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RUNNING WITH THE WOLVES |
jjm
White Belt
Joined: 17 Mar 2010
Posts: 411
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Post: #406  Posted: Sat Sep 10, 2011 3:07 pm Post subject: |
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[quote="rk_a2003"]The classical WW pattern explains overshooting at point 5 and convergence of line 1 3 5 and line 2 4 . It also accepts without overshooting at point 5 and without convergence of lines.
I have not read any thing about undershooting .Still as per your charts it appears even undrshooting is possible. Logically also we can say when overshooting is possible why not undershooting. We need to back test it on several times then only we can conclude.
One more observation is if we take wicks as reference we get optimistic price targets, and if we take real body as reference we get conservative targets.
Yes will keep a tab on this
JJM
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ronypan
White Belt
Joined: 07 Aug 2010
Posts: 197
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| Post: #407 Posted: Sat Sep 10, 2011 5:11 pm Post subject: |
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Thanks..
Its cleared with this..
| jjm wrote: | | ronypan wrote: | M&M--- Is is valid pattern and right time to short M&M in weekly chart?
Experts please comments.. |
Rony we need HH ..pt5>pt3>p1 for bullish and LL for bearish : Pt5< pt3<pt1
Most important : Pt 4 lies betn pt 1 and 2
Hope it is clear
Regards,
JJM |
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #408 Posted: Sun Sep 11, 2011 10:23 am Post subject: Re: TATAPOWER-1M EOD |
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| shrvij wrote: | TATAPOWER-1M
Sumesh,Jim sir,
pl check tatapower eod chart for bullish ww.
sorry can't load chart.I have marked 19/08/11 low pt 1,high of 02/09/11 pt 2, 05/09/11 pt 3, 08/09/11 pt 4, & check today's closing.
Am I right? Further, rsi shows +ve divergence.
Pl guide.
Thanks & regards,
shraddha |
Hi,
For a good WW (you can never get ideal), points 1,3,5 should have decent spacing between them, here there is hardly any space.. In fact, if you see the chart, it looks more like a descending triangle, and the fact that it is still holding 1000 mark is probably due to human nature of attracting towards round numbers (100, 250, 700, 1000 etc..) 
So , in fact if it closes below 1000/990 then a good 100+ points fall is expected.
Regards,
Sumesh
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #409 Posted: Sun Sep 11, 2011 11:04 am Post subject: OBSERVATIONS.. |
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| rk_a2003 wrote: | The classical WW pattern explains overshooting at point 5 and convergence of line 1 3 5 and line 2 4 . It also accepts without overshooting at point 5 and without convergence of lines.
I have not read any thing about undershooting .Still as per your charts it appears even undrshooting is possible. Logically also we can say when overshooting is possible why not undershooting. We need to back test it on several times then only we can conclude.
One more observation is if we take wicks as reference we get optimistic price targets, and if we take real body as reference we get conservative targets.
| jjm wrote: | Wanting to share a recent observation in WW patterns..
A bar that forms Pt 5 in pattern not necessarily touching TL drawn from pt 1 to 3
One has to see the value of bar...if we are getting HH/LL value at pt 5..still Waves are considered and respective tgts are met..
For illustration posting few charts..
Now request to all those who has been studying can share their views or write up if they have any..
Do we have a valid Pt 5 always touching to TL or overshooting TL ..Can it be considered valid pt 5 even if undershoots..
If we have three conditions ;
a) touching TL
b) overshooting TL
c) undershooting TL
Where the hell am I going to create my position..this is the dilemma I am still facing
Regards,
JJM |
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Hi jjm bhai,
Talking abt the obervations, I would also like to share few..
1.) WW pattern have been occuring and will keep coming in future also because of very nature of price imbalance in the market.. So, my philosophy is if there is any confusion in determining proper points, then I will just leave it. I may loose opportunity, but at least I will not loose my peace for want of clarity... There is always next time
2.) Proper ENTRY as you said correctly is very important, for this I have observed that(in case of + WW setup), upon reversal, if price closes above 8 ema in the trading timeframe , then it can be considered as entry for "half" quantity. Price however MUST close INSIDE channel again. Anything outside is mere taking chance..
Other half qty can be entered upon breach of point 3's high.
