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[clam61]

some of you might know me from other forums. im just trying to spread the word and give some advice. im not an expert or a pro, but i have found something that has worked for me

i started out on forex scalping.

No one ever got rich scalping. I have made $ scalping and a good amount at that. However it comes in cycles. By scalping I mean any profit taking that is not at least three times the spread.

If you scalp and you have a stop loss that is the same as your take profit you are just asking for trouble.

This post isnt meant to insult scalpers. If you are doing well scalping then continue--I can't argue with results. But I have found a new method that makes it much easier. Im not glued to my screen and I can relax.

It's called the Wolfe Wave method www.wolfewave.com. this isn't my site, i am not bill wolfe. There is a lot of misinformation on the web about wolfe waves but I was able to get a hold of the manual and the results have been amazing.

i just wanted to post this in case you are trying to follow some crossover, indicator, fib method and not succeeding.

this is simple and elegant. you know your stops, you know your take profit. set it and forget it.

here is a thread
http://www.forexfactory.com/forexfor...ead.php?t=9794

start from post 131. its when i got the manual and things went well

here are some pics. hope you can see them. you buy at the "5" and take profit at the "$"









there are more. these are just a few.

[GigGun]

I would be weary of anything promoted at FF! They have a new policy allows promoters to open multiple usernames and posts to support their own products, It’s becoming a snake oil used car sales men over their, pay the admin/mod's and you to can market anything

[clam61]

not sure about FF. i remember they were pretty strict. i wanted to open a new username for another person in my house, but since we came from the same IP were not allowed to.

anyways, im not bill wolfe or affiliated with him. you can check bill wolfe..he has name recognition. wolfe waves aren't some crap some guy made up.

[clam61]

the latest one. very quickly into profit. you set your stop to break even and just relax as it hits your profit.

[clam61]

this is a better pic

[clam61]

Originally Posted by ampris2000

so what would you have drawn when the nzd/usd dropped like a rock several months ago? just asking.

was it a failed wolfe wave?you want to post a chart?

[mikead_61]

wolfe waves is a legit trading method, it's not a scam or promotion, linda raschke mentions it in her book

[clam61]

i do want to add, however, that linda radshke has some incorrect examples

[bullseye]

clam 61

I have been doing some research on this wolfe wave, your charts look good.
How do you determine the number 1 point. picking the wrong place to start the wave can be hazordous.
Thanks

[clam61]

most of the time the one point should be a significant high or low

other times there can be exceptions

[clam61]

small scalp................

[static]

Wolfe waves are pretty cool, I like the fact that you can have a well defined SL and small risk/reward ratio.

Personally I don't see them occur that often in the FOREX markets however, at least not as much as in some of the stock charts. I think that's because WWs are indicative of a consolidating price action, but I’m not sure. I read most of the long thread on WWs here and noticed that a lot of people seemed to be forcing counts and bending the rules quite a bit to make opportunities appear where there weren’t any. Sometimes they profited, sometimes not.

I have been reading up on harmonic trading with butterflies, gartleys, etc. and have been pretty impressed as well, though I am still learning. Getting those fib ratios to be second nature takes a little it of work. WWs seem to be somewhat of an extension of this concept, maybe something worth looking into.

[clam61]

wolfe waves happen during correctional periods and periods of exhaustion.

wolfe waves occur daily on short 5 - 15 minute time frames. they also occur on higher time frames, which is what i usually play

wolfe waves speak nothing of fib ratios.

hope none of my charts have bent rules =) true, lots of people think they are playing a wolfe wave when it definitely is not.

[geldmeister]

clam61

wolfe waves happen during correctional periods and periods of exhaustion.

Well said, most traders often overlook the correct time to look for certain patterns.

[static]

Originally Posted by clam61

wolfe waves speak nothing of fib ratios.

True, but I still classify them with all the pattern recognition and wave counting methods. Just my personal opinion.

I actually have never read the manual but just from browsing through 100+ pages of people posting charts and some of my own expermentation it seems that people are rather liberal with their point 1 position and with their wave spacing. Yours do appear to be "by the book" however.

But hey, even if not - as long as it is working I would keep running with it.