Friday, 10 June 2016

Cipla Live Trade

Today I am trying to present top-down approach for selecting the stock and trading it intraday and positional using purely the price action.  Here is the weekly chart of Cipla.  It consolidated for months between 450 and 350 and then broke out in August 2014 and after almost 2 years it came back there to revisit that BO level in end of May 2016.  Notice the big spike in volume on retest.


















After retesting the BO level, it consolidated in a narrow range and made an attempt yesterday to breakout. Have a look at the daily chart,


















Now today it seemed very clear that it would make one more attempt to break out from narrow range and it did that.  Took that opportunity to go long.  Here is the intraday chart,


















Today in the morning it triggered the long entry at 481.7 for intraday trade as well as positional trade.

Target for today is 488 to 490. SL is 479.  For positional trade, I expect it to close the gap on daily chart.  It comes to around 495.  So 495 to 500 is the first target and then 540-50. SL for positional is 472.8.

5 comments:

  1. Booked half of intra at 486.3.
    URD

    ReplyDelete
  2. SL for intra trade is moved to 481.3 for rest of the position.
    URD

    ReplyDelete
  3. Stopped out as a scratch from remaining.
    URD

    ReplyDelete
  4. Very good trade management.

    Feeling like alone in DP trading, how i cross check my trades?

    At lease post intraday chart once/twice a week

    Thanks.

    ReplyDelete
    Replies
    1. AKS

      Thanks. We all are alone in trading. Don't ever feel a need to cross check your trades. If your trades do good, means you are doing good, else markets will punish you every time you commit a mistake or get overconfident. That is how you learn every time with your trades.

      I will try to post.

      URD

      Delete