Wolfe Waves Pattern: Aftermath ... Lesson | $AUD $NZD #RBA #RBNZ
Wolfe Waves Pattern: Aftermath ... Lesson | 
AUD NZD #RBA #RBNZ #forex
Friends,
Last March 06th, I presented a potential short signal based on an advanced geometric pattern called the Wolfes Waves pattern. Now that its 1-4 Line was hit and price nearly hit our defined TG-1 = 1.05260 (missed by a mere 4.3 pips, unless you generously front your take-profit orders), we are contemplating a potential reversal to the upside. At least, this is what my predictive analysis and forecasting system indicates at this point.
Before formulating a new bullish directional opinion - that will come on a separate chart - I would like to quickly review the features that a trader, unfamiliar with this Wolfes Waves Pattern (or "WW" for short) should consider before taking a position.
WOLFE WAVES FEATURES:
1 - 5-POINT REQUIREMENT:
The primary features of a WW are its 5-point definition, simply numbered points 1, 2, 3, 4 and 5. Typically, points 1, 3 and 5 fall in line and remain opposite to points 2 and 4.
2 - 2-LINE REQUIREMENTS:
As points 1, 3 and 5 fall into a line, a 1-3-5 Line comes into shape, opposite and convergent relative to the 2-4 Line passing through its defining points 2 and 4.
3 - CONVERGENT LINES:
Lines 1-3-5 and 2-4 should converge and form a wedge. While it is best that the convergence occurs while both lines are pointing in the same direction (i.e.: both lines point up with the bottom 1-4 Line being pointing up steeper than 1-3-5 Line to maintain their convergence, and vice-versa: both pointing down with the top 1-3-5 Line being down steeper than the 2-4 Line to maintain their convergence). This total up or down direction is paramount to define the resulting direction in price.
4 - WEDGE DIRECTION DEFINES PRICE ACTION:
Now, we have 5 points, articulated into convergent lines that form a wedge. We also agreed that the overall direction of the two convergent lines will define either an up-slanting convergence (a rising wedge), or define a down-slanting convergence (declining wedge). What follows are rather simple rules:
...
(lesson continues in the comment section)
AUD NZD #RBA #RBNZ #forexFriends,
Last March 06th, I presented a potential short signal based on an advanced geometric pattern called the Wolfes Waves pattern. Now that its 1-4 Line was hit and price nearly hit our defined TG-1 = 1.05260 (missed by a mere 4.3 pips, unless you generously front your take-profit orders), we are contemplating a potential reversal to the upside. At least, this is what my predictive analysis and forecasting system indicates at this point.
Before formulating a new bullish directional opinion - that will come on a separate chart - I would like to quickly review the features that a trader, unfamiliar with this Wolfes Waves Pattern (or "WW" for short) should consider before taking a position.
WOLFE WAVES FEATURES:
1 - 5-POINT REQUIREMENT:
The primary features of a WW are its 5-point definition, simply numbered points 1, 2, 3, 4 and 5. Typically, points 1, 3 and 5 fall in line and remain opposite to points 2 and 4.
2 - 2-LINE REQUIREMENTS:
As points 1, 3 and 5 fall into a line, a 1-3-5 Line comes into shape, opposite and convergent relative to the 2-4 Line passing through its defining points 2 and 4.
3 - CONVERGENT LINES:
Lines 1-3-5 and 2-4 should converge and form a wedge. While it is best that the convergence occurs while both lines are pointing in the same direction (i.e.: both lines point up with the bottom 1-4 Line being pointing up steeper than 1-3-5 Line to maintain their convergence, and vice-versa: both pointing down with the top 1-3-5 Line being down steeper than the 2-4 Line to maintain their convergence). This total up or down direction is paramount to define the resulting direction in price.
4 - WEDGE DIRECTION DEFINES PRICE ACTION:
Now, we have 5 points, articulated into convergent lines that form a wedge. We also agreed that the overall direction of the two convergent lines will define either an up-slanting convergence (a rising wedge), or define a down-slanting convergence (declining wedge). What follows are rather simple rules:
...
(lesson continues in the comment section)
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