Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

Recommended Posts

This is a Wolfe Wave that formed since the beginning of the month as appeared on my ES 15 minute chart. Looks like it hit the 1-4 target line and died. But that point 5 was a little tricky to narrow down. As a matter of fact it has way exceeded the standard guideline for point 5 as set forth by Bill Wolfe.

 

 

attachment.php?attachmentid=7388&stc=1&d=1216919542

Share this post


Link to post
Share on other sites

I personally don't like waves - neither elliott nor these but here is some manuals I found that might be of help if anyone is interested :)

 

 

.. By the way searching these wolfe waves I found forex-tsd forum's thread about them and the guy who started it, and also who posted most about it edited and deleted all his posts :) maybe he found his own grail in them :) :P

Wolfe Waves.pdf

WolfeWave System.pdf

Share this post


Link to post
Share on other sites
but here is some manuals I found that might be of help if anyone is interested :)

 

 

 

Just to let you know, those manuals are reprint of LBR's book, "Street Smart". According to Bill Wolfe, they are not accurate.

Share this post


Link to post
Share on other sites
Just to let you know, those manuals are reprint of LBR's book, "Street Smart". According to Bill Wolfe, they are not accurate.

 

Just had a quick look at the two pdf files. They seem pretty accurate to me. Doesn't surprise me that Bill Wolfe, whose trying to parlay a pattern into a career, would say they're inaccurate--it's in his economic self-interest to say so.

 

Well, it would make for an interesting discussion if someone can find some mistake in Linda's work. If you do, please post it!

Share this post


Link to post
Share on other sites
Just had a quick look at the two pdf files. They seem pretty accurate to me. Doesn't surprise me that Bill Wolfe, whose trying to parlay a pattern into a career, would say they're inaccurate--it's in his economic self-interest to say so.

 

 

Just ignore him then. i am only quoting what he said only because his last name is Wolfe.

Share this post


Link to post
Share on other sites

What are the warning signs that the wolfe wave is about to fail ?

I mean , I have seen perfect patterns following all the rules , nice turnarounds from the line connecting points 1-3-5 and giving you all the confidence that the target 6 will be reached. Then , suddenly poof , the pattern falls apart.

What are the indicators that one should watch out ? I mean a warning sign that the wave is about to fall ?

 

Thanks in advance .

Share this post


Link to post
Share on other sites

Its all about the move from point 4 to point 5. If this is choppy, the pattern is either negated, or the target becomes closer. Move your target line to be less aggressive in chop.

 

WW and Andrews are 2 methods that have been working very well in these choppy markets recently.

Share this post


Link to post
Share on other sites

Hey Bubba,

 

A bit ugly since it looks like not so much a range as trend - -

But I will be the first to say that the ones that look "perfect" are the worst ones!!!

I really dont like the 4-5 wave- its so choppy...

I DO like the volume pattern, that looks pretty good especially at point 3 and 5.

 

Regardless the 1-3 line you drew is an important channel line, thanks for pointing this out.

Share this post


Link to post
Share on other sites

thx for your point of view ws.. always appreciated.

price actually violated the 1-3 line (yesterday?).. anyway.. it quickly jumped 30-40pts or so. as i type, it's right back near the low. we'll see.

Share this post


Link to post
Share on other sites

This is more like what I'm talkin about,

5 min chart, here's what I like:

 

Its more horizontal

Nice volume move off point 3

nice volume move into point 2

nice direct move from 4 to 5

nice triple touch to 1-3 line

the 1-4 line was touched once from the upside

 

good potential for a 40 pt move if price can stay above 1165.

MyScreenHunter.thumb.jpg.07fa06afb76e927ceaf752d3d4fe1557.jpg

Share this post


Link to post
Share on other sites

One more thing that I noticed is that if you draw a smaller wave with the next peak after point 3 as mini point 4 and next touch as mini point 5 , than the target line from 1 to mini4 , perfectly points to major 4.

Share this post


Link to post
Share on other sites
good potential for a 40 pt move if price can stay above 1165.

 

Nice call on the 40 pt ES. How about a 100 ES point day ? :o

6.01 million contracts traded 9/18/08, that is probably a record. 100 point range in ES in about 8 hours.

