The_RedTicker

TCS, a setup worth risking on (The_RedTicker)

Long
NSE:TCS   TATA CONSULTANCY S
Setup mentioned on the chart, I would like to keep the SL as WCB.
Comment: I still think it should give me my targets....

But either way, don't you think a 373 pts rally (which is more than 10%) on a GIANT stock like TCS, in a one way move....is not a small feat. RIGHT?

I am already content with the trade, lets see how much we get.

Comments

Hey, I love how ambitious you went with the risk reward ratio, its funny, or at least scary haha, anyways how did you set that target and Stop loss? Also since we havent seen much volume pickup yet unlike HCL and Wipro, do you think there is more upside from here? Thanks!
Reply
The_RedTicker Aayush_Rungta
@Aayush_Rungta, Its a pattern. Firstly, I was early to spot TCS, the biz channel gave calls after 3460-65. Secondly, I did check EOD and fortunately, no one has spotted the pattern yet (amongst the ideas shared on TCS)...which means, the chances of this pattern working is relatively higher.

Logically speaking, if at all the pattern has to work, I don't expect a closing below the SL level.

May the odds be in favor....
+1 Reply
The_RedTicker Aayush_Rungta
@Aayush_Rungta, almost 1:1 done...and counting
Reply
Aayush_Rungta The_RedTicker
@The_RedTicker, Great! If you check my ideas, I had posted a TCS chart in its 3rd attempt to break trend resistance, I am bullish on TCS and the IT Sector as a whole, but I am doubtful if it can go that high without stumbling.
Reply
The_RedTicker Aayush_Rungta
@Aayush_Rungta, You trade price action?
Reply
Aayush_Rungta The_RedTicker
@The_RedTicker, I am in the learning curve. I give a higher weightage to price action, but then again other indicators like ADX, RSI, MACD and Volume are equally imp before I place a trade
Reply
The_RedTicker Aayush_Rungta
@Aayush_Rungta, Then how is it that you decide target at ATH?
Reply
Aayush_Rungta The_RedTicker
@The_RedTicker, Fib levels, Prior uptrend price length, and 1.5x the stop loss. Usually I am weary of placing trades at ATH, I look for more of a set pattern, like a bull flag, or cup and handle which have a decent track record
Reply
The_RedTicker Aayush_Rungta
@Aayush_Rungta, Most of stocks usually keep hitting ATH time to time.... The methods you are learning wont work there.
Reply
The_RedTicker Aayush_Rungta
@Aayush_Rungta, see LXCHEM for instance or MAXHEALTH. indicator dont work.
Reply