simple steps to identifty Wolfe

[uasish]

Winstonn,

For dumbs like me,would you plz put forward the basic Criterias,point wise.I mean with your observations,at the development stage of the legs ,after identification of 3rd or 4th leg,any change,say cange in Volume if any ,etc.

Asish

 

[tanewbie]

Winston and others

can u check up BHEL whther its a WW pattern

thanks

 

[winstonn]

Hi TaNeBie,

your chart is good except time symmetry. Point 5 is far away.
Thus if and only if the price goes below point 3 on closing basis with no further delay, the target would be achieved or else the trend would continue with minor corrections.

Regards,
Winston

 

[winstonn]

Hi Uasish,

i think you are the most smart man

I am researching on volume patterns in Wolfe waves still.

See, for bearish Wolfe wave,

Rising Broad Wedge is Best. Also channels with slightly converging TT are good.

1) Three Distinct Swing points must appear and upon connecting their Highs, up sloping TT must get formed. The swing points are 1, 3, 5

2) Below the three swing points, there are another two swing points 2 and 4.

3) Point 4 must be higher than point 2.

4) So point 2 is the bottom of all points.

5) So we get a converging Trendline 1-3-5 and 2-4.

6) Now care must be taken that 1-3-5 must be symmetrical in time.

7) The overall pattern must be volatile and not Tight congestion.

For Short Entry:
a) Conservative Traders: Price closing below point 3 after point 5 formation.

b) Aggressive Traders: Price first going above 1-3-5 TT and then closing below 1-3-5 TT with no significant time lag.

Target:
2) 1-4 TT

* Generally a Ray must be formed to book profits as the price might not touch the said 1-4 TT.

Look at my charts in this post, all rules are followed.

Regards,
Winston

 

[thetraderstop]

Are We Very Close To Formation Of 5th Wave In Balarampur Chinni Around 61 And 155 In Baja Hindusatm For Bullish Wolf To Engulf In Future. Please Help . I May Be Wrong .pls Help.

 

[gobatman2001]

Hi! Winstonn,

Very informative thread. Thanks for sharing this with us.

Reagrds,
Amit

 

[winstonn]

Hi Amit,

you are welcome!
Hope you too learn and earn.

Regards,
Winston

 

[uasish]

Winston,

I saved it on Desk Top,thks.This weekend will try the coding part with your Critrerias.

Asish

 

[winstonn]

Hello friends,

look at the chart of Zee Entertainment Ltd,
Bearish target!!!!! Swing Call.

Regards,
Winston

 

[gobatman2001]

Hi! Winston,

Attached is a chart of Aarvee Denim.

Could you please tell me if this is a correct wolfwave pattern. I have marked the points on the chart.

Thanks & regards,
Amit