They are probably trying to gap this up to reduce selling by the longs and force covering by the shorts.

5aa70e8a0ff56_ww100espts91808.gif.6dccdcef5b31b660b87ca5fba6d2b38f.gif

Share this post


Link to post
Share on other sites

How about that?

Here's the after shot of that chart pattern I put up the other day.

It looked good to me, but to be honest I often get skeptical with this pattern on the higher time frames.

I hope some of you guys got those moves today, crazy rides. I had got some of that first 40 pts, and quite a bit out of the second move.

The key was how that 1-3 line acted as support after price blast through it, from there it was the easiest 20-30 points I've ever seen!

This is a good one to study.

MyScreenHunter.thumb.jpg.4f422742f94bf122ab875ac139b9d5fc.jpg

Share this post


Link to post
Share on other sites
How about that?

Here's the after shot of that chart pattern I put up the other day.

It looked good to me, but to be honest I often get skeptical with this pattern on the higher time frames.

I hope some of you guys got those moves today, crazy rides. I had got some of that first 40 pts, and quite a bit out of the second move.

The key was how that 1-3 line acted as support after price blast through it, from there it was the easiest 20-30 points I've ever seen!

This is a good one to study.

 

Even the time predicted by 135 and 24 interesection worked perfectly.

Share this post


Link to post
Share on other sites

Interesting pt. here...

 

this is the second touch of the Andrew's line, also a potential wolfe wave.

 

I like how this point one begins at the 50% of the range.

 

Also its not a steep line.

 

TIming wise, the distance from point one to three is almost equal point 2 to 4.

 

The gap below is a big void - extremely possible it will be tested.

 

A good plan would be to sell a retest of this box from below.

 

any thoughts?

5aa70e9f1d539_ScreenHunter_02Dec_0819_07.thumb.jpg.fbdfae68f257b279d316fced19fcfede.jpg

Share this post


Link to post
Share on other sites
yes sorry, es.. Its just an hourly.

 

day session only, as I found out (@ES.D in Tradestation).

 

Where would point 6 be, waveslider? Somewhere below point 2, right?

 

I like the fact that there's a pitchfork confirming the weakness.

Doesn't hurt that there are two moving averages providing resistance on the daily chart (34 EMA and 50 SMA).

 

Still, every money manager on the planet is telling his clients to get back into the market, so I'm dubious that point 6 will get reached. This might turn out to be a classic example of what happens when technical analysis stands in the way of a stampede of bulls.

Share this post


Link to post
Share on other sites

yes here is an updated chart. I actually moved point 1 on this chart a little lower to where momentum actually started. This is a 45 min chart of ESZ08(24 hr sesh).

 

Total disclosure, I actually took a position on this one short on the close today. I had another signal anyway, but I think I will trade a portion of this according to the pattern.

 

I added the Andrews line because it seemed appropriate.

 

I like the WW target here because it has acted as a genuine support and resistance line on both sides.

 

I like how the WW target line also penetrates the pattern at the 50% mark of the pattern. There is of course another Andrews line that could originate from the #1 pt. which has an even more deep target.

 

I am still convinced the charts say we are in a range, a time when WW works well (as opposed to trend).

 

The classic descending triangle should be apparent to every one in this market.

 

This is not going to be an easy ride lower (I anticipate), since its not close enough to be a straight fall. However the R/R is about 5 to one right now.

 

I'm doing one contract down to that WW line (100pts). Its the most conservative line of the other andrews lines I see originating from that area. The rest of the position I'll take off around 850 if it gets that low.

 

There is a real possibility of testing recent Nov. lows... notice that price is failing to stay above pt. #3. Every one who was going to buy bought on that gap up - weak volume follow through..

 

Well see..

5aa70ea0301f7_ScreenHunter_03Dec_1021_50.thumb.gif.621787561672c8f0693a9d2221f1f598.gif

Share this post


Link to post
Share on other sites

Best of luck on this trade WS. I'm thinking right now that we won't hit even the Andrews medianline, but that's what makes for two-sided trading, right? I have to admit that the WW and pitchfork really do look classic.

Share this post


Link to post
Share on other sites

Patiently waiting for something to happen, another WW just formed as the top failed here...

I don't know why I am seeing WWs recently more. I still don't trust them too much, they have to be traded with some other method.

