I manually exited SGX at 8.72 oday since it is already hovering close to my TP, and it really makes no difference if I wait for that few cents more. But it is a jolly good trade, closed within days. This is the best kind of trade.
Just as my SGX trade was being closed, Yangzijiang surged on above average volume to break its 2009 high. This pattern is similar to SGX. Yes, lots of sentiments surrounding this counter especially, as I am still holding on to 18 lots of it at 1.50. In fact, my blog some time back outlined my exit strategy for it. For now, though, this counter has sprang to life, and inviting me to participate in it. At this time, it seemed like a good long.
Some key resistances: 1.00, 1.18 and 1.50.
Support: 0.875 (former high)
I will plan my trade this way:
Buy 8 lots at 0.915
SL: 0.845
TP1: 0.985
TP2: 1.12
Risk-Reward: 1:2
Tuesday, July 28, 2009
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