Wait at least 90 days from the stucco installation to let the stucco cure. The water used in the masonry compounds must evaporate. If it doesn't. the paint will blister and peel as the water tries to evaporate.
Start the painting when the weather is warm and dry. This promotes evaporation of any water on the wall and lets the paint cure properly as well.
Paint a primer onto the wall. Tim Carter of "Ask the Builder" suggests using a primer from the same manufacturer for the best results. Sherwin Williams has Loxon Exterior Acrylic Masonry Primer designed for porous substrates like stucco. Leave an unpainted base of several inches on the bottom of the wall to serve as a water release section. Let the primer dry overnight.
Paint one coat of SherLastic onto the wall with a brush or roller. Go over each section once, maintaining a wet line that you overlap with your next pass to keep the layer consistent. Allow 24 hours to dry.
Paint a second coat on the wall using the same technique for the first coat. SherLastic takes two weeks to cure properly and make the wall waterproof.
Place a gravel base to hide the unpainted band but still allow moisture to evaporate.