BIDU Charts

 The majority of the short position was established in the $150 area on a phased in entry, that was up nearly 26% while the add to position to $134 gained +16%.

 As you know I've been looking for a move up in BIDU to at least fill the gap (yellow), but even better would be to make a higher high, at that point I wanted to look at starting a new or add to position in  BIDU. At the June 4 market lows I decided to hedge the core shorts such as BIDU rather than trade around them, that worked fine in preserving BIDU's profits, but with a decent probability of BIDU making the move I've been looking for or better, I decided to go ahead and trade around it as the signals in BIDU look pretty good for the move I've been looking for most of September.

 Here's the BIDU 60 min chart and in yellow the two short entries, both had good negative divergences, there's a positive now like there was at the July low.

 Here's a closer look, the short entry was beautiful with a head fake move, this hourly positive though isn't worth hedging after BIDU has had an extended move lower over some time. If it presents the opportunity, I'll take it as I had planned before.

 The 10 min BIDU chart and just hitting stops on a positive divergence, this is one reason I think in the near term BIDU will make a move higher.

 The volume was up on both moves below former support, it looks VERY much like an intentional run of the stops as the move is just enough to trigger stops, but not by any means an impressive move down, therefore it appears that the stops were used to accumulate the shares on some volume and at a discount.

Furthermore, the Swing BIDU Trend Channel was stopped out 2 days ago, this little pullback offers a decent exit on that signal. Also with the Trend Channel turning, I'm thinking the move up to at least a higher high is looking more probable.