If NO, then what is the exit plan? Any profit target and stop loss in mind?
1) If the EV sector continues its momentum tonight, is the previous high $24 - $24.40 (which is also near 200 MA line) a good area to sell? or do you want to sell half first then see how is the trading reaction at that price zone? or maybe you are quite confident that the price will penetrate $24.40 without any barrier, are you going to double up your bet and looking for a even huge win?
2) What if price action tonight is not in your favor, is there any price level in your mind that will stop you out, no matter what? could the stop loss price be the previous low $18? or your entry day low price $20.55? or trailing your exit price to today's low $21.44 ? or any psychological whole number like $20, $22? or just put the stop loss at the breakeven price? Frankly speaking, this stop loss price should be defined earlier at the moment of purchasing your stock
3) And a lot of times, the price will neither hit your profit target, nor touch your stop loss so soon (more than 50% of the time stocks are just going sideway), what is the plan then? Of course you can wait for the price to be hit, but it will take up your money and cost you other good trading opportunity, especially if you are doing the very short term day trading, , therefore, a "time stop out" is also possible (say must sell at the third day closing price after entry).
However, if you already sold your position last night, I congratulate you on the good profit. I mean you can also share why you buy and sell that particular stock at that particular price and time, on that particular day, even if you say it is because of your "six sense", so be it. The importance is we have to try to make the trigger for winning trades more reasonable and repeatable, so that we can have consistent profitability and more confidence on the system.
