studying wolfe wave but losing my marbles now.Need an expert.......I can set 1 to 4 line but EPA is dificult to define. Someone?
Comments
johan.verm
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Thanks for the reply.Rules of wolfe wave ,I did read it over and over...The best is to have some conical instead of a straight chanel up or down....I have tried to identify the ETA but that is the hardest with a straight chanel...The ETA is very important because there you can take your profit.I will try to find the unlock button so you can analyse my drawings..;-)This long run down of the euro I could have forecast but did n't define the ETA point and even did not believe this run down.Ashame.I believ WW in combination with Gartley patterns are very effective....Have a nice day!
EverythingForex
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No problem. Happy to help. But keep in mind, WW does not work on flag patterns (straight channels as you call them) because they do not fit the rules of the Wolfe Wave. If you tried it, you will find it difficult to find the ETA (what does that stand for? Do you mean ETP? Esitmated Take Profit?). And if you try using WW on flag pattern, I don't think it will be as reliable. Of course, I have no proof of that.
Hi Johan. I trade Wolfe Waves and use them a lot in my analysis. I don't know that necessarily makes me an "expert" though. But anyway, Wolfe Waves are unique in that they are independent of other patterns and such. You can use them on their own irregardless of what is happening around them. What I mean is....Wolfe Waves are basically a contracting triangle/wedge pattern BUT differ from the usual "Elliott wave counts" conventions. In other words, the waves within a Wolfe Wave are not counted like in traditional elliott wedges. They are independent of any wave counts before or after them.
Rules are:
1. Wave 1 between points 1 and 2 must be the longest wave
2. Waves 2 (between 2 and 3) and wave 3 (between 3 and 4) must be progressively shorter otherwise you can't have a contracting pattern and thus no Wolfe Wave
3. The final wave (between 4 and 5) can exceed the length of the previous wave thus breaking the trend line created by the previous points (a "false break" if you will) but after breaking must immediately reverse and head back in the other direction
4. target line for profits are created by connecting points 1 and 4
Hope that helps.
BTW, It would be better to not lock your chart drawings so that anyone who views your chart can expand it for easier viewing. I couldn't really see what's going on with your chart because the drawings and markings are too small. And the colors along with the black background are hard to see. But maybe that's just me and my old eyes.....;-P. Good luck!