iCharts Discussions

[chetan83]

Dear Friends,

I am coming up with the probable wolve wave set up which can be caught at point 3, so that we can ride the trade up till 34 EMA or till we get a reversal candle as per candlestick pattern with above average volume.

Criteria of catching a trade at point 3 will be same as what we have now for standard wolve wave set up at point 5, i.e Green candle with above average volume candle for +ww and Red Candle with above average volume candle for -ww. SL will always be the low of point 3 (on candle close based on selected Time frame)

One such example for Monday's trade (15/04/13) is ITC, seems like it will at least touch 300 before this expiry (this is just a prediction). ITC 300 april CE is trading at 2.80 as on friday close.

So please come forward and share such set-up found in any Time Frames.

regards,
Chetan.

[vinay28]

Chetan, Wolfe did try this, particularly selling at 4 till 5 and then buying at reversal at 5 for usual +ww for extra profit. So you can try at 3 also BUT not blindly. I personally would prefer sings of a smaller +ww at 3 and smaller -ww at 4 in lower tf. However low the tf may be, that smaller plus/mins ww must follow the rules.

So the green candle with large volume at 3 as suggested by you is not correct for your set up. Instead, look for a green candle with big volume at 3 in a smaller +ww (and red candle with big volume at 4) in lower tf and then only enter. My personal opinion.

However, if you can't spot a smaller one in lower tf then it makes more sense to buy/sell in sweet zone in a conventional set up for chance of higher profit.

[vishyvaranasi]

Ya Chetan,

What Vinay said was abs. right.bcoz you can find WW in lower time frames which act as guiding light for higher timeframe WW's. Had infact seem some if those.

But ,hmmm u seem to be advancing in becoming another Wolfe.

[vinay28]

[vishyvaranasi]

not just that vishy. an intermediate "counter" ww after a promising ww can destroy the first one and give oppo results. Hence always look for such spoilsports. [/quote]

.Ya Vinay,

But i presume if the counter WW happens to be in the same TF or the immediately lower TF rather than a smaller one. Like say If we trade a 60 TF WW and the counter one happens in say 15Min TF will we have to pay much attention?

Vishy

[vishyvaranasi]

[vinay28]

[chetan83]

Hi V2 (Vinay & Vishy),

Great to see the rules you have laid for trading the Wolves before it is formed.....would also like rk to come put his views....

Frankly speaking being a trader we all want to take the smallest benefit from the technical set ups we trade, and it can always happen with the mutual help of all.

There are many silent viewers here.....and many must have some more points to put into.....we have 2 days holiday (sat & sun)....why not analyze the charts and see where we have a catch, based upon below discussed parameters.

regards.
Chetan.

[vishyvaranasi]

[vinay28]

chetan/vishy - I have bought in sweet zone at times if pattern and trend looks promising based on fundas. Some months ago, I made double the profit that way in Tata Steel.

[vishyvaranasi]

Hi Chetan,

One doubt i have is can we presume that a WW is being formed after finding 3 points.We can have a confirmation of the same only when we travel from P3 to P4 ( say midway) by the time we wld have missed the sweet entry zone.So i presume trying this from P4 to P5 mite be safe. Anyways will try to post some charts if possible in these 2 days so that we will have a chance to ananlyse.So, Vol at p3 shld be the prima facet of this strategy.

Vishy

[vishyvaranasi]

Hi Vinay,

It wld be very helpful if we can start with the first chart of yours .So that we can clearly analyse.

Vishy

[chandrujimrc]

Sorry vinay I have taken the lead,friends pl try to find out point 4 for Nifty.

[vinay28]

[vinay28]