#NewPosition - LONG in #IDBI at 40 3 Tight closings
#IDBI 2nd long entry at 41.5 (Weekly Inside Bar) Now long at 40 & 41.5 IDBI at 10% upper circuit - 43.3
3 Weeks Tight Closings (3 WTC) Pattern. What is it & what do I look for? Read on:
Week A closed at 38.05 Week B closed at 38.45 Week C closed at 38.70 From the highest close to the lowest close, the range is 1.7%. And, this is what we need. 3 tight closings, ideally under 2%.
Then check the buying force within the last 2 months to gauge the strength in the stock. Pick the lowest point & the highest point within the last 2 months and calculate the rise %. I need a minimum of 30%. #IDBI had gone up 80%+
The cherry on the cake if the stock is resting on or around 10 weekly MA.
How to weed out average 3 WTC from the good ones? - If the entire range of Week C is under 10%, that's a huge plus. - Strong preference to 2 digit stocks over high priced ones. - Free Float under Rs5000 crores (Extremely important as always)
When you have all of the above fulfilled, buy the stock right away without waiting for any breakout confirmation. You can buy it on Friday just before the closing time in Week C or first thing on Monday morning in Week D Go make some money now. #BroTip
Note: Like always, every word in this thread 'together' makes the set-up good. You pick only a few points, you will get a sloppy trade with sloppy results.
