fcsa

Biocon - Wave-I-Wave-II retracement complete?

Long
NSE:BIOCON   BIOCON LTD
Biocon time to go long?
1. Daily shows 50% retracement of the rise since 23rd March
2. 30 min 3 Line break and 30 min Renko developing up bricks
3. Fairly tight SL below low of 7th May candle - 612

...Perhaps after Karnataka election results and the Iran developments (both these are potential time bombs though markets seem to be ignoring it)
Trade active: Signals were good today so went long @622 (futures price). Holding
Trade closed manually: Closed @631 (futures price). 9 points per lot
Trade active: Again long @630 with SL @629 yes just 1 point!!
Trade closed manually: Closed @639 (futures price) another 9 points per lot. So 18 points since yesterday. Great risk/reward ratio - SL was always 1-3 points only since I try and time entry and exit precisely.
Comment: Long @633 (futures price) SL 632.9
Trade active: Target 648 (futures price)
Trade closed manually: Closed @ 641... totally about 26 points profit per lot since trading this apparent recovery...
Comment: Went long this morning @634 and closed @648... almost 40 points per lot since May 10th. Lot size for Biocon is 900 in futures.
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