IAG has now hit the first target (6.25) for a 6.9% gain from the entry yesterday. Consider booking partial or full profits and/or raising stops, depending on your trading plan. One alternative to taking profits here is to set a relatively tight trailing stop-loss order just below IAG. Therefore, if the stock continues to move towards the 2nd or even 3rd target before any meaningful pullback, you will continue to accumulate gains. The only downside to a trailing stops (other than the possibility of just barely having your stop clipped on a shallow pullback) would be a large opening gap that moves well beyond your stop level. As always, there are pros & cons to every stop/profit taking strategy. For now, I have decided to trail a stop on my shares of IAG since I still think the trade may have room to go but I may close my position before the close today as I will not be able to trade tomorrow.
