Are you sick of me posting Wolfe Waves yet? haha I can't help myself!
Here's a 60min chart of the U.S. Dollar Index (DXY) that seemed to have set up a bearish Wolfe Wave recently.
Important points to take notice of include;
-the #5-point coincided with a prior level of resistance
-the target line (red) is very extended to the downside. So if you were to have taken this trade setup (or any Wolfe Wave for that matter), rather than look at the target line for an EPA, you should be aware of potentially strong support areas ($75 in this case) that may prevent price from achieving it's target (though this issue still has time to reach that target line).
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.