Thursday, October 13, 2011

Hindalco touches support

Hindalco trading at its support level. I have taken a retracement down in Hindalco from Low made at 36.75 on 08 March 2009 to High made at 252.85 on 09 Jan 2011. From there, the price retraced at 0.618 retracement at 119.30 (this is also the low of the hindalco). Now at this point we can buy this stock. The relative strength of this stock is not very high so we have to take a tight stop loss just below to 0.618 retracement line at 110.





4 comments:

rocky said...

but sir you said if in orb trade once the position is in profit for half and hour there must be trailing stop .. and sir can you define how to re-enter once stop out like you enter at 5066 then what should be new s/l. i hope you must reply this.....

sudhin said...

I have a few questions on the trading plan from here.
1. Was the decision to enter taken only around 119 and the other levels ignored? What if the stock reversed from say 125-28?
2. For stocks bot around 119 when should one sell?
My method would have been to buy a small quantity at every level and to sell on some nominal profits regularly hence this clarification. Thanks.

smit said...

sir,

from when will you appear on tv??

Technotrader said...

Sir, I would love to hear from you about trading in F&O, I do trade in it made some gains some losses still learning and will try to learn for my life. Still making mistakes accepting it and trying not to repeat it.