Wolfe Waves (for TS) Tradestation Systems and Indicators

Wolfe Waves have become so popular among daytraders that (like the famous trade, "Turtle Soup") they often do not work. I call these failures "Sheep Waves": when the market almost makes a Wolfe Wave but turns and leaves everyone standing in an empty pasture (waiting for the buy or sell). Why do they do that? Because the market is perverse. What a silly question. Seriously, though, Wolfe Waves and Sheep Waves are dangerous setups, often reversing sharply, so tight stops and a good SAR (sell and reverse) mentality helps.

Here's the rules for bullish Wolfe Waves as I use them for entry and exit (reverse everything for bearish waves):

1. Wave 2 is always a short-term top,
2. Wave 3 is the bottom of the first move down,
3. Wave 1 is the bottom of the wave preceding Wave 2,
4. Wave 3 has to be lower than Wave 1, but it does not have to be (note: Bill Wolfe would disagree with this),
5. Wave 4 is the top of the move away from Wave 3,
6. Wave 4 has to be higher than the bottom of Wave 1,
7. a trendline is drawn from Wave 1 through Wave 3 to project the point of entry, Wave 5, and
8. a trendline from Wave 1 through Wave 4 projects the target where you get out of the trade.

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Wolfe Waves (for TS) Tradestation Systems and Indicators

Market Sales Price: $399

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