If I was you I know this sounds gross...don't do anyshaving/waxing for two weeks. Exfoliate only every three days, make sure you moisturize your legs, (body olive oil/coco butter). After this period try shaving again, make sure you get a shaving cream for sensitive legs this time. Don't use disposal razors invest in a good lady shaver. Make sure skin is clean, apply the shaving foam, when you shave begin with shaving from the lower leg towards the knee (you need to shave from the opposite side of the hair growth - so on the legs it would be upwards), Do not apply a lot of pressure, do small areas at a time in one line upwards each time and then rince your shaving blade to get rid of the hair already on there..use touch more shaving foam if needed avoid going over the same area twice, if you do notice a small hair just get rid of that not the whole area. Use luke warm water to wash your legs with and again dry and use a good moisturiser, try not to shave too frequently again that will irritate your skin.
Do not wax your own legs there is a technique to this and if you get it wrong it will show on your skin, your hairs will start growing in all weird directions and will cause ingrown hairs and the bumps - you can try waxing again by a professional, you will need at least three-four weeks worth of growth.
I have been on the hunt for the technique that gives me the smoothest legs. I recently found the answer. On a whim I tried Herbal Essence two-in-one shampoo as a shaving "cream". It doesn't matter what kind, just make sure it's two-in-one, I use the moisturizing kind. Rub that on your legs in the shower and shave like normal. Once you finish, wash your legs with soap so you won't be itchy afterward. Most people put lotion on their legs, but I have a thing about lotion and the way it feels so I refuse to use it. Instead, I put witch hazel on my legs. There is absolutely no itching and everyone who feel my legs are amazed. Give it a try!
Do not ever use an exfoliate when it comes to shaving. Your already making that top layer of skin sensitive when your drag a razor across. The exfoliate is what could be causing the red bumps, because exfoliates removes the top layer of skin or dead skin making the skin always susceptible. Try using something that is for sensitive skin. If you have sensitive skin its not a good idea to wax in the first place. Before you start shaving first soak the hair that you are wanting to shave in warm water for at least 5-10 minutes; that will soften the hair follicle making it easier for the hair follicle to be shaved without irritating it. Another thing try not to use a heavily fragrance lotion after you shave cause that can cause irritation as well.