I wrote an article on the Wolfe Wave Trading system.
I mentioned that looking to the H4 chart is important in order to enter a trade that you might have missed. Below is the EURUSD chart which is a great example.
The EURUSD Daily chart. The Wolfe Wave set up shows a bearish pattern with price likely to fall.
The black arrows shows where the actual reversal happened. But for those who have missed, there is another point of entry. If you thought it would be great to ride this wave, then wait!! Look at the EURUSD chart on the 4 hour time frame.
We see another Wolfe Wave pattern that is formed. And this one looks bullish. The EPA on this chart shows a potential rise to 1.35424. So if you entered short blindly on the Daily chart, you would have got yourself in a messy situation.
The best entry under this circumstances would be to wait for a bearish bias to happen on the Schaff Trend cycle. Wolfe waves are not accurate all the time, and thus, it is possible that the Wolfe wave will fail on the H4 chart. But let's not 'assume' that to happen. The Schaff Trend cycle tells us that price tried to be bullish, but failed. (Look at the failed bullish cycle).
To be safe, we will place our entry on the EURUSD ONLY after the H4 Schaff Trend goes bearish.
