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A good technique that apperas many times in market and on all time frame is detailled here :
Wolfe Waves The Wolfe Wave is a natural pattern found in every market. Its basic shape shows a fight for balance, or equilibrium, between supply and demand. This naturally occurring pattern was not invented, but rather discovered as a means to predicting levels of supply and demand.
These patterns are very versatile in terms of time, but they are specific in terms of scope. For instance, Wolfe Waves occur in a wide range of time frames, over minutes or even as long as weeks or months, depending on the channel. On the other hand, the scope can be predicted with amazing accuracy. For this reason, when correctly exploited, Wolfe Waves can be extremely effective.
The overriding factor in identifying the Wolfe Wave pattern is symmetry. As shown below, the most accurate patterns exist where, between 1-3-5, there are equal timing intervals between wave cycles.
Figure 1: Bullish Wolfe Wave Pattern Figure 2: Bearish Wolfe Wave Pattern
Here are some key points to remember for identifying Wolfe Waves:
Waves 3-4 must stay within the channel created by waves 1-2.
Waves 1-2 equal waves 3-4 (showing symmetry).
Wave 4 revisits the channel of points established by waves 1-2.
There should be regular timing intervals between waves.
Waves 3 and 5 are usually 127% or 162% (Fibonacci) extensions of the previous channel point.
The pattern can be found in:
Rising channels in an uptrend.
Falling channels in a downtrend.
Level channels during consolidation periods.
Notice that the point at wave 5 shown on the diagrams above is a move slightly above or below the channel created by waves 1-2 and 3-4. This move is usually a false price breakout or channel breakdown, and is the best place to enter a stock long or short. The "false" action at wave 5 occurs most of the time in the pattern, but isn't an absolutely necessary criterion. The point at wave 6 is the target level following from point 5 and is the most profitable part of the Wolfe Wave channel pattern. The target price (point 6) is found by connecting points 1 and 4 (see the red lines in Figures 1 and 2).
Thank you for your most helpful post. I currently use the PZ Trading brand of elliot wave indi's
There are millions of trading technique like Elliot Waves, Ichimoku Waves and Price Action waves. I know many traders who try a very different technique or style to trade in the Forex market. They are also successful in the market and always making good profit from the market every month. I usually trade with proper price action rather than trading with any indicators. Yes i used to trade with indicators and some renko charting technique but now i only trade with market context.
I am currently trading with FreshForex who provided me with No Deposit Bonus, Deposit Bonus, error free execution, analysis, educational materials. 100% funds safety, no transaction fees and proper support to fix any issues. Simply a good broker to trade with.
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