Thread: XABCD Diagonal pattern definition

Ok, before register here i had very pure knowledge about pattern trading. Here it is an absolutely dfferent world. Thanks for doing it guys (sorry for the off top)

Originally Posted by vvalerya

This pattern is defined and drawn by the Korgarmonics?

Hi Kor,
Not wishing to steal your thunder, but isn't this XABCD basically the same as the Wolfe Wave? If there are any differences, could you please post the two patterns side by side and identify the key differences?

I understand that projected lines 2-4 must not be parallel to line 1-3 i.e. they must meet in the future, and that point 4 must be within the vertical range of line 1-2. How does this differ from the XABCD?

Thanks

Originally Posted by Clara

Hi, I'm newbie here.. Can you guide me how to count thw wolve patt, I mean is there any fibonacci count targeting wave 2,3,4 & 5? Thanks.

Hi Clara,
I've only recently got to know the Wolfe Wave pattern, and it seems there are some different definitions of it e.g. whether point 4 is outside or inside the line 1-2. I have found that if point 4 is inside the vertical distance between points 1 & 2, then it stand a better chance of completing the pattern i.e. that a line extended between point 1 & point 4 will be the target hit by price when it leaves point 5.


There are some good WW examples @ Wolfe Wave but if you are mainly interested in Wolfe Waves, then you might find more info here Wolfe wave indicator

And here http://www.atradersnotepad.com/modul...-wave-reversal

Regards,

Mike

Hi,
Does anyone have a name for this diagonal pattern, the diamond shaped one in grey? I've normally seen it half way along a run, not at the start.

Hello Mike,
Thank you so much for your valuable advice.. just notice, so I apologize for late reply. Thanks again, Mike.. hope you well..

Regards,

Clara

Originally Posted by Clara

Hello Mike,
Thank you so much for your valuable advice.. just notice, so I apologize for late reply. Thanks again, Mike.. hope you well..

Regards,

Clara

Hi Clara,
Yes, thanks, but getting blown about a bit here in the UK

Beware...quite a few Wolfe Waves do not complete the route down to the 1-4 line, as this example shows from a short trade I took yesterday (14th Feb). The closely spaced dashed green lines are swing high tops from April 2011, so I thought a good place for price to bounce off, together with the appearance of a WW point 5. However, the market is always right! The GBP was very strong yesterday and didn't feel like coming back down to the 1-4 line


Regards,


Mike

Hello Mike,

Thank you for sharing..
I learn Elliott Waves too.. just want to ask you, is WW same as ending diagonal? Please advise.. Thanks in advance.

Warm Regards,

Clara

Hi Clara,
I'm not a WW expert, but WW is not quite like Elliot wave, in that EW is a sequence of 3 impulse waves followed by 2 correction waves, whereas WWs are more symetrical from start to finish, and often, by running a trend line through the centre of a WW swing, it is possible to accurately predict where the next WW swing will hit. If I've not correctly answered your question, please try again

Regards,


mike