Wolf Waves Scanner Forex Indicator MT4
Traders should follow the following rules while trading the wolf waves.
Waves 3 and 4 should be contained within the channel connecting waves 1 and 2.
The length between waves 1 and 2 should equal those of waves 3 and 4.
Wave 4 should touch the channel formed by waves 1 and 2.
The time required for the wave movement between the channels should be almost equal.
For a bullish trend, wave five should break above the trendline connecting waves 1 and 3
In a bearish trend, wave five should break below the trendline of waves 1 and 3.
Traders should enter the market after the 5th wave breaks out of the channel and reverses back into the channel. The estimated profit target is at the line connecting waves 1 and 4.
Additionally, forex traders must understand that it is necessary to identify the Wolf waves correctly before attempting to trade them.
Conclusion
Indeed, the Wolf Waves scanner indicator for MT4 is a handy scanner for wolf wave enthusiasts and traders. Moreover, it is efficient in identifying the potential profit targets. However, forex traders should equip themselves with the necessary knowledge of wolf waves and trade the bullish and bearish buy and sell trading signals.
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