“If you don’t know who you are, the stock market is an expensive place to find out”  wrote “Adam Smith” (George Goodman) in his bestselling book, The Money Game (1968).

The recent buoyant markets have attracted thousands of new traders and investors. Many people see it as a place to get-quick-rich. Unfortunately, the success rate in the stock market is very low and one correction might wipe out years of gain.

If you don’t know what you are doing, you can kiss your capital goodbye. Without a robust process or methodology, it is almost impossible to achieve a consistent profitability.

“Failing to Plan is Planning to Fail”. So entering a trade without any Trading Plan is like committing a financial suicide. Occasionally you may enjoy some profits but ultimately it is just a matter of time you will blow off your trading capital. And that is where the role of a Trade Set Ups come in.

In my online Elliott Wave course “Waves Of Wealth”, I have explained Wave Principle practically. The entire course is divided into 5 Trade Set ups and one of the Trade Set ups is Set Up 1.

Set Up 1 is basically a trend following model which aims to capture Wave 5 rally. With specific tools and techniques explained in a course one can easily identify this Set Up and form a clear Trading Plan to capture Wave 5 rally. Being a trend following model, the set up is highly accurate and in this Article I will share recent Set Up 1 Buy Trades that helped us to make consistent profits. The following video will help you to understand what is Set Up 1 Buy.

Now as you have understanding of Set Up 1 Buy, let us discuss recent trades.

1.Concor: The trade set up was identified around 680 with SL of 628 for the TGTs of 750. Though the trade tested the patience ultimately achieved the profit target.

2.Bajaj Electrical: It was identified around 1141 with SL of 954 for TGT around 1400. Recently the stock kissed 1588.

3.Voltas: Usually we try to avoid complex correction, however Voltas we could not ignore due to sectoral tailwind. Covered at1085 with SL of 955 for TGTs around 1220. And we could catch a linear move due to favorable sector.

4.Chola Finance: Entry was around 525 with SL of 470 for the TGT around 615.

5.CAMS: One of the best trades which we identified around 3300 with SL of 2800 for TGT around 4000.

So as you can see the Set Up works with a great accuracy and the accuracy shoots up even further when we have a Triangle in Wave 4. Some of Trades where we had a Triangle in Wave 4 have been covered in my previous Article here: Elliott Wave Triangle: Easy and The Most Accurate pattern – Dev Advisory – Stock Market Educational Institute

Even during recent past in one of the YouTube Videos I had covered Gail, Torrent Power and Gold. All were a good Set Up 1 Buy and achieved their respective profit targets. The link of the Video is given below.

The Bottom Line: 

To achieve consistent profitability it is imperative to have Trade Set Ups which help you to form a clear Trading Plan. And mastering one good set up is more than enough to be a consistently profitable trader.