BIDU CORE SHORT Follow UP

BIDU is one of our core short positions (trend trades), one that's in the green already, one that I'd like to add a bit more too and will get the chance at some point.  I thought I just updated BIDU, but can't find the post, perhaps it was part of a Daily Wrap.

Here's what we have so if you are interested or in it and want to add, you'll need to set some price alerts in gaps above.

 I could swear I updated BIDU just yesterday because I recall the H&S coming out of a bullish ascending triangle, a triangle that is too large to be a legitimate consolidation price pattern. 

The H&S formed on the breakout above that triangle. Other than a 1 min positive, there's not much there at all. I think BIDU's best hope for a bounce with today's volume is an intraday rally that turns the current bearish candlestick in to a bullish hammer, on that kind of volume it would be a VERY strong bounce signal and being it's a fresh break of a H&S, I'd much rather be adding to BIDU on a bounce and not on a new break of a H&S top.

 The Trend Channel (2-day setting) has held the trend including the triangle consolidation, that's what's so great about this channel vs an envelope channel or something similar. However as of tight now, if we close here, the trend is stopped out as you can see at the red arrow.

The 3C signals are there for the H&S top as you can see on this 15 min

Larger signals are there like this 30 min

And the daily shows the stages of a cycle, accumulation, mark up, distribution which we have gone through and we are on the edge of the final stage, decline.

So I'd set some price alerts, this is an excellent candidate, it's in excellent position now if you have the patience for some volatility, but my job is to get the best entry so I'll be setting alerts and looking for that candlestick to maybe change to a hammer.