scorpiomanoj
Long

MPHASIS - 10 YEAR HIGH BREAKOUT

NSE:MPHASIS   MPHASIS LTD
MPHASIS
CMP 880.
Monthly chart.
10 year high breakout observed at 795-800 with good volumes along with rising MACD histogram.
1200 plus expected from medium term perspective.
Stop should be at 730.
Trading is my passion.
Its cool how you find so many breakouts :D . Since most of your charts are monthly or weekly and with a breakout candle . I am just wondering how you take the entry.On a retracement to previous support ?<since the breakout candle is usally a big one and may retrace before breaking its high. or enter after breaking the high of the breakout candle.
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scorpiomanoj Einstein15
@Einstein15, Usually I go to a lower time frame for further analysis on entry. I will go check weekly chart to find out any possible pullbacks and then a trigger, ususally using Stochastics crossover. In general i like to enter at the start of the breakout in monthly chart. However there is always a trade off; the earlier the entry, the better is the risk reward ; but at the same time you need to understand that you are entering not at the completion of the monthly candle. In general a monthly breakout gives a stronger indication of a chart structure. Holding period should be in months; hence one should be willing to absorb short term volatility.
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Einstein15 scorpiomanoj
@scorpiomanoj, Awesome! Thankyou for the detailed answer and insight.
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