Wolf Waves Trendline Breakouts Indicator for ThinkorSwim

J007RMC

J007RMC

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The same chart but 1 hr time frame the projected price at 121.3 with a projected time of arrival to Tuesday 10/30 makes sense ER So how does the Wolfe wave estimate price, via price lines and fractals.

The Wolfe wave predicted an apple rise in price on my 4hr chart Friday morning absolutely and nailed an approximation of time to eta based on the bullish plot.

Ben's wolf wave script is identical in that they fire at the same time Ben's is noted by the R1 top. Must view on the 2min time frame very profitable and projects the channel very well on the daily chart. https://tos.mx/Wj3rEc

The wolf wave support level S1, S2, S3 = R1. R2, R3 register as numbered waves for me Bens is extremely accurate as it should be.
 
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wtf_dude

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How are you finding candidates though? I really don't see how you can scan for ideas other than just scrolling through a watch list and see if the pattern is panning out.
 
J007RMC

J007RMC

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@wtf_dude I try to watch only a few of my favorite tickers aapl, ba, dis, and wait for the waves to form longs/shorts because really every ticker moves in such that way either large long time frames or shorter time frames the wave subsets of the larger time frames.. If we did not have waves we don't have movement a universal concept really for me.

I identify the longer time frames and switch to the intermediate time frames to catch the wave sub-sets



https://tos.mx/klr14xS
 
wtf_dude

wtf_dude

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^^ See, that example doesn't fit the wolfe wave definition at all. Sure it can be looked at for the wave formation, but I'm looking for as close to their textbook definition as possible if I'm going to trade on that 5th wave breakout to the 1 to 4 trendline.
"
  • The waves must cycle at a consistent time interval.
  • The third and fourth waves must stay within the channel created by the first and second waves.
  • The third and fourth waves must show symmetry with the first and second waves."
It's alooooooot of scrolling through to see these symmetrical waves forming within a channel
 
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J007RMC

J007RMC

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@wtf_dude Correct Bens script does a good job and at identifying channels for support and resistance and even projecting times lines but it does not show whether the wave is bearish or bullish nor does it identify a true wave pattern beginning or ending. The chart and what I use does show that data here is a 4hr BA today. Often timBa is searching for its pattern to begin again and that is what I wait for the emergence of a pattern on the higher time frames.es when stocks top out at wave #5 they need to re-establish a proper pattern they need to establish a 1 wave and begin the process anew. Establish the higher wave trends/direction then trade the intermediate time frames once you know the overall direction is what I do.

The perfect example is BA today


But if every wave were perfect .... well. I sincerely hope these examples help

Bullish Pattern



Bearish Wave


And an imperfect bearish wave where points 1,3,5 do no align perfectly


Bullish Wave

The 2 pt is at the top
The 3 pt is the bottom prior to point 2 top that 3 has surpassed
The 4 pt is the top of the rally after point 3
The 5 point is the bottom after point 4 and is likely to exceed the extended trend line of points 1-3. This is the entry point for a ride to the EPA line.
Estimated price arriving 1-4 EPA line 1-4
Estimated price at arrival EPA is a trend line of 1-4 apex of the extended trend line of 1-3 and an extended trend line of 2-4.
The trend line of 1-3 and the trend line of 2-4 must converge.

Bearish Wave

By starting at the bottom we are assured of beginning a new wave.
Point 2 is the bottom.
Point 3 is the top of the first rally.
Point 1 is the top prior to point 2 bottom, that 3 has surpassed
Point 4 is the bottom of the decline after point 3.Point 5 is the top after the 4 points and is likely to exceed the extended trend line of 1-3.
Estimated price arrival EPA is the trend line of 1-4 apex of the extended trend line of 1-3.
Estimated time of arrival ETA is the apex of the extended trend line of 1 to 3 and an extended trend line of 2-4. The trend line of 1-3 and the trend line of 2-4 must converge.

My text is taken from the context of Bill Wolfe both bullish and bearish text. It can be duplicated and summed up by available public information. http://www.wolfewave.com/

I'm ending this thread think I've driven this deep into the ground and my apologies Ben for hijacking your thread. GL traders.
 
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J007RMC

J007RMC

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My hope is that our coders can develop wave patterns numbered 1-5 mine is a personal chart I cannot share this.

15min chart we broke out of the downward channel, directional bias is up bullish wave pattern, waves need to complete their high/lo's so tomorrows open is up. Within the context of the larger time frames. Holy crap nothing is safe I'll be a buyer at some point. we will be dropping off the 4hr triangle soon down to 105 and to 103.

 
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J007RMC

J007RMC

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How is this different from the one at the beginning of this thread? @J007RMC which version are you using in your charts?
I do not intend to confuse the posting but I use bens wolf script along with my personal charts. The original post does a great job of defining or predicting the current channel and future direction.
 
