Now I will long BABA because it looks like an upward trend. Stochastic rsi is at the oversold area and this confirms the right time to buy.
There is a slight resistance at 180 like what happened on 12/1 this is why I have two positions. I will buy now and sell at 179.50. At 180 there might be slight correction and bring it back to 175. At that time I will buy again and hope the up trend continues to 190(of course sell at 189.50). If the price continues to rise and never drop again to 175 after I sold at 179.50 then I will buy at 182. My hard stop loss is at 169.50(I will sell all BABA at this point because the uptrend pattern is now broken). For each of those dips in the channel, the dips on the right(future) never dip below the dip on the left(past). If price drops to 169.5 this higher dip pattern is broken and so is the trend.
There is a slight resistance at 180 like what happened on 12/1 this is why I have two positions. I will buy now and sell at 179.50. At 180 there might be slight correction and bring it back to 175. At that time I will buy again and hope the up trend continues to 190(of course sell at 189.50). If the price continues to rise and never drop again to 175 after I sold at 179.50 then I will buy at 182. My hard stop loss is at 169.50(I will sell all BABA at this point because the uptrend pattern is now broken). For each of those dips in the channel, the dips on the right(future) never dip below the dip on the left(past). If price drops to 169.5 this higher dip pattern is broken and so is the trend.