We didn't make it to the measured move 1-4 line as price got hung up on the opening price (which corresponded with the 1-swing. Everything was in place though, right down to the increase in volume as the 5th swing was made.
Tuesday, November 10, 2009
SPY Wolfe
Following up on my previous post on the Wolfe Wave, today we saw an example of one on the SPY 5min chart. I wasn't able to capitalize on it, as I didn't catch on until after the 5th swing was made, but it's still pretty cool!
We didn't make it to the measured move 1-4 line as price got hung up on the opening price (which corresponded with the 1-swing. Everything was in place though, right down to the increase in volume as the 5th swing was made.
We didn't make it to the measured move 1-4 line as price got hung up on the opening price (which corresponded with the 1-swing. Everything was in place though, right down to the increase in volume as the 5th swing was made.
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3 comments:
Shame you missed it todd ... Wolfe states himself in his official manual that the ETA is not something to rely on, I completely ignore it these days, not sure why he included it in the first place really.
I wrote up something on it a while ago: http://beginnertrader.com/blog/technical-analysis/trading-with-wolfe-waves
nice Akuma99, thanks for the input. I mentioned in my previous post not to pay too much attention to the ETA, but I wanted to show reasons why things may not work out as projected.
By the way, Akuma99, your link was included in my previous post on Wolfe Waves (http://toddstrade.blogspot.com/2009/11/wolfe-wave.html)
nice job, and thanks!
-todd
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