The ever-reliable Tommy Smith missed a penalty as Watford lost 3-2 against promotion-chasing Wolves in another entertaining clash at Vicarage Road.

The Hornets showed great spirit to come back from behind twice in a game which started with a bang when Scotland international Chris Iwelumo opened the scoring after 43 seconds.

And the high tempo was maintained throughout in an enthralling end-to-end encounter which Watford will feel they deserved at least a point from.

The home side got off to a great start on Tuesday night against Cardiff but the roles were reversed today, with Wolves taking the lead in the opening minute.

A long ball from the back was flicked on by Sylvain Ebanks-Blake and his strike partner Iwelumo got in between the defenders to nudge the ball past the on-rushing Richard Lee for his seventh goal in as many starts this season.

Watford’s keeper, who was celebrating his 100th game for the club, has been the hero of late after saving three penalties in two games, but he may have seen red had the ball not rolled into the back of the net as he took out Iwelumo.

Lloyd Doyley was starting at centre back in place of Darren Ward, who was unable to play due to his loan agreement with Wolves.

And Doyley seemed unable to cope with the power of Ebanks-Blake early on as the forward once again beat him to the ball, but Iwelumo’s shot from outside the box was tame.

The home side had their first chance of the game when Will Hoskins crossed for Grzegorz Rasiak, who was making his first start since returning from injury, but his header was comfortably saved.

England Under-21 international Michael Kightly looked lively early on and made a penetrating run to the edge of Watford’s box before Mat Sadler made a good sliding tackle.

Wolves won their first corner of the game after Sadler stopped another one of Kightly’s runs and almost scored a second when David Jones’ corner was headed inches wide by Stephen Ward.

After surviving a lot of early pressure, Watford then got their equaliser through the returning Rasiak.

Hoskins scored a lucky goal against Cardiff and once again a shot of his was deflected, this time by Jason Shackell, but instead of going in it hit the post and Rasiak beat John-Joe O’Toole to poke in from a yard out for his first of the season.

Straight after the goal, Aidy Boothroyd decided to put right back Adrian Mariappa into the centre in place of the struggling Doyley but Wolves potent strike force continued to cause problems.

Rasiak had taken the place of Tamas Priskin, who is serving a three match suspension after being sent off on Tuesday.

The Poland international and Hoskins showed signs of possibly striking up a handy partnership as the pair combined well again but Hoskins lob was sliced well wide.

Wolves continued to have the slight advantage and Iwelumo nearly grabbed another when he lost Leigh Bromby at a Jones free kick but he couldn’t quite reach the ball at the far post.

Watford were looking to hit the visitors on the break and almost scored one of the best goals those inside Vicarage Road have seen in years.

O’Toole showed great composure to turn Jones on the edge of his own box before feeding John Eustace who slipped Jon Harley in down the left. The wide man sent in a deep cross into the box and Rasiak leapt highest to thunder his header goalwards, but it struck the bar and O’Toole couldn’t quite get to the rebound in time.

Wolves then had a penalty claim turned down when Iwelumo was brought down by Bromby.

Watford’s centre half was climbing all over the Wolves striker in the first half and he was finally penalised not long before the break, giving away a free kick about 25 yards out.

And Wolves punished them with a well-worked set piece, which saw Karl Henry lay the ball off to Jones, whose left-footed shot beat Lee at his near post to restore their lead.

Watford had a penalty claim just before half-time when Harley was brought down in the air but it was turned down and they went in 2-1 behind.

After being hit early in the first half, Watford repaid the favour by scoring in the first minute after the break.

Rasiak was too strong for Shackell and he was brought down on the corner of the box. Tommy Smith whipped in a teasing cross and O’Toole slide in at the far post to score his seventh goal in 11 appearances this season in all competitions.

Wolves then had a couple of chances in quick succession. First Ebanks-Blake tried an ambition overhead before Jones had a shot from the edge of the area. Both were hit comfortably wide.

Watford’s third choice keeper Lee, who was near faultless on Tuesday, then had hearts racing when his kick was charged down by Kightly but it went out for a throw.

Then Wolves’s ‘keeper did the same minutes later when he only just got his finger tips to the ball before Harley arrived at the back post.

Hoskins then had a penalty claim when Neil Collins had hold of his shirt but the referee dismissed it.

But Andy Woolmer did award the Hornets a spot kick moments later when O’Toole was bundled over from a Bromby long throw.

But the normally reliable Smith blazed his shot over the bar.

The wide man was then denied redemption when Michael Gray just blocked off a Rasiak cross, which would have seen Smith left with an easy finish at the back post.

The Wolves left back then went up the other end and put his side in front when Bromby slipped and allowed the outstanding Kightly in and the midfielder crossed to leave Gray with a simple finish into the empty net.

Boothroyd made a double substitution by bringing on the skilful pairing of Jobi McAnuff and Lionel Ainsworth.

And the pair linked up almost immediately when McAnuff crossed for his fellow replacement but the defender just got their in time to head clear for a corner.

Jones’ set pieces were troubling Watford all game and Lee only just managed to get enough on another one of his deliveries as Wolves players piled into the goal mouth.

Kightly though was the standout player and after firing an effort across goal, he put Ebanks-Blake in but Lee did well to dive at his feet.

Wolves’ then had to thank Kevin Foley for two goal line clearances in as many minutes.

First Ainsworth pulled the ball back for O’Toole who lobbed the ‘keeper but Foley just got back in time.

Then Smith went on a skilful run into the box but Carl Ikeme got his fingertips to the ball as Smith tried to got round him and just as it looked as though McAnuff would score from two yards, Foley made a goal-saving challenge.

Watford spent the last few minutes camped in Wolves half and probably deserved an equaliser.

And they almost grabbed one when Ikeme fumbled the ball at the feet of Rasiak from a Smith corner but the ‘keeper just fell on the ball in time.

Just as the fans thought there couldn’t be any more drama, Mariappa had to clear a David Edwards effort off the line after Wolves hit the home side on the break.

Watford then immediately went down the other end and Ainsworth volleyed in a teasing cross which neither O’Toole or Smith could get on the end of.

Watford: Lee, Sadler, Bromby, Mariappa, Doyley(Henderson), Harley(McAnuff), Eustace, O’Toole, Smith, Hoskins(Ainsworth), Rasiak. Not Used: Tyler, Jenkins.

Wolves: Ikeme, Gray(Edwards), Shackell, Foley, Collins, Ward, Henry, Jones, Kightly, Iwelumo, Ebanks-Blake(Keogh). Not Used: Hennessey, Keogh, Vokes, Friend.

Scorers: Iwelumo, Rasiak, Jones, O’Toole, Gray.

Bookings: Yellow: Henry, Collins, Eustace.

Attendance: 16,386

Referee: Andy Woolmer