New Intermed Uptrend!!

[Saint]

Saint,

Thanks for the suggestion.
But, I am not trying to get in....I am trying to get out!
I entered Valecha when it was at Rs.340 and because of the unfortunate market correction in May 06, this one corrected a bit too much and fell to 130 levels.
So, after this it has come back to 180 levels and again fallen to 160 levels.
So, I was wondering whether it will start going up again and I can atleast reduce my losses

Since I haven't kept big amount in this one, I can bear with the loss and wait for a bit longer, if that loss can be reduced!

Thanks,
Narendra

ahh yes,now I remember a little discussion we had some time ago........there is no absolutely correct answer to your dilemma.All I can tell you is what I would do......I'd get out if it takes out 163 to the down.Why?I am not sure if this breakdown is going to take out all recent lows and head south as painfully as the drop in May.

I'd rather get out if it takes out 163 ,and redeploy funds elsewhere.....but that's me.

Of course,if it doesn't,and proceeds to the up,it's a HOLD.

Saint

 

[ssnkumar]

ahh yes,now I remember a little discussion we had some time ago........there is no absolutely correct answer to your dilemma.All I can tell you is what I would do......I'd get out if it takes out 163 to the down.Why?I am not sure if this breakdown is going to take out all recent lows and head south as painfully as the drop in May.

I'd rather get out if it takes out 163 ,and redeploy funds elsewhere.....but that's me.

Of course,if it doesn't,and proceeds to the up,it's a HOLD.

Saint

OK. Thanks a lot for the suggestion Saint.
Hope it goes up......but, if it goes below 163, I will say bye to Valecha

Thanks,
Narendra

 

[rahulg77]

ahh yes,now I remember a little discussion we had some time ago........there is no absolutely correct answer to your dilemma.All I can tell you is what I would do......I'd get out if it takes out 163 to the down.Why?I am not sure if this breakdown is going to take out all recent lows and head south as painfully as the drop in May.

I'd rather get out if it takes out 163 ,and redeploy funds elsewhere.....but that's me.

Of course,if it doesn't,and proceeds to the up,it's a HOLD.

Saint

Hi saint,

Nice to see you in action and reviving your thread at your end. Why I say reviving at your end is that everyone was still glued on to it, only u were missing

If i could add to your comments on valecha. I totally agree with u. there is a lot of noise even more around the levels of 163-167. The last bar low was 163 and it would be advisable to get out below that price. The indicators also dont look too good. Its below is 20 MA.

One thing I have learnt is not to keep holding on to some stock and keep asking different ppl about their views and hoping someone might say hey Hold it and thats what we wanted to hear and we again are stuck with more down side. So its better to get out when u can and enter in some better shares.

Welcome Back

Rahul

 

[pranayd]

Hi Saint,

Nice to see you around. Let me not lose this opportunity of getting your opinion on a couple of scrips :

1. Era Construction: Been in an uptrend on the weekly, pulled back on the daily and reversed today (up by about a percent).
2. Omax Auto: Was moving sideways for the past 3-4 weeks sessions, and suddenly up over 10% today! Broken the 105 resistance.

Whats your view on these two? I am thinking of entering these tomorrow or the day after. If you can manage to give your views before market hours tomorrow, that would be gr8!

Thanks,

Pranay

PS: I am planning to enter these for the short term, maybe a week or two.

 

[Saint]

Perfect time for the warning Saint...though I was also getting in the allusions of shooting market, u stopped me

Better I can keep my purse ready for another correction and then will do fresh entry.

Keep up the great posts !!!

Cheers,
Birju

Thanks for the kind words,my friend....

Saint

 

[Saint]

Hi Saint,

Nice to see you around. Let me not lose this opportunity of getting your opinion on a couple of scrips :

1. Era Construction: Been in an uptrend on the weekly, pulled back on the daily and reversed today (up by about a percent).
2. Omax Auto: Was moving sideways for the past 3-4 weeks sessions, and suddenly up over 10% today! Broken the 105 resistance.

Whats your view on these two? I am thinking of entering these tomorrow or the day after. If you can manage to give your views before market hours tomorrow, that would be gr8!

Thanks,

Pranay

PS: I am planning to enter these for the short term, maybe a week or two.

Hi Pranay,

Omax is approaching an area of stiff resistance,not much upside in it.......and Era ........same thing.Both of these have an area of resistance coming up,and the upside(reward) is not worth the risk taken.Should be atleast 2:1 or greater in a short term play.If that criteria is not met,better to look elsewhere for better ones.

But I see what you are looking at.......great going,my friend.

All the best!
Saint

 

[Saint]

Hey Saint,

Whats your opinion on Rel Comm? I have some pre-june holdings which have now finally crossed breakeven. Should I hold or exit at this point? Thanks for this.

Depends on time frame......if you are looking at it intermed to long term,it's a HOLD.Raise stop losses to 306,that's it for now.

Saint

 

[Saint]

Hi Saint,

Am attachin a chart of madhucon projects, a recent entry of mine.
I was looking at this one frm 225 levels(september prices). It was in nice consolidation, and I wanted to catch the first move. The move did happen, but I entered very late, probably on its highest levels at 265 (arrow in chart). Since then, it started a pullback. My doubt is that
1) shld i wait for a higher pivot low. In case I do, I miss the initial move.
Does it make sense to take a plunge if a stock has really consolidated nicely.
2) What chart to look for while deciding the timing. Do we first look at weekly or is a juicy pattern on daily (like in this case) good enough?

Pls feel free to answer as and when you have free time. Looking forward to learning a lot from this post.



cheers
vizzie

Hi Vizzie,

Let us take MADHUCON PROJECTS.....we have this downtrend till early Aug,after which we have a move up and then a sideways consolidation.An ideal entry point would be to enter above 238 area on the 6th Sept as it took out the high of that base........usually we get a pullback after that breakout,and we got that in this case,and then to newer highs which sort of never happened here.....well,happens all the time in this business.

Basically if you had entered at 238,stop loss would have been at 225.....and still in the trade.But the entry of 265 is causing some pain.....think you chased it up a bit.

As for an entry,have a look at the daily and the weekly charts......don't look at the daily and see a neat pattern and jump in,when you have the weekly charts still in a downtrend.Can get fingers burnt....Never take on the Weekly Chart!

Basically,weekly downtrend,stay away........we need weekly uptrends and pulling back or sideways therefore forming downtrends or sideawys trends in the daily,that is what we are looking for.Yes ,in that process,we tend to miss a bit of the move........but it's always a beauty when all timeframes are in tandem.

So the answer to that one is :Always look at the Weekly first,and decide accordingly,however juicy the daily may look.Same with intradays.Never take on the 60min chart!!If the 60min is in an uptrend,and you decide to short the 15min chart........well,more often than not,one would see a rapid dwindling of one's account.

All the best,my friend

Saint

 

[GKHERA99]

Saint
I Require Ur Advice On Hanilera Textile.i Bought It As Per Research Of Icici.it Is Languishing At 20 Whereas In May It Was At 46.regards

 

[vizzie]

Hi Vizzie,

Let us take MADHUCON PROJECTS.....we have this downtrend till early Aug,after which we have a move up and then a sideways consolidation.An ideal entry point would be to enter above 238 area on the 6th Sept as it took out the high of that base........usually we get a pullback after that breakout,and we got that in this case,and then to newer highs which sort of never happened here.....well,happens all the time in this business.

Basically if you had entered at 238,stop loss would have been at 225.....and still in the trade.But the entry of 265 is causing some pain.....think you chased it up a bit.

As for an entry,have a look at the daily and the weekly charts......don't look at the daily and see a neat pattern and jump in,when you have the weekly charts still in a downtrend.Can get fingers burnt....Never take on the Weekly Chart!

Basically,weekly downtrend,stay away........we need weekly uptrends and pulling back or sideways therefore forming downtrends or sideawys trends in the daily,that is what we are looking for.Yes ,in that process,we tend to miss a bit of the move........but it's always a beauty when all timeframes are in tandem.

So the answer to that one is :Always look at the Weekly first,and decide accordingly,however juicy the daily may look.Same with intradays.Never take on the 60min chart!!If the 60min is in an uptrend,and you decide to short the 15min chart........well,more often than not,one would see a rapid dwindling of one's account.

All the best,my friend

Saint

Hi Saint !!

Always a pleasure to read ur posts..
Thx a lot for taking time off for this one..
very nicely explained.. clears every doubt of mine.
normally wld never have entered at such high levels.. guess the huge volumes did me this time..
will tk cr in future.. thx again and great 2 hv insightful posts frm ya again..

cheers
vizzie