Ichimoku Indian Stock Trade of the Week 10-21-2013 : BOMBAY DYEING LTd., Buy

On Oct. 21, 2013, we received an Ichimoku 4 multiple time frame Buy email alert on Bombay Dyeing Ltd. for the Indian Stock Market.   The email is shown below:

The email alert was for a break out of the stock on the bullish side. This breakout setup was emailed through the automated email alert system, as shown above. As soon as the price broke on the bullish side, it had a strong momentum supporting it.    There was an ideal opportunity to take a break out trade.    The entry was at Rs 63.66.  Initial stop of Rs 61.40 and a target of Rs 71.08 was set.  That gave us a  risk of Rs. 2.26 per share. As soon as the price started to move in the direction of the trade, a trailing stop method was applied based on proprietary Ichimoku Strategy.  The trade was exited, based on proprietary ichimoku system, with a profit of Rs 7.42 per share.   There was a Risk : Reward of 1 : 3.29.    Here is the chart setup:

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About the Author Vinesh Midha