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Hi John,
yes, I do use Wolfe Waves in my trading, though not exclusively. In the
beginning, trading Wolfe Waves requires a certain leap of faith because the
pattern is inherently counter-trend; you're trying to buy the local low or
sell the local high - the #5 point. There are two things I do to handle this
exposure safely. For one thing, I wait for prices to go past the 1-3-5 line
(a little); when they bounce back in the intended direction, only then I
would enter. And secondly, I always use a tight stop.
With these provisions, trading Wolfe Waves can be quite a pleasant
experience. Surprisingly often you do sell tops and buy bottoms, and with no
more risk than you would have in following trends. Usually the trade will
reach breakeven quite quickly, and you can then watch it unfold from a
riskless position.
It is true that Bill Wolfe's correspondence course is a bit pricey. You
might start test trading the pattern as described in Linda Raschke's book,
and you should do fine. But Bill does give a number of very helpful hints
plus some additional refinements; I can truthfully say I don't regret having
taken his course. It gives a valuable methodology and also a very unusual
perspective on trading.
Best regards,
Michael Suesserott
> -----Ursprungliche Nachricht-----
> Von: jdfo [mailto:jdo1@xxxxxxxxx]
> Gesendet: Saturday, October 26, 2002 13:56
> An: realtraders@xxxxxxxxxxxxxxx
> Betreff: Re: [RT] A Wolfe Wave
>
>
> Michael,
>
> Like any system,I would assume the Wolfe wave makes money
> when it works.
> But, when it fails, what is your downside, in general? Do you actively
> trade the Wolfe Wave and if so, what is your overall experience.
> Was your
> $2,500 course with Bill Wolfe worth the expense?
> Thanks for your reply,
> John O.
>
>
>
>
> ----- Original Message -----
> From: <MikeSuesserott@xxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, October 25, 2002 1:56 PM
> Subject: [RT] A Wolfe Wave
>
>
> > Hello all,
> >
> > I am receiving a number of private emails asking how I determined the #1
> > point of that Wolfe Wave. All I can say is that this was done
> according to
> > Bill Wolfe's teachings. I took his correspondence course some
> four or five
> > years ago, and still am under non-disclosure as to the details of the
> > setups.
> >
> > You may see a similar #1 point at
> > www.wolfewave.com/a_wolfewave_on_a_weekly_stock_chart.htm
> >
> > Best regards,
> >
> > Michael Suesserott
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