Repaints Wolf Waves for ThinkorSwim

[wtf_dude]

^^ 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

 

[J007RMC]

@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

https://imgur.com/jzftmPm

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

Bullish Pattern

https://imgur.com/bZNkmCf

https://imgur.com/4BzCMmK

Bearish Wave

https://imgur.com/CJjpxvU

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

https://imgur.com/DqBwf8O

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.

 

[J007RMC]

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.

 

[J007RMC]

Wolf wave simplified study this chart uses 2 upper studies Bens Wolf Wave, Zig Zag by Tomsk, and a lower rsi. The simple wave concept of buying high sell low.

Wolfe Waves Simplified https://tos.mx/m5FcEfC

https://imgur.com/kuAOl5x

4hr chart SPY

https://imgur.com/xqhyxuq

The fibs show are the ABC pattern found under patterns.

 

[J007RMC]

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

 

[PT2582]

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]

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]

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

https://imgur.com/f5J4sgP

 

[ssaeed73]

I bought this few weeks back

@krsheath what is your opinion on this indicator from funwiththinkscript? Does it work well for you?

 

[J007RMC]

@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.

 

[PT2582]

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!

 

[J007RMC]

Well I'm posting examples of ABC waves I am not wholly versed in the Elliot theory but the triangle formations are important to note and especially because they follow a whole wave formation so the sub-waves ABC a simple explanation for how I trade. Information is taken off https://frxe.com/corrective-waves-triangle-patterns/ for educational purposes.

https://imgur.com/ZD6PiXJ

https://imgur.com/mdbH7zp

https://imgur.com/Fulmuw1

https://imgur.com/yDxuBpH

 

[J007RMC]

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.

https://imgur.com/gKYOAsN

PRE-MARKET GIVES HINTS.

 

[J007RMC]

3 min /es

https://imgur.com/IA92l0L

 

[OBW]

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.

One of the indicators on the chart above is the Wolfe Wave. It's the one with the pink 1, 2, 3, 4, 5 chart bubbles. It provided the magenta entry signal @J007RMC is talking about when he says, "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."

Another one on the chart is the Basic Market Structure indicator. It shows the green swing lines and the Fibonacci levels.

Both indicators may be found through Google searching the following;
1) Bill Wolfe wave indicator thinkscript
2) basic market structure indicator with automatic Fibonacci levles thinkscript

 

[OBW]

@J007RMC in ben's wolf wave indicator posted on page 1, what does S1, S2, S3, R1, R2 and R3, represent? I know Wolf wave is wake 1, 2, 3, 4 and then either bullish or bearish wave 5 depending on the formation.. but Ben's S and R numbers do not make much sense to me as I do not know which one is wave 1 vs wave 5...

Bill Wolfe posted a free manual called "Seeing the Future" on his website several years ago that details his Wolfe Wave strategy. If you read through that manual you will see that Mobius' / Ben's indicator does not follow Bill's rules and is inappropriately named.

The screenshots in this thread that show the 1-5 wave points are from another Wolfe Wave indicator that does follow Bill Wolf's rules. https://usethinkscript.com/threads/...kouts-indicator-for-thinkorswim.66/post-37763

 

[J007RMC]

Bill Wolfe posted a free manual called "Seeing the Future" on his website several years ago that details his Wolfe Wave strategy. If you read through that manual you will see that Mobius' / Ben's indicator does not follow Bill's rules and is inappropriately named.

The screenshots in this thread that show the 1-5 wave points are from another Wolfe Wave indicator that does follow Bill Wolf's rules. https://usethinkscript.com/threads/...kouts-indicator-for-thinkorswim.66/post-37763

A question best answered by Ben really. My understanding of the R values are they represent resistance levels in relationship to the wolf channel up trend line and the S values represent support lines for the lower channel trend line. So for instance a stock tends to follow within its channel until a break above or a breach below the channel can alter those lines, stocks are cyclic. Try color-coding your R1, R2, R3, and S1, S2, S3 lines. Great question.

 

[J007RMC]

Bill Wolfe posted a free manual called "Seeing the Future" on his website several years ago that details his Wolfe Wave strategy. If you read through that manual you will see that Mobius' / Ben's indicator does not follow Bill's rules and is inappropriately named.

The screenshots in this thread that show the 1-5 wave points are from another Wolfe Wave indicator that does follow Bill Wolf's rules. https://usethinkscript.com/threads/...kouts-indicator-for-thinkorswim.66/post-37763

A good example is with the SPY it broke above its R1 off the S1 support line.

https://imgur.com/jqOLET2

Now switch to the daily chart spy attempted to break above its wolf channel line on 11/19 and has since retraced to my 23.6 fib and will attempt to retrace and test the 364.38 line.

https://imgur.com/qHlZx19

 

[Andrew39]

@J007RMC thanks for highlighting this strategy.
@OBW thanks for posting the Bill Wolfe manual

 

[J007RMC]

A fun thing to do is take all the indicators off your chart but leave Tomsk zig-zag and Ben's wolf wave script up it will show on all time frames.