what has worked for me (finally)

[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.

[najeeb786]

thank you very much