Booking profit in Facebook oversold bounce

Last Thursday I discussed a trade idea to buy shares of social media giant Facebook (FB:xnas) as it looked like the stock's down-gap from August 21 offered itself as a magnet upside target. My price target has since been reached at $90.50, netting a quick 3.45% return over a couple of days. While I think the highest probability of the trade has run its course, traders looking to remain in the stock could work with a trailing stop of 3 - 4 points, but even in that case taking partial profit here would be a wise move through the lens of risk management.

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