Cut loss is important

From my previous post on ANV on 16 Sept when the bullish marubozu bar broke out of the triangle, my long entry was triggered. However, there isnt any follow through and formed a Dark Cloud pattern. The following day did gave some hope as the price broke out again. Things didnt look well on the subsequent DOJI . Hence when market open lower and broke the low of DOJI , i cut loss at 3.46

Then the price turned the other way round broke out lower of the triangle, i decided to short it @3.26 having just realised that it could be a downtrend channel . As of closed yesterday, my target hit at 2.45 which is just right at the channel bottom.

If my projection is right, the price my go down to 1.83.

P.S. According to Thomas Bulkowski, ideally the price will break out upwards or downwards around 2/3 of the triangle. (Yes, but it was a false broke out)


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