Review of trade this week (17 Aug to 21 Aug 2009)

I told myself I'd come back to trading breakouts only when the 200 day moving average confirmed an uptrend. So I'm back.

Wing Tai

Original idea was

Long
Entry price 1.83
30 day ATR 0.07
1.5X ATR30 0.11
Cut loss stop on 1.5ATR30 1.73
Recommended cut loss 1.49
Loss on recommended cut loss -703.54

Target price 2.3
Profit on target price 910.72

Reward/risk ratio 1.29



Flag pattern breakout.

Flag pole 1.85 - 1.38 = 0.47

But as the stock pulled back, my breakout stoplimit order never got triggered. Until 20 Aug (Thurs)

So I entered at 1.69 instead of 1.83. Happened to also be a breakout of the high of past 3 days. Recovering from oversold RSI as well. Target is now 2.14.

See how it goes.