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PT2582

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Thank you @J007RMC for your posts. They have helped to clarify some questions I have had. I do wish there is a way the numbers could be changed to 1-5. I looked through the code to see if I could just change them where it says addbubble. But, I Know I may mess it up somehow. Honestly, this is my favorite indicator for support and resistance with the channel. Thank you @BenTen for this indicator as it has really helped me in my trading. Im not sure if this is allowed or not but I am a member of Bullishbears trading community. They have a FB Bullish Bears stock market trading community page. Rose Boye shares great images of Bullish patterns using Wolfe Waves. Again, Thank you so much .
for the availability to use this indicator.
 
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J007RMC

J007RMC

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Possibly something our coders will decide to tackle. I can be very wrong but I think the numbered waves within the wave cycles represent the ABCD pattern where AB=CD a subset harmonic pattern that emerges within the larger wave set pattern. I suppose this ultimately takes us into the Elliot wave theory. I am posting my personal chart again that does show numbered waves within larger waves, the 4hr chart. Will someone please correct me if I am wrong. To finish a wave 5 drops to begin the ABCD where AB=CD or as shown by the Brian Wolf's pattern as 1-5 that also predicts the subset as bullish or bearish ABCD patterns.

What I have found to be true by trading just the pattern itself on whatever time frame is a reliance that for every wave line posts profit at the end of the counter wave direction once the line is formed 5-15 min time frames only because the intermediate frames take longer to post profits but until the counter wave line is drawn and set I'm in the trade. And I trade these patterns 2-3 times a day where $1.00-3.00 per leg is profitable for me.



found it onsite https://usethinkscript.com/threads/...inkorswim-zigzag-bat-butterfly-abcd.69/page-3
Elliot wave patterns.
https://tos.mx/056xjyp
GL
 
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PT2582

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Possibly something our coders will decide to tackle. I can be very wrong but I think the numbered waves within the wave cycles represent the ABCD pattern where AB=CD a subset harmonic pattern that emerges within the larger wave set pattern. I suppose this ultimately takes us into the Elliot wave theory. I am posting my personal chart again that does show numbered waves within larger waves, the 4hr chart. Will someone please correct me if I am wrong. To finish a wave 5 drops to begin the ABCD where AB=CD or as shown by the Brian Wolf's pattern as 1-5 that also predicts the subset as bullish or bearish ABCD patterns.

What I have found to be true by trading just the pattern itself on whatever time frame is a reliance that for every wave line posts profit at the end of the counter wave direction once the line is formed 5-15 min time frames only because the intermediate frames take longer to post profits but until the counter wave line is drawn and set I'm in the trade. And I trade these patterns 2-3 times a day where $1.00-3.00 per leg is profitable for me.



found it onsite https://usethinkscript.com/threads/...inkorswim-zigzag-bat-butterfly-abcd.69/page-3
Elliot wave patterns.
https://tos.mx/056xjyp
GL
Thank you so much for all of your information. Now seeing the 1-5 on your chart, I know I could not begin to add it to his coding. Adding the Elliot wave to my chart showing the Bullish and Bearish may solve the issue of knowing exactly where to begin. I added the image from Rose Boye that was posted on FB for you to see what you think.

 
J007RMC

J007RMC

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Thank you so much for all of your information. Now seeing the 1-5 on your chart, I know I could not begin to add it to his coding. Adding the Elliot wave to my chart showing the Bullish and Bearish may solve the issue of knowing exactly where to begin. I added the image from Rose Boye that was posted on FB for you to see what you think.

Very nice I like that
 
J007RMC

J007RMC

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The 1-3-5 posting in a linear fashion at the top denotes an extremely bearish pattern and sure enough, it played out. Im running a script developed on-site called short wave with much success. https://tos.mx/OHzbu6u

 
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J007RMC

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@krsheath what is your opinion on this indicator from funwiththinkscript? Does it work well for you?
Yes, I am impressed I consider it an integral part of my charts. I also run Ben's wolf script together with this so I know my resistance/support with channels.
 
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PT2582

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Yes, I am impressed I consider it an integral part of my charts. I also run Ben's wolf script together with this so I know my resistance/support with channels.
After seeing your chart I thought about buying it and was wondering the same thing. But, I do love @BenTen version. After seeing how you showed the numbers 1-5 vs the S1-R1, Im wondering if I can live without the numbers all together and just stay with the S1-R1 sequence. I dont want to give up the resistance/support with the channels. Im trying out the indicator you posted with the Elliot wave. Definiately a lot to learn and think about with that one. But, it worked out really well on my chart today. Thanks for Sharing!
 
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dmillz

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Anyone Know why the S1 and R1 constantly flipping, seen this in many charts. Does this do the 1-5 pattern or no? also what does N stand for ? input n = 10;
 
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J007RMC

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J007RMC

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Quick follow to help instill confidence in the major wave highs/lo's if I had taken this MSFT trade off the high wave at around 232.86 I could have banked at around the 196 or pl of around 38.00. major line...boom.

I've spent a great deal of time exploring this avenue and its damn solid. So I tend to chart only a few indicators, none of which I can share. Trading the 15 min chart the profits are 1-2 days out higher time frames may extend out to 1-6 days with the 1 hr or higher. I trade 15 min off the premarket chart.

Based on pivot highs/lo's test and retesting existing values using the minor/major lines.


PRE-MARKET GIVES HINTS.
 
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