Like the trade last week in Apollo Group Inc., the online stock trader took a BS2 on Baidu.com, BIDU today. The pattern on the daily stock chart of