We'd keep your stops tight on this and follow it up with a trailing stop under the bottom edge of that upward channel, with a Take Profit *somewhere* in the horizontal channel.
We'd wait till the price is comfortably in the channel, move your stop up to $7, and let it run. There's no point in actually taking profits and then watching the price reach $10, likewise it's heart-breaking watching a 5% profit turn into a 5% loss. Money management is possibly the most important factor when trading, learn it, use it, refine it.
Good Luck & Happy Trading!
A break out of the channel to the downside could see a rather large drop back to $6.30!
But let's aim for >$7.00 (!)