Updating the channel trade idea with close stop. I have updated the chart as if I were trading it. As stated this trade I didn't take but updating outcome for all to see. As per chart I would move stop up to break-even point and let the trade progress some more, essentially I would now have a free trade (risk covered). This approach would enable me to take a new position if I wanted without increasing my risk of loss more than the new risk + the possible loss of profit in the first trade. The alternate approach is close out trade at the target area with about 5% profit (Entry $465, Exit $485 ish).