The continuous liquidation trajectory of the single hedged stock is derived under the arithmetic Brownian movements，mean-variance utility，and linear market impact．The parameters analysis shows that the investors are like to liquidate quickly if they are more risk averse or the portfolio’s variance is larger; if the correlation coefficient is negative，they want to execute more quickly and vice versa; the liquidation velocity changes are opposite to that of the correlation coefficient under the given hedging ratio．The partial liquidation’s trajectory is more convex than the full liquidation’s．Sometimes，the investors would over liquidate firstly and then recover the position．