I sold the final piece of the position in JP today near the open for 21.80
However my fine stock trading friend, I sold half the position when the stock was trading above 24 on Thursday to “lock in” a solid portion of the gains, even though I had much loftier targets on my trusted chart.
I did this because, well, this is a Chinese burrito stock. The momentum cuts hard in both directions, and I had decided ahead of time to lock in gains around 24, again because of my trusty chart, seen here below.
Now you may ask, “but JP, why sell today?”
I sold it because I had also made a plan ahead of time to “trail my stop” up to 22 if I got a nice move up. So on Thursday when I sold half I moved up the stop accordingly.
So today, bell rings, stock breaks my trailing stop, and whoosh there goes me.
I made just under 9% on this trade in 7 days.
The stock is still on the radar for another buy if it consolidates in a manner which I find pleasing, down into that circle seen on the chart above.
There you have it fine people of the interwebs, stock market Sorcery, performed right before your very eyes, yet again!
Hope you have both enjoyed this experience as well as gained valuable knowledge in the process. Cheers!