LULU - overnight long

 DAILY

 30MIN

 5MIN

1MIN

The focus of this trade is on "Trade Management":

• The focus of a successful trader should always be on RISK MANAGEMENT - meaning protecting financial capital should be job number 1, NOT PROFITS.
• I try to manage each trade according to RISK MANAGEMENT.
• Initial stop loss is around $1, (90.93 - 89.99) while profit potential is huge considering LULU is making new all time highs. Profit potential is around $96 to $100. 
• The probability is on our side with the stock closing right at the edge of breakout of its 4 day bullish consolidation. With momentum names like this, you want to get ahead. Every serious trader will be looking at the stock over night and seeing it as an AWESOME BREAKOUT CANDIDATE for the next day. Everyone will be eyeing on it for any strength to get in in the morning. And that's what happened. (trader psychology baby)
• I took off 1/2 on the initial surge +$2 to cash in one some profit while making the trade riskless.
• Took off another 1/4 on the 2nd leg up by feeding again into strength.
• I wanted to give the stock a chance to prove itself (always give the benefit of doubt to an established trend) so I left 1/4 on while keeping its stop loss at just below the 1st morning consolidation (giving it planty of room to prove itself for an afternoon run.
• I also wanted to add to the position once it pulls back and shows support at a level (I failed to do this since i was multitasking).