The steep pitchfork I had on that chart doesn't look so good anymore.

I still think this market is headed south.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • NFLX Netflix stock, with a solid top of range breakout, from Stocks to Watch at https://stockconsultant.com/?NFLX  
    • NFLX Netflix stock, with a solid top of range breakout, from Stocks to Watch at https://stockconsultant.com/?NFLX  
    • It depends. If you have lots of money that you can buy a house without a loan and if you don't have any parents to sponsor then it is a good idea. Otherwise it might be a bad idea depending where in Canada you are heading to. I earned a good middle income in my home country and I migrated to Vancouver 5 years ago at the age of 35. I had to start right from the bottom, lowest of the low.. Now i am finally earning a middle income in Canada but I still cannot afford to buy a one bedroom apartment. Having left behind friends, family and home, most of the times I think it is not worth it.   In short, do not migrate if you already have a good life in your home country and you are happy. Only migrate to Canada if you really have to leave your home country say there is a war or something really bad. Discrimination still exists here and its really tough for newcomers unless you are super rich. Good luck. David Chong, Quora  
    • This is bigger than the internet. Bigger than mobile. Bigger than social media.   While everyone was distracted by stock market fluctuations and political theater…   Most people have NO IDEA what just happened last week with ChatGPT.   Their new memory feature allows ChatGPT to remember EVERYTHING about you across all your conversations.   Think about that for a minute...   While most tech companies have been collecting mere breadcrumbs about you - your likes, your clicks, your browsing history - OpenAI is now collecting the most valuable dataset in human history: your complete psychological profile.   This is Zuckerberg x 5,000.   The more you use ChatGPT, the more it understands you, becoming a supercharged reflection of yourself that improves at an exponential rate.   Are you a regular ChatGPT user?   Consider whether it’s time to turn off the “you can train on my information” feature. To prevent your data from being used for training while still using the memory feature:   Disable Model Training: Navigate to Settings > Data Controls. Toggle off "Improve the model for everyone". Manage Memory Settings: Go to Settings > Personalization > Memory. Here, you can: Turn off memory entirely. Delete specific memories. Use Temporary Chat for sessions that won't be saved or used for training. Now the investment implications…   Why This is Bigger Than You Think Consider this: the relationship between humans and ChatGPT is evolving beyond a mere tool.   People are now treating these AI assistants as friends, confidants, and even romantic partners.   I'm not making this up - there are already documented cases of people ending real human relationships to pursue “connections” with their AI companions.   A viral Instagram meme shows a person going through life with a glowing, featureless humanoid figure - representing ChatGPT - as their companion.   The post has over 1.1 million likes and comments like "Bro ChatGPT is like my best friend. Ain't even ashamed to say it" with 25,000 likes.   But here's where things get really interesting for investors and entrepreneurs...   Three Things to Watch For starters, hardware is the next big thing for the big players.   The iPhone form factor is dead.   It hasn't meaningfully changed in nearly a decade. The next evolution in hardware will be designed specifically to interface with these AI companions.   OpenAI is already working on hardware with Johnny Ive, the legendary designer behind the iPhone and iPod. But you can’t ignore Elon Musk’s edge here.   So what does all of this mean for you?   The companies that control the personal AI relationships will be worth trillions. OpenAI and Elon Musk will have the coziest moats. We're witnessing the birth of a new internet - one built on agents that can communicate with each other across platforms. Google's new agent-to-agent protocol allows AI agents to work together without sharing internal memories or tools. The hardware companies that create the perfect interface for these AI companions will dominate the next decade of technology. And almost nobody is talking about what this means.   My prediction? Within five years, most people will have a personal AI that knows them better than anyone else. And they will interact with it in ways that seem foreign today.   (And, yes, it will almost certainly have dystopian elements.)   In the meantime, the biggest gains won’t come from household names. And, right now, James is seeing a prime opportunity to invest in the most under-the-radar plays in AI…   For dirt cheap. By Chris C. Source: https://altucherconfidential.com/posts/use-chatgpt-protect-yourself-now
    • KBH KB Home stock, nice day and rally off the 50.82 support area, from Stocks to Watch at https://stockconsultant.com/?KBH      
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.