Wolfe

[bubba 10]

how about this one?

 

i like it so - prolly a trap

[waveslider 10]

Yeah volume and breadth are super weak too.

 

Any way you look at it, that top yellow line you've got will play into this market importantly, its been touched 4 times.

 

It wouldn't be surprising to see this pattern actually work out..

 

Here price just closed the critical gap down from January 14 where EVERYBODY who holds positions over night got slammed.

 

I bet it doesn't happen till monday or tuesday. If friday turns out to be a small range doji type day, get ready..!

Edited May 2, 2008 by waveslider
spelling

[bubba 10]

here's an indicator i found recently on the ftp.tradestation site. it plots triangles. while not true WWs, they can be similar..

[Tasuki 10]

  bubba said:

here's an indicator i found recently on the ftp.tradestation site. it plots triangles. while not true WWs, they can be similar..

 

 

bubba, thanks, looks interesting. Two questions:

1) What's the code?

2) What's the ftp.tradestation site? Never heard of it! (How do you get to it?)

 

Thanks, Taz

[bubba 10]

well - i was going to just paste the code here, but to my surprise, it was locked. but np, you may DL the file from here:

ftp://ftp.tradestation.com/PUB/easylang/elsiela/

"ELSI9605" is the file name.

the site contains .ela's, i think from the old omega research era..

[waveslider 10]

bubba, tasuki, check this out -- -

 

http://www.finviz.com/screener.ashx?v=210&s=ta_p_wedgeup

 

someone posted this link here on TL, whoever did, thanks!!

[bubba 10]

that's a powerful little screener. thx WS

[Tasuki 10]

  waveslider said:

bubba, tasuki, check this out -- -

 

http://www.finviz.com/screener.ashx?v=210&s=ta_p_wedgeup

 

someone posted this link here on TL, whoever did, thanks!!

 

Wave, thanks for the link. Looks a little overwhelming, but definitely cool.

[waveslider 10]

this looks like a decent one, see if it plays out tomorrow. ES 2 minute chart..

[thrunner 10]

A double bullish pattern occuring in the daily chart of GLD, the gold ETF, with a caveat emptor in it's fundamentals. The blue formation is a bullish Gartley pattern and the bullish Wolfe wave is in green. Sometimes the technical patterns look much better than the fundamentals. If this was crude oil or it's ETF, one would probably jump all over it, but fundamentally, gold may be in a slide or trade sideways for a while, basically because there may simply be a lack of world wide demand for it. Unlike crude, the annual demand for gold is only about $14 billion, while the annual supply/recycling of gold is about $77 billion. The Asian middle class demand for gold may also be waning - it is hard to buy a lot of gold if you are struggling to pay for increasing prices in food.

We may not see another peak this year, 2008, in gold as we saw in mid march unless we see another Bear Stearns like financial event again.

[bubba 10]

i noticed this one when i was reviewing Friday's charts. longer term, but i like the looks of it...

 

let me ask you guys, on the wolfewave.com site, the term 'dominant wave' is mentioned. would that be a longer term ww, maybe like this one?

[waveslider 10]

Picture perfect example... thanks.

How do you come up with your timing (vertical) lines?

[bubba 10]

timing? the lines are just the standard background from the TS window settings..

if that is what you meant. otherwise - i haven't a clue

[duzntmttr 10]

Does Scale matter to the drawing of Wolfe Wave ?

 

I mean whether using logarithmic or linear .

[waveslider 10]

oh, hi bubba, looks like we were posting at the same time, I was referring to thrunner's post

[bertg 10]

  waveslider said:

The one you posted is not a true WW, but it does work.

 

Of course it's not a true WW. It's not posted by Bill Wolfe or one of his privately-taught students.

 

Ok, sorry to butt in on this thread. The above is obviously said tongue-in-cheek. I went to his website. Talk about sales pitch. Oh, my!!

 

Unless you take his $3000 course, you won't be able to draw a WW correctly. He says 99.99 percent of the "secrets" are held back until you take the course.

 

Anyway, I hope you guys are making money trading today.

 

Regards,

Bert

 

edit: btw, waveslider, thanks for starting this thread. Intriguing.

