BIDU is one of the positions that has done exactly what we were looking for, I was able to start a position at higher levels and it's doing well in the green (short).
Here's where I'd like to add...
BIDU made what I suspected would be a false breakout/shakeout from a large toppy looking triangle, the breakout allowed me to start a position there as I have been moving away from short term leveraged trades to longer term short trades. Yesterday BIDU put in a Tweezer bottom, that was taken out today on what I would call a shakeout and is showing large volume on a strong day since the open, this look very much like a short term reversal, the gap at the yellow box is where I'm looking to add to BIDU.
60 min chart shows the breakout to be a head fake move and BIDU has dropped pretty fast from that move. The market trend has been to fill gaps, so the gap is my target area, it's just about patience now.
The 5 min chart has a positive divergence starting over the previous two days where the tweezer bottom was, so in the near term it looks like BIDU wants to move to the gap.
Some of you who may want to continue trading nimbly could have or still could take decent profits in the BIDU short. At this point I think over trading or trying to be too nimble with positions that are intended to be longer term trades could set you up to miss the entire move.
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