BABA finally broke 300 this morning.
And Trade Unafraid bowled a perfect game.
See what I did there? 😄
BABA reached 299.00 on September 2nd, followed by a long, meandering drop below 265. It formed a sort of a cup and handle over that time. Today, it clearly wanted to break 300, and I wanted to be there when it did.
At 10:25am, I set up a Trade Plan to enter on a Break of 299.36, which was the high of the prior 15-minute candle. Even though I wouldn't usually play the break of a round number from quite so far away, we had full time-frame continuity to the upside, an inside 5-minute bar, and price at the high of the day.
These were my Trade Unafraid exits.
It takes a little getting used to, but what this says is to take a 10-cent profit on 40% of the position, take a 20-cent profit on 20% of the position, and that's all. I could have set a trailing stop on some other percentage of the position, but I chose not to.
(As I've said, we intend to do some major work on the user interface, but the backend trading system is our top priority at the moment.)