These have helped me in previous WW trades, and by no means I'm suggesting as part of original rules. Everyone is free to find his own technique. Even If they work for me in 8 out of 10 trades, I will make it as mandatory screening method for WW trades...
3.) Trading hourly(60tf) is best if you can afford big SL. For a poor trader like me with little trading capital, it is good if only 5/15 tf setups are traded, as the results are faster and also trading expenses (SL) are low, so I can trade without much emotional stress. This of course assuming not a big chunk is at stake at one go
Regards,
Sumesh
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peace69
White Belt
Joined: 27 Aug 2009
Posts: 113
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| Post: #410 Posted: Sun Sep 11, 2011 12:11 pm Post subject: |
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| hi jjm, sumesh. nice sharing. it always be helpful in coming trades. with all pros & cons, i prefer to stick to classic ww pattern-overshoot & reenter pt 5. that will lessen trade opportunity-qtywise as well as rrr wise-; but at the same time may lessen whipsaws too. & that's imp for my trading style at current. offcourse this is my understanding & may be wrong. needs to track for a while to come on any conclusion. i'll also prefer to check timewise symetricality betwen pt 1-2 & pt 3-4 as well as pt 1-3 & pt 2-4 as much as posible.more parrelel the lines, more trustworthy the pattern will be imo. jjm, i come to know 'bot this pattern from u. so i'm thankfull to u for introducing it. it's really awsome & producive. sumesh, yes. i agree to u about 60 tf pattern more producive & reliable. & also agree to prefering LTF for lesser risk & fast result. regards.
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #411 Posted: Sun Sep 11, 2011 1:59 pm Post subject: MAX |
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MAX..60tf
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Although very strong on EOD , a CLOSE below 205 on 60tf can take it to 196..
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Ravi_S
Yellow Belt
Joined: 15 Jun 2009
Posts: 569
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chiragbvyas
White Belt
Joined: 18 Feb 2010
Posts: 469
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| Post: #413 Posted: Mon Sep 12, 2011 6:08 pm Post subject: hi |
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jjm bhai,
trying to understand and drawn this ww chart pls have a look and correct me. i would like to learn from my mistakes.
Regards,
Thanks.
Chirag.
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Shahii
White Belt
Joined: 15 Apr 2011
Posts: 46
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| Post: #414 Posted: Mon Sep 12, 2011 6:52 pm Post subject: Re: hi |
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| chiragbvyas wrote: | jjm bhai,
trying to understand and drawn this ww chart pls have a look and correct me. i would like to learn from my mistakes.
Regards,
Thanks.
Chirag. |
chirag bhai .. ww ka majak to mat udao aise draw kar ke  ... everything is there in the forum.. start reading from first page 
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adsingh101
White Belt
Joined: 09 Nov 2010
Posts: 242
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| Post: #415 Posted: Mon Sep 12, 2011 10:42 pm Post subject: Mphasis_15min |
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Mphasis Future on 15min target 353 once it enters the channel.
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chandrujimrc
Brown Belt
Joined: 21 Apr 2009
Posts: 1683
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| Post: #416 Posted: Tue Sep 13, 2011 2:20 pm Post subject: Runnining with the woolves |
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Dear friends,
Is it bull ww set up nifty fut 1 hour tf.
chandru
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rk_a2003
Black Belt
Joined: 21 Jan 2010
Posts: 2734
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #418 Posted: Wed Sep 14, 2011 2:31 pm Post subject: BATAINDIA |
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BATAINDIA ..60tf
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adsingh101
White Belt
Joined: 09 Nov 2010
Posts: 242
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| Post: #419 Posted: Wed Sep 14, 2011 2:46 pm Post subject: Bhartiartl_15min |
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Bhartiartl_15 min Sumesh pls correct me if i am wrong.
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sumesh_sol
Brown Belt
Joined: 06 Jun 2010
Posts: 2344
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| Post: #420 Posted: Wed Sep 14, 2011 3:10 pm Post subject: TATAPOWER |
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TATAPOWER ..60tf
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Looks to be a good candidate for ww. NOT YET CONFIRMED, as it has not reentered into channel.. However, as it is forming a base at current level, I bought small qty with SL as low (small SL !) .
If and only if it enters into channel again (and preferebly closes above pt3), I will buy full qty.
Regards,
Sumesh
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