[traderdan]

I see what you're saying. The first one didn't work out in this case.

Originally Posted by Tasuki »

traderdan,
Compare the first and second charts you posted. The second one was just about perfect, but the first one wasn't 100% Wolfe-like, so to speak. Note that pivot 1 in the second chart was right in the middle of the range, and that pivot 2 dipped to new lows, scaring the pants off retail traders (that's what pivot 2 is spoze to do). The first chart lacked those salient features. It still might work out, of course. Just thought I'd point out those details for everyone's edification.
Tasuki

[m4573r]

is it a valid wolfe wave pattern?

I would wait for the smaller (green) Wofle on DJ.

[Tasuki]

Originally Posted by m4573r »

is it a valid wolfe wave pattern?

Simple answer: No. this is a rolling chop, not a Wolfe Wave. Look at previous examples and read my psychological description in earlier posts of this thread to understand the WW.
Tasuki

[hesychast85]

I am also studying Wolfe Wave. From what has just recently been explained to me, points 1-3 and points 2-4 must converge to be a valid Wolfe Wave pattern. I have not seen those converging elements in most of the charts posted on this thread. Waveslider, Suri....thoughts?

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[waveslider]

You are correct that the pattern should converge. Also, the lesson I have learned that is most valuable is that volatility should be high, and the move to point five should be a very fast move.
The chart you posted (don't know what to call you with that user name!) seems to be grinding higher, I doubt it's a WW, though your point one and two look excellent.

[hesychast85]

Thank you Waveslider. I came across a site called TheHarmonicTrader...I downloaded his free PDF and was wondering if you had seen his work. Think I will check out Suri's book also.. I am not constantly profitable yet due to MM and RR skills. I like the idea of these patterns (not wolfe wave) being formed by the FIB ratios. Thanks again for you input.

Don't worry about the Hesychast thing....you can call me Ron. Peace be unto you.

Originally Posted by hesychast85 »

I am not constantly profitable yet due to MM and RR skills.

What is MM and RR? By the way there is no safer way to pick tops and bottoms than Wolfe. And by the way not all Wolfes must have converging lines to be valid. 100% of my trades are Wolfes with 1/4 having diverging lines. Just my 2 cents.

Study Wolfe and nothing else. My today's trade enclosed. Moderate $734 per lot during a two hour morning trade. There are about 10 - 12 such trades during week.

Regards