I must admit I made a big mistake by longing SIA recently. In order to remind myself not to make the same stupid mistakes again, I document down my mistakes here.
- Did not analyse the chart before I enter my position.
- Did not set my stop loss.
- Do not have a clear trading plan and just enter the trade by gut feel.
I am still wondering how can I make this fundamental stupid mistakes? Knock the Wall! If I have analysed the chart carefully, I should not have longed SIA at the first place! Knock the Wall again!
Singapore Airlines has formed a Head and Multiple Shoulders with neckline at about $12.11 which is also the important 61.8% Fibonacci Retracement Level. The breakdown of the neckline may send SIA to the target price of $9.20.
Haiz! Still don’t understand why I went to long SIA at $12.74……. and cut loss at $11.00 later. Maybe 7th month? Wooo…….
Slap myself left, right, up, down again! Knock the Wall!