On 10/28. I initiated a position in EPAM Systems (EPAM) @ $45.90 just below a pivot point of $46.09.
The stock did well for the next few days until 10/31 when it dropped about 7% below my purchase price triggering my sell rule. I was stopped out of my trade at $43.10. The stock recovered towards the end of the day to close at a 2.31% loss. In the days to follow EPAM's price has gone on to make new highs.
Following O'Neil's rules, I have to cut losses at 7-8% below the purchase price. Going forward I will be setting price alerts to notify me when a stock is down 6% and make a decision then. Wait till either close to the end of the day or end of the week to decide whether or not to close my position.