Star on the evening sky of New Toyo

My last romance with New Toyo was not that great, I exit base on a possible Tri-star formation, the counter then start gliding up after the formation, which meant that my judgement on the counter was wrong. It prompted me to enter again at a slightly higher cost, this time I thought I was on the right track. The counter did move up to a high of 0.24 before retreating to 0.235 last Friday.



Fig 1 New Toyo Daily Chart

I was not very happy though, because the counter has now formed a Doji Star with gap up, it is more convincing than the Tri-star formation. The only hopeful thing ( the one thing I have learned that I should not do (from the book "the Way of the Turtle")) is that it breaks upward. Unfortunately, it did not happened, the counter opened gapped down, I exited because it triggered my stop loss. It went futher down by another 0.005 and closed at 0.225. This confirms the formation and now officially an evening star.

The indicators on daily basis further supports its downward slide. Both RSI and Stochastic are reversing downward. The likely support for this counter would be 0.21.

So how much am I right this time? I am not sure, which is why this is on the record in this blog, and we shall see.......