Sold - Brightoil (933.hk) and Chongqing Iron (1053.hk)

Sold 1K Brightoil at $2.50, which was bought at $1.97 on 24 March.

Profit of $513 (26%)... Woohoo! Broke my last record of Youyuan (2268.hk) of 21%.

But got stopped out of my Chongqing Iron (1053.hk). Bought 2K shares at $1.10, sold at $1.15. Tiny profit of HKD$60+ (3%).

Use of moving averages as stop loss levels?

Got this inspiration while reading another book (Invest Like a Shark by James Deporre).

My current profitable trade in Brightoil (933.hk) has seen quite a fair amount of profit. I think I will try this method to establish my stop loss levels once the current one placed yesterday expires this evening.

My second open trade in Yuhua (2728.hk), while (slightly) profitable, is tying up quite a fair portion of my total portfolio. As such, I've tightened up my stop loss to $1.02 (quite substantial with little leeway for any price decrease) to get out.

Youyuan (2268.hk) was my previous trade that I closed at $1.77. If I had used this method instead, I would have been stopped out at $1.795 due to the long lower  shadow on 31 Mar. Otherwise I would have still been in the running for this share.

However, if we look at Jimei (1159.hk), the very first stock that I bought that stopped me out on the very same day, the stock volatility would have easily kicked me out of the trade as the price penetrates the 30-EMA levels too frequently.

Youyuan (2268.hk) - Down but not (yet) out

It went down to a low of $1.73 but rebounded strongly before noon, extremely quiet in the afternoon though.

I'm still tracking this stock with an eye on going back in again :)

Youyuan (2268.hk) - Coming down?

Somebody just dumped 2M shares onto the market in the last 20 minutes of trading today. Will it cause a subsequent panic in the masses or will it just be shrugged off as a correction?

Youyuan (2268.hk) - Post-trade thoughts

After closing my Youyuan (2268.hk) positions at $1.77 in the morning, the stock reached a new high at $1.90 today.

It did leave a considerably sour taste in the mouth for a while, thinking that I left another $260 on the table, which was almost half of the profits that I took this morning.

But well, what experienced traders such as Dr Alexander Elder said, if we were to regret what was left, perhaps it would be better for me not to trade at all.

I've been trawling for the next stock to put my funds since this morning but haven't been successful as well. Hopefully can find something tomorrow that can meet my needs.

Youyuan (2268.hk) - My first full trade

After 11 days from my first position, I finally decided to close my positions in 2268.hk.

With the OBV stagnating, I think a price reversal is likely to happen soon. While this could be an over-due pullback given its bullish run over the past few days (across a weekend), I decided to pull the plug today to lock in my profits and scratch the itch to look for another trade.

Final Outcome (in HKD)

Cost - $1456 + $1606 = $3062

Proceeds = $3527

Profit = $465 (15.2%)