In this Article I will discuss a case study of KRP Mill. It was a solid Set Up 1 Buy Trade Set Up which was identified and traded by one of my online Elliott Wave Course “Waves Of Wealth” subscribers. Set Up 1 Buy is one of the Trade Set Ups that I have covered in great details in my course “Waves Of Wealth“. It is a Trend following trade set up where we trade for 5th wave rally. The following Video clearly explains What is Set Up 1 Buy.

The member had first done labelling on a weekly chart and then planned the entry from lower time frame. Labelling on a weekly chart of KRP Mill was done as follows.

Let us now do some Fibo exercise and understand the relationships among the labelling.

As we can see Wave 3 extended around 675% of Wave 1 and Wave 4 was a shallow retracement which terminated exactly around 0.236 levels.

Let us now switch to a daily chart of KRP Mill and try to understand Wave 4 correction in details.

In Wave 4 we had a Flat Correction where Wave C extended exactly around 1.618 of Wave A.

On a weekly chart we saw that Wave 4 correction was shallow and terminated exactly around 0.236 level. And on a daily chart Wave C of Wave 4 extended exactly around 1.618 of Wave A. The Fibo cluster gave the member strong evidences that chances of Wave 4 being over are very high and the stock may resume its 5th wave rally soon. So the member waited for some developments and planned the entry. 

How Entry was Planned? 

The member studied 125 minutes chart and found that area around 1805 was a minor hurdle which was the high of a big red candle. The member also used DMA Tool that I have explained in my course “Waves Of Wealth”  for entry confirmation. (See below 125 mins chart)

On 2nd September, 2021 DMA tool gave confirmation of entry on a daily chart too. (See below chart)

The member had set an alert of 1805 and as soon as the price crossed 1805 long position was created at an average price of 1830.

Stop Loss and Target:

As per the guidelines of Wave Principle Wave 5 may extend around 0.382 to 0.618 of the distance 0-3. So the minimum target expectation was set around 2330 with initial SL of 1650 just under Wave 4 low. The set up was offering almost 1:3 RR even with minimum target expectation which was really lucrative. 

On 6th September KPR Mill posted intraday high of 2349 which enabled the member to generate 25% profits on the position within 6 trading sessions. (See below chart)

The online Elliott Wave Course “Waves Of Wealth” is a comprehensive practical course that will change the way you approach or study the market. No matter whether you are a short-term trader looking for short term swing trading opportunities or an investor who is interested in making long term investment decisions, you will find the course extremely useful. All the Trade Set Ups taught in a course can be traded across all time frames as well across all asset classes.

Each and every trade set up is explained in a course using recent real-world examples. And most importantly the support and access of the course is lifetime and I discuss real time trade set ups well in advance via what app so that members can not only learn from such real time examples but also make money by trading on set ups that  I discuss on a regular basis. 

So, if you are a serious trader, shouldn’t you give yourself this knowledge? 

Go ahead and join the course “Waves Of Wealth” right away to take your trading and investing to the next level.

I will see you inside the course.