anil Trivedi,
can u pl post Why u went Long positionally in Marico, at what price u took the decision & why & what was yr Tgt & S/L.
Just for knowledge to understand yr way of analysis to go long.
Dear Rangarajanji,
I track stocks going in uptrend and consolidating are good for entry...as it is just a haul in its uptrend...this i learned from tracking Lupin and 'n' number of charts those who maintained...So key was to identify good consolidation zones...
Secondly how they are performing vs index...A improving relative strength is good sign for stock showing some sign of strength...
Marico as i am tracking it regularly, but just waiting for good entry, but stock just break the consolidation of aug-nov(2015) with good volumes...I am now waiting for a small retest...of this breakout zone...and stock did came with three legged correction on lower volumes...
I enter this small consolidation breakout zone with Sl at point 'A' as shown...
And trailing it since then...stock maintaining it uptrend, it came down in Jan-2016, i almost thought of getting out of it...But my change in strategy saved me from it...
I actually started trailing it with weekly charts, although stoploss was bit farther but if i need to ride it, i had to do it...As i am riding already on daily, i though of giving it flexibility and ride it with intermediate timeframe...
Believe me, this was my first trade which i was riding on intermediate timeframe...rest all i do on daily, so trade runs from few days-to few weeks... But this trade was running since 5 months, now i am into 6-month into it...
Targets for stocks hitting newer highs is difficult to arrive...but with fibonacci you can project and calculate retracement...which arrive at zone of 250 / 280-85...
But since i am trend following it, i am little concerning of target...This stock has left me with few learning lessons of trend following...
One of my observation is, i need to pyramid somewhere in Feb, when stock breaking up another consolidation to upside..that was sweet point...
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Adding to winning positions is a difficult thing...and if one needs to make money in stocks, this thing is necessary... i am slowly learning...but need to have few rules...how much to add...how far to add...