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02 Apr, 2008 - BTO May19c @ $2.00
11 Apr, 2008 - STC May19c @ $1.17
P/L : -46%
Comment:-
Learnt something VERY VALUABLE.
STS is a form of swing trading that captures short term pullback/retracement. Therefore, I personally believe that it would be wise if we could adhere to these rules at all times (unless there is a VERY CLEAR indication that the stock is really REALLY REALLY moving at the desired direction)
CLOSE POSITION ONCE
- the PROFIT TARGET is met (where in this case, it was $21.50)
- the stock reaches its immediate SUPPORT/RESISTANCE level (where in this case, is also at $21.50)
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*Support/Resistance could be any 30MA / 50MA / previous high,low (for this case, it's previous high was defined by a bearing engulfing pattern 2weeks ago)*
