Disliked{quote} Yes I am very interested, but don't you want any other confluence at all? They are profitable on their own? Had a failed one this afternoon, 15 min EJ... The 5 is a bit too high, but still gave it a go. Went green and then hit sl I also had divergence. Would love to see this thread revived! {image}Ignored
The chart below shows your trade. I used the 30 minute TF as it was the only way I could fiddle with the inputs of the ZigZag indicator to show the correct levels (due to the choppiness of the price action).
Per my analysis, the entry would have been at 120.14 which is the AB=CD completion and a pip from the 200FIB extension of BC. More confirmation can come from a TDI cross (green crossing red below). A stop loss of 15 pips would be a few pips above the 261FIB, giving the trade a little room to breathe. First target would be the level of X (119.87, very conservative but a good spot to take half off the table and micro manage from there).
Smaller time frames with volatile pairs (Yen pairs, EN EA GN, etc) can be tricky, especially for waves that are steeper than the classic set up. Using the FIB extension of BC and the AB=CD level within the confines of the "sweet zone" is critical in these situations.
Before price reaches the potential entry point, do 3 things
1) Draw a line from point B that is parallel to line AC to define the sweet zone.
2) Put the FIB extension of BC on the chart
3) Put a horizontal line at the AB=CD completion level
Steeper waves angles tend to reverse at the 161 to 200FIB levels with extreme angles all the way to the 261FIB. Imho, the steeper angle waves are harder to trade.
Classic waves structurally tend to reverse at the 127, 141, or 161 levels. I find the 141 level to be my bread and butter, which is ironic because I've never seen it mentioned in other WW analysis.
Flatter waves tend to end at the 113 or 127 levels.
Anyways , hope that helps.
When I get time I am going to open a thread myself specifically for Wolfe waves along with some other related waves that I have been studying. I considered trying to revive this thread but thought it may be best to take ownership of a new thread.
If anyone is interested, I found this free ZigZag indicator somewhere that shows the pips/candles which is really nice for this strategy. Unfortunately, you can only change the colors by changing it in the code which I have done for a few different colors.
Attached File(s)
ZIGZAG-VALUE.mq4
17 KB
|
586 downloads
ZIGZAG-VALUE.ex4
21 KB
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521 downloads
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