You make no accounting for the CGT that would have been inured assuming you have a job and pay tax
if you pay tax at the top marginal rate and lets say you sold at 24c as a pull back started,
Entry 2 cents exit 24c Tax paid 100% capital gains. You would be only slightly better of than you would have been by holding for the full 12 months and looking for a exit point latter
IMHO
SAS Chart, page-90
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