iCharts Discussions

sumesh_sol · Brown Belt Joined: 06 Jun 2010 Posts: 2344

CAIRN..1 minute tf..
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Hey Guys, interesting to see your conversation during last one hour or so..
I thought let me also put my own observations and take on ww setup..

It is true , occassionally even imperfect pattern also give desired target, but then they are few, and there could be some other force behind that. So my humble submission is that when trying ww pattern let us stick to ones with all the basic conditions being met.. These have far more chance of success than irregular ones...

Talking of 1 minutes chart, see for example I was noticing cairn's chart.. Here it is nicely overshooted with full body close and then retraced back inside channel..(my most preferred ones), ofcourse , it did not meet 100% target.(I can say 90% was met).. but such are one of those setups we should try to find and trade..

Again entirely my own version, I may differ from many, but that's what I personally feel..

Enjoy ww trading, and keep this thread alive Smile

Regards,
Sumesh

rk_a2003 · Black Belt Joined: 21 Jan 2010 Posts: 2734

Hi All !

I found a few more ww (Similar or what ever ) patterns on tick by tick chart of nifty at post observation. They may not fit for perfect ww definition.

But please go through the authentic web site of ww.

It was mentioned there clearly that on lower time frames like 1m / 2m ww may not form as per definition,only part or distorted forms will be present there. ( but they never explained it how it will be, to know that we need to pay 10000 US $ and join there cource.)Some times we may find perfect patterns also but not too often.

My humble request for ww practisioners is just think out of box .The fight for supply Demand equilibrium is there even in these distorted ww's ( means 5 waves ).Therefore It works and quite often meet the targets and we can call them ww.(If you don't like calling them as ww I suggest to call them as DWW)

The symmetry, confinement to the channel may miss often.
But never mind as long as they work .

If you are able to recognise and catch them at point 5, with a small stop loss of 5 to 12 range you can target for more than 1: 4 reward. at least enter two lots and book profit at 50% of the target and rest at target.

I assure you ,you are not going to broke with this method.

My trading journal was never so sucessfull until I started trading this pattern.

sumesh_sol · Brown Belt Joined: 06 Jun 2010 Posts: 2344

STAR..eod
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Though this is EOD chart and requires patience, but as r/r ratio is not very good, what we can do is to wait for it to retrace.(It may or may not !)

I try to will enter when it retraces to 34 ema on hourly chart, but in small qty as target and SL both are big...

Arjun20 · Yellow Belt Joined: 23 Jun 2011 Posts: 945

rk_a2003 · Black Belt Joined: 21 Jan 2010 Posts: 2734

Hi Guys!

A small observation that might be usefull .I observed that a ww patten formed in tune with preceeding move is a sure shot winner.

I explain it a little, say Nifty suddenly droped some 30 - 40 points . We know for sure that there will be a bounce . In case ... In case a Bearish WW formed in that bounce ( Don't look for a perfect pattern , Just look for a 5 wave formation that can broadly be termed as ww ) go for a kill... enter at point 5 with a little stop loss, and get your target, you already drawn. I think there could be a possible 99% percent sucess rate in such cases.

I also request traders to post such trades including failed ones. Smile

adsingh101 · White Belt Joined: 09 Nov 2010 Posts: 242

DLF_30min

adsingh101 · White Belt Joined: 09 Nov 2010 Posts: 242

HDFC_30min

adsingh101 · White Belt Joined: 09 Nov 2010 Posts: 242

Cairn_30min

sumesh_sol · Brown Belt Joined: 06 Jun 2010 Posts: 2344

BATAINDIA..5tf
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Enter if closes abv 8ema on 5tf..
SL can be 693..

chandrujimrc · Brown Belt Joined: 21 Apr 2009 Posts: 1683

Dear Sumesh,

I think NF this 30 mnt Tf set up is going on.

chandru.

sumesh_sol · Brown Belt Joined: 06 Jun 2010 Posts: 2344

chandrujimrc · Brown Belt Joined: 21 Apr 2009 Posts: 1683

Dear Sumesh,

Nf tgt over.

chandru.

sumesh_sol · Brown Belt Joined: 06 Jun 2010 Posts: 2344

sumesh_sol · Brown Belt Joined: 06 Jun 2010 Posts: 2344

IOB....60TF..
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Please enter only and if only it CLOSES above 98 on 60tf for a target of 102.5. This would be a close above 8ema and point 3.

SL-96.5

rk_a2003 · Black Belt Joined: 21 Jan 2010 Posts: 2734

Chandru !

Good work . What Sumesh said was right .It is not a perfect WW, But it is a DWW ( Distorted WW ) .

I would have traded it. Unfortunately Iwas busy with my work and could not trade today.

But the problem here is one should have entered this trade at around 5170 with some 30 points stop loss then the risk reward would have been excellent.Unfortunately we could not recognise it yesterday itself.

Still ,I would have traded it considering the worse Global scenario.

Congrats for reaching the target. Keep posting