[waveslider 10]

Hey Bubba that one you posted is working out fine, looks like it will hit target tomorrow morning. Wouldn't be surprised if that was the end of the up move though, there is quite a bit of resistance building above, not to mention the parallel channel line (parallel to your 1-3 line).

 

dunzmatr: scale shouldn't matter too much unless you are looking at higher timeframes.

 

Bert: welcome. bill wolfe's course is of course over priced. I have heard that there are a few nuances from people who have paid. I doubt it's worth it. No system will replace the hard learned lessons of actual trading and learning money management.

 

They're fun to try and find though!

[bubba 10]

yup - of course it was well on the way when i posted it. i didn't notice it until after point 5.( but o well-J.O.B).) i suppose the question about 'dominant wave' is a proprietary deal huh? i have been seeing some succesful ww's on higher TF lately. what i have difficulty with is deciding on an entry point with the pattern. (esp with higher TFs) i suppose there are zillions of different methods. i need to figure out a simple approach. i always feel the urge to pick the extreme H/L.. i'll keep working on it.

[waveslider 10]

dominant wave is just the largest wave in action in the pattern.

 

Trying to pick tops and bottoms is a tough disease, I get infected too - - its got to be a psychological thing about wanting to prove how smart you are.

 

Entry points? Personally I think just about anything will work, but the risk management has to be tight, that's the most important thing.

 

The one you pointed out just played out this a.m., bubba. Nailed it to the cent. I think that channel was additional pressure as I mentioned. Also interesting that both points 2 and 5 happened within the range, at the extremes. Probably reinforced the pattern. I haven't looked at the volume of it, but maybe there's something there too..

[bertg 10]

  Tasuki said:

Interesting, waveslider. The attached chart has a similar pattern vis a vis point 1, and a few other things going for it, most notably point 2, but a few marks against it too, especially that poor show for a point 5. Still, it did work out, which counts for something.

 

Hi,

 

I'm only at post 80 in this thread, but just wanted to thank waveslider and Taz and all other contributors. I am really enjoying this thread.

 

Taz, it's SO helpful to me when the comments are typed in on the chart, like in the chart below, which you posted. Thanks.

 

Regards,

Bert

[mkp14 10]

Hi all

After reading this post i learned and try to itendetify WW Pattern and here is compx chart 20min. Just learning purpose only. Let me know please my thinking is right or wrong.

Thx

mkp14

[bubba 10]

  waveslider said:

dominant wave is just the largest wave in action in the pattern.

 

Trying to pick tops and bottoms is a tough disease, I get infected too - - its got to be a psychological thing about wanting to prove how smart you are.

 

Entry points? Personally I think just about anything will work, but the risk management has to be tight, that's the most important thing.

 

The one you pointed out just played out this a.m., bubba. Nailed it to the cent. I think that channel was additional pressure as I mentioned. Also interesting that both points 2 and 5 happened within the range, at the extremes. Probably reinforced the pattern. I haven't looked at the volume of it, but maybe there's something there too..

thanks ws.. good points.

here's a screen i found when i got home this evening. an oddity, at least in my experience. 2 gartleys - but 1 at the finish of the larger - and both appear to be completing at the same time. just thought it was interesting. and, to make it on topic - many (most?) times a gartley will have a ww as well.

[bubba 10]

mkp - that looks like a nice ww to me.

the horizontal line from point 5 and also the entry ... interesting. i haven't seen that before

[david111 10]

Sorry to blow the bubble guys but WWaves is worthless just as Elliott waves.

I coded every parameter and expert advisors to automate this strategy over years of data and it fails miserably.

The market is ALIVE you cannot impose "waves" and counts, IT DOES NOT WORK consistantly.

But it "looks" great after the fact...

[OAC 10]

  david111 said:

Sorry to blow the bubble guys but WWaves is worthless just as Elliott waves.

I coded every parameter and expert advisors to automate this strategy over years of data and it fails miserably.

The market is ALIVE you cannot impose "waves" and counts, IT DOES NOT WORK consistantly.

But it "looks" great after the fact...

 

Actually I would be really surprised if you can get good results with back-testing of any of the patterns, which does not mean they can't be used as good tools by a discretionary trader. A lot has to do with the CONTEXT in which they are being used.