glennmercer

EDUCATIONAL: Wolfe Wave Example

FX:EURCAD   Euro Fx/Canadian Dollar
Hey traders, here is an example of a typical bullish Wolfe Wave setup. Price creates two converging descending trend lines. Point five often overshoots and touches the parallel of the 2-4 line, presenting an entry opportunity. Profit is taken at the 1-4 line. For the bearish setup, the lines must be converging and ascending, and same rules apply. Trade with care and assess your risk!
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AhmetAlperOzen
5 months ago
where is 5 ?
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glennmercer PRO AhmetAlperOzen
5 months ago
5 is the overshoot, it touches the 2-4 parallel
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AhmetAlperOzen glennmercer
5 months ago
thank you I have these indicators. working quite well.
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AhmetAlperOzen AhmetAlperOzen
5 months ago
when these lines supported by divergence, is perfect.
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glennmercer PRO AhmetAlperOzen
5 months ago
Yes - divergence pairs nicely with WW. Also, harmonic patterns often align at the entry providing further insight into Limit and SL placement.
+1 Reply
AhmetAlperOzen glennmercer
5 months ago
thank you, please go on educational posts.
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