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Anyone to give me some advise here please? Is it correctly labelled?
Thanks in advance.
That would have been a nice trade, but it wasn't a Wolfe Wave. The 1 needs to fall between the 3 and 4. Either 3 < 1 < 4 or 3 > 1 > 4.
Without more resources I'm not sure this is real. I've looked at a bunch of waves that follow the trading rules we have listed, and none of the ones I looked at hit the profit targets. I also looked at Wolfe's Waves on his website and sometimes he draws charts using the close data, and sometimes using highs or lows. I'm pretty sure I could draw 100 waves following the trading rules, and through random chance many would go near the profit target. I want more rule data before I proceed any further with WW.
If 1 3 5 lined up more often, and the time targets were accurate I would be stunned. The way it is now, I don't get it. No way in hell am I spending 3k to find out if it is real.
Hey, thank you for your answer. I think, I do understand your explanation. Now I see it is not so easy as I thought
I was comparing 2 different trading tactics. Murrey math is much simpler than Wolfe Waves. There are no moving lines, no connecting dots, no 'hidden secrets' sold for thousands. Many people use other systems to verify WW, like Fibonacci retracements, etc. In this particular case, your trade would need to fight against a system that works very consistently. Breaking 3 resistance lines sounds hard even with a news event.
What I did give you was a way to make sure WW and MM agree. If USDCHF doesn't close under 1.2344, then MM predicts a reversal to at least 1.2437. I'd do 2 trades, one TP at 1.2437, and another that does a 20+ trailing stop with a TP where WW predicts. Even if it didn't hit WW level, I would still get profit.
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