raj_rishav

Cup is Ready - Watch out for Breakout

Long
NSE:ITC   ITC LTD
A break above 194.5 should see ITC back to its price value area between 194.5 and 202.
If break above 194.5
T1 = 198
T2 = 200
T3 = 202
Comment: Optimists may want to go long on 190 CE July. Thats what i am doing.
Remember tomorrow is June expiry - so there can be long drawn out handle. so tread cautiously
Trade active: Updating SL to 12.8; I bought them at 11.8. Its a volatile day today and global outlook is negative. going safe against my instincts!
Comment: T1 revised to 196
Comment: almost there!
Trade closed: target reached: Sold my position at 14.2
will buy again in the nearabouts of 12-13 - it should come down to there by close!
Comment: "The stock market is a device for transferring money from the impatient to the patient." - Warren Buffett.
Comment: I will re-enter only if stock stays in the near bouts of 194 and inside the price value area - will buy July 200 CE options around 2:30 PM
Trade active: T1 - revised and original both hit!
Purchased 200 CE for T2 and T3
Trade active: T2 in sights - common !
Trade active: T2 done; Staying in : tomorrow's earning release may see us breaking the value area
Trade active: T3 reached.
Greed isn't letting me exit
Trade closed: target reached: sold at 14.2 (207 level on retractment from 209).
I hate gap-up openings.
Comment: will re-enter if up-trend sustains above 206 with momentum and volume in favour
Comment: As long as the stock stays inside the value area marked on chart (194-202); I don't see it falling back to 160-170 level. so those with long term views should stay in rather than booking losses.