Good evening traders, glad to have you here. Let's discuss about Wolf Wave indicator in this article. This indicator will help you to calculate or identify patterns in forex trading market. Elliott wave traders use this indicator to help define impulsive and corrective patterns. As you already knew, Elliott wave pattern is built of 5 waves giving bullish and bearish fluctuation. When determined, this indicator can be applied to properly define patterns of market price correction and impulsive. If you want to determine Wolfe waves, you should know these following rules.
- Length of wave 1-2 should be same as wave 3-4
- And wave 3-4 should be move inside the wave 1-2
- Wave 5 exceeds trendline made by wave one and three
- Wave 4 is move inside the wave made by wave 1-2
How to trading Wolfe waves
This indicator is not so difficult to trade, you can open a trading position when the market price close under the trend line which made by wave one and wave three, and the final level of the wave must be traded as stop loss level.
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