If your short:
- Your take profit area would be around the $86.00 area.
If your long at support:
- You can always leave around 10% of a trade open if your long just in case we break above the first line of resistance and head up to the $89.00 area. Do take into account your position sizing / commission on the position if you leave 10% open and the effect it will have on your P/L.
D1 Chart showing the break above resistance and the retracement back to resistance where price has formed 2-4 dollar range. Also take note that supporting the price action within the range is the steady decline in trading . Meaning that this can be the new range we find ourselves within for a while. Which is actually quite common in equities after breaking to new highs. Also, do note that we are trading the top of the channel now. So take that into account when formulating your risk management for the trade.
Cheers, happy trading guys/girls! =)