New Intermed Uptrend!!

[Anupama Singh]

Hi Neeraj,
Martin Pring in his book Tech Analysis Explained says that first draw the upper line and the lower line,all this you have already done and you got a triangle pattern.Now draw a parallel line to the base of the triangle and pass it through the highest peak(in Vijaya Bank's case-the April 04 peak),you'll get somewhere around 110-115.
John J Murphy in his book gives two methods,one the above method.Method 2:Take the highest peak in this case of Vij Bk,Apr 04 peak(75)Drop a vertical line to the base(somewhere about 34).The length of that line=75-34=41.Add 41 to breakout levels 75+41=116.

I'd be happy with 110....Target for Vijaya Bank is therefore 110.

Of course,now you calculate the reward to risk.In this case stop loss is at 55.Current levels is 66.Rew:Risk=more than 3:1.......so well worth the risk taken.Now calculate the share size as discussed above.As the trade progresses keep moving your stops up as higher pivots are made.

Hope this helped!
Happy Trading!!
Saint

Hi Saint,
Thanks once again .........totally lost how toset targets,stops.Thanks for all the help!!

 

[avinash]

Hi Neeraj,
Martin Pring in his book Tech Analysis Explained says that first draw the upper line and the lower line,all this you have already done and you got a triangle pattern.Now draw a parallel line to the base of the triangle and pass it through the highest peak(in Vijaya Bank's case-the April 04 peak),you'll get somewhere around 110-115.
John J Murphy in his book gives two methods,one the above method.Method 2:Take the highest peak in this case of Vij Bk,Apr 04 peak(75)Drop a vertical line to the base(somewhere about 34).The length of that line=75-34=41.Add 41 to breakout levels 75+41=116.

I'd be happy with 110....Target for Vijaya Bank is therefore 110.

Of course,now you calculate the reward to risk.In this case stop loss is at 55.Current levels is 66.Rew:Risk=more than 3:1.......so well worth the risk taken.Now calculate the share size as discussed above.As the trade progresses keep moving your stops up as higher pivots are made.

Hope this helped!
Happy Trading!!
Saint

Thanks Saint

 

[Saint]

Thanks Saint

Most welcome,Avinash,Aman,Anupama,Devansh_god

 

[jikku]

Fate of HFCL and Tata tele - Mah Stock

Traderji/All

Can any body tell whats the future of this stock, after having rumors that Reliance buying it..I have some stocks @27..is it worth holding

Please also suggest me wheter to hold Tata tele which i bought @31

 

[aman1973]

Dear Saint
would you be kind enough to devote your valuable time on these scripps and advice me
1) HOTEL LEELA URCHASED @ 254/-
2) HMT @83/-
3) PREMIER LIMITED @ 40/-

EAGERLY WAITING FOR YOUR ADVICE
REGARDS

aMAN

 

[Saint]

Dear Saint
would you be kind enough to devote your valuable time on these scripps and advice me
1) HOTEL LEELA URCHASED @ 254/-
2) HMT @83/-
3) PREMIER LIMITED @ 40/-

EAGERLY WAITING FOR YOUR ADVICE
REGARDS

AMAN

Hi Aman,

PREMIER LTDresume your entry into this stock was few weeks ago.....great going.This is doing fine.Still in a primary uptrend.Only problem is that you are at an area of stiff resistance.Personally feel you have made sweet gains.Think you should get out here and look for some other play and put your money to good use.

HMT:.The good news is that it is now sitting on the trendline.It is also sitting on support......if this line holds,and tomorrow we have an up day,raise SL to 77.If we sink further from here,I would get out at 76.5.Frankly I wouldn't have taken this trade because there is stiff resistance at 93-95.My stop loss would be at 67.Entry point is at 83.Reward to Risk would be 0.75:1.Reward lesser than risk...not woth it,my friend.

HOTEL LEELA:Your entry on this one may cause you some pain.Nice primary uptrend,may go higher......but not before giving you some pain.Feel that you should have waited for the pullback for an entry.Keep SL at 225.

All the best!
Happy Trading!
Saint

 

[Saint]

Re: Fate of HFCL and Tata tele - Mah Stock

Traderji/All

Can any body tell whats the future of this stock, after having rumors that Reliance buying it..I have some stocks @27..is it worth holding

Please also suggest me wheter to hold Tata tele which i bought @31

Hi Jikku,
Got some TATA TELE at 29.5,and holding.Chartswise,still looking good for an up move,but I have a stop loss at 28.3.Target of 38.Still a hold,jikku.

HFCL:It was forming a nice higher pivot low on the monthly and weekly.2weeks back,broke through the resistance at 25.2-25.5,and now pulling back to the same line(now support).If this area holds,it's not just a hold,it's a buy.......This is just from atechnical viewpoint,not fundamentally speaking or from news angle.

Saint

 

[Saint]

Hi Everyone,
Realise that the market may pullback or just go sideways......we have our stops and will take it if hit.Yet there are some nice charts about to fly.One such is GUJARAT ALKALIES.Looking good to take out previous pivot highs on the weekly and monthly and head higher.SL=140

Happy Trading!!
Saint

 

[AMITBE]

A very good one saint...had just come in to make a post on this when I saw yours.
Suggest a target?

 

[aman1973]

Dear Saint
Thankyou very much for such a quick and lucid reply
Regards
aMAn