Wolfe Wave

[sunny_cool]

Volume confirmation is a bit haywire around your point 3 & 5, but yes, Ster is looking quite bullish.

Volume confirmation is necessary at point 5 I think so.

have a query here.
can we take up the trade close to point 5, after getting confirmation on volume and stochs?

or should we wait for break out of 24 line.. ?

Yes we need volume confirmation, as on point 5 volume should be high...but in this case vol is flat for the whole wave....Thats why I mention to watch for closing abv 2,4 line....

@prst the right time to entry for WW is point 5 as that point gives fabulous risk reward ratio
Go through PDF & check page 23, you will also come to know about Sweet Zone also.... so one can place the SL accordingly or can increase position in Sweet zone

PS: Added Characteristics in post#1 of this thread...that will also help us in identifying the WW

 

[prst]

Yes we need volume confirmation, as on point 5 volume should be high...but in this case vol is flat for the whole wave....Thats why I mention to watch for closing abv 2,4 line....

@prst the right time to entry for WW is point 5 as that point gives fabulous risk reward ratio
Go through PDF & check page 23, you will also come to know about Sweet Zone also.... so one can place the SL accordingly or can increase position in Sweet zone

PS: Added Characteristics in post#1 of this thread...that will also help us in identifying the WW

thanks bhai.
also there is a chapter on this, in linda's book (street smarts)..

 

[prst]

bro,

there seems to be a bullish WW in progress , on the LIC daily charts..

 

[dhootankur]

bro,

there seems to be a bullish WW in progress , on the LIC daily charts..

chart please

 

[internet_fanbboy]

chart please

I used to trade WW's, don't trade them anymore. [This thread has rekindled my interest again]

A few observations that i made while trading WW's

- Biggest mistake one makes is drawing a WW in a Trend. Its better to look for WW's in Ranging Stock.

- They work best in smaller time frames

- Formation of point 5 near a Support/Resistance has significantly higher success rate

Will try and find some Intraday WW's and post here for discussion.

 

[dhootankur]

 

[prst]

chart please

here is the lic chart..

 

[sunny_cool]

@Prst i made mistake while posting last time

LIC - It doen't seem to be good symmetry , Point 1 should taken from the candle bfr the one u mentioned as point 1 should be low before 3 & 5
Even 4-5 candles back there is other low

Not a valid WW pattern


@dhootankur your chart seems to be in Sweet zone...which script is this??? Should be in watch list :thumb:

 

[sunny_cool]

LIC bearish WW completed successfully

We can always look for continuous WW after completion of one, but should be in opposite direction....Like LIC giving some kind of symmetry of Bullish WW after Bearish WW... I am posting this chart to mark out the continuity of WW

 

[dhootankur]

@Prst i made mistake while posting last time

LIC - It doen't seem to be good symmetry , Point 1 should taken from the candle bfr the one u mentioned as point 1 should be low before 3 & 5
Even 4-5 candles back there is other low

Not a valid WW pattern


@dhootankur your chart seems to be in Sweet zone...which script is this??? Should be in watch list :thumb:

IFCI :thumb: