
Attachments
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dont know if anybody is interested, but see attached file (it has been sitting on my "to read list" for some time). if you are an expert on this pattern, please advice if article is worth studying not only for me but for those interested in expanding their arsenal :cheesy:
andycan
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sounds logical to meclam61 said:
i dont know WW but i have seen them around and the moves can be dynamic if the trend is changing and that would mos tlikely happen at the end of 5th wave or so called C leg corrections
i would be interested to see some examples apparently the first post has some but i cant seem to see them
Basically all a Wolf wave is. 3 lower lows in a wave form or 3 higher highs in a wave form.
Buy the third low and sell the third high. you can add fancy lines to it if you want to make it look pretty.
Mr Wolf talks rubbish when he says everyone draws them wrong. he dont have the answers if he did he would not need to sell his method.
Bottom line is, its an over bought and over sold method
Buy the third low and sell the third high. you can add fancy lines to it if you want to make it look pretty.
Mr Wolf talks rubbish when he says everyone draws them wrong. he dont have the answers if he did he would not need to sell his method.
Bottom line is, its an over bought and over sold method
andycan
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clam61 said:
naturally i dont know the rules to what constitutes a wolfwave
but the examples appear to be a contraction phase of a directional move
or simply put 3 drives to a high or to a low
which can masquerade as a bull or bear flag but nonetheless interesting pattern
andycan
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clam61 said:
thanks for the explanation
though the 3 drive pattern does not have to be fib related but im sure the hardcore fib enthusiast can match it to a fib ratio
as a geometer the 3 drives tends to be a move that is running out of steam sometimes its a retracement (B leg)
sometimes its the A or the C leg or even a subdivisions of either.
but i do know many count it as an abcde maybe
or a 12345 what makes it interesting and accurate is the overbalance of time when making the move
andycan
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clam61 said:
excellent i have not got a clue how the elliott boys count their waves
i dont use EW but i use my own form of wave theory i dont use fib like most do
i use geometry which is a completely different concept
but i must disagree with you on forcasting i do make road maps of where the market is going and my accuracy is more than 50% by far
but as i said they are guides.