I bought this stock $6.23, which was the high for the day at the time. My rationale for buying a new high for the day is that, in my experience, if a stock puts in a fresh high, then it will usually make another high later on.
If this breakout fails (which happens most of time), then my stop at $5.74 will be hit, and this will result in me losing 1.8% of my total account equity. Otherwise, I will hold the stock for as long as the trend persists:
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