Wolfe Wave Indicator
NewDigital,
I've been surfing so much lately that I forgot about the link here. If you would like to transfer my post above to that thread and close this one, that's ok with me.
samiam
No, it is ok.
It is right place for this thread. Because it is something about indicator.
But that thread was about the trading system which somebody found in internet.
Just try to develop this thread.
Or I may move if you want. That thread was developed already.
Is it possible for someone (ShadowWZ perhaps?) to code a WolfeWave indicator? I've just come across this method and it seems interesting. Fukinagashi at MoneyTec has put one together but it got panned at a Russian forum because it was using the ZigZag indicator and missing some elements. I noticed in the Harmonic Trading thread that the wave counter for that is using a_ZZ. Maybe this indicator might work for a Wolfe Wave indicator.
Here's the link to a MoneyTec thread that talks about WolfeWaves in more detail:
http://www.moneytec.com/forums/showthread.php?t=15108&page=1&pp=40
Here's the link to Fukinagashi's indicator:
http://www.moneytec.com/forums/showthread.php?p=155548#post155548
This link is from the Founder's site:
http://www.wolfewave.com/an_illustration_along_with_the_rules.htm
The following are some key things to look for...
samiamthe idea will be very good if coded in mt4 i saw my favourite trader posting some very good charts out of this but i think she mixes elliotwaves with it.
Ziko,
I defended the attacking of you in the Harmonic thread, but now I'm starting to regret it. The same thing is going to happen with this thread.
You let us know that you have an indicator for Wolfe Waves for sale. No problem. Now create another commercial thread and post your charts there if you want. Somebody in the Harmonic thread said this, and now I have to agree: Posting Multiple charts of the patterns your indicator is showing is effectively spamming the thread. You've already got 4 pics showing your indicator. I think that's enough.
Hopefullly we can keep this thread for Discussion and the occasional chart that enhances the discussion.
My 2 pips,
Keris
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Is it possible for someone (ShadowWZ perhaps?) to code a WolfeWave indicator? I've just come across this method and it seems interesting. Fukinagashi at MoneyTec has put one together but it got panned at a Russian forum because it was using the ZigZag indicator and missing some elements. I noticed in the Harmonic Trading thread that the wave counter for that is using a_ZZ. Maybe this indicator might work for a Wolfe Wave indicator.
Here's the link to a MoneyTec thread that talks about WolfeWaves in more detail:
http://www.moneytec.com/forums/showthread.php?t=15108&page=1&pp=40
Here's the link to Fukinagashi's indicator:
http://www.moneytec.com/forums/showthread.php?p=155548#post155548
This link is from the Founder's site:
http://www.wolfewave.com/an_illustration_along_with_the_rules.htm
The following are some key things to look for...
These are the rules from Street Smarts:
1. Number 2 wave is a top.
2. Number 3 wave is the bottom of a first decline.
3. Number 1 wave is the bottom prior to wave 2 (top). Point 3 must be lower
than point 1.
4. Number 4 wave is the top of wave 3. The wave 4 point should be higher than
the wave 1 bottom.
5. A trend line is drawn from point 1 to point 3. The extension of this line
projects to the anticipated reversal point which we will call wave 5. this is
the entry point for a ride to the epa line (1 to 4).
6. The Estimated Price at Arrival (EPA) is the trend line drawn from points 1
to
4. This projects the anticipated price objective. Our initial stop is placed
just
beneath the newly formed reversal at point 5. It can then be quickly
moved to breakeven.
IMPORTANT POINT: You cannot begin looking for the Wolfe Wave until points
1, 2, 3, and 4 have been formed. Keep in mind that point 3 must be lower than
point 1 for a buy setup. It must be higher than point 1 for a sell setup. Also,
on the best waves point 4 will be higher than point 1 for a buy setup and lower
than 1 for a sell setup. This ensures that absolute runaway market conditions
do not exist.
A) The 1-3 line and the 2-4 line must converge.
B) to help find the point 5 entry area you parrallel the 2-4 line off the 3
point to give a bottom boundary to the entry area.You can even use the 1 point
in extreme cases.
the idea is to take a line that is parallel to the 2-4 line ( the same angle as
the line connecting the point 2 and point 4 ) and draw a line from the point 3
at this same angle.
As the angle is steeper than the 1-3 line it gives you a deeper level for the
point 5 entry.
samiam