There’s never a wrong time to take a new position. The only thing you should know is when to exit it. If you believe in the theory of “the trend being your friend” you should follow momentum right?
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If you are a breakout trader, then definitely not. However, if you are a pullback trader, you can go ahead since momentum is on the upside.
I personally don’t trade scrips in which parabolic moves are common. Gives me a feeling that they are manipulated scrips. Just a belief that I hold, don’t know the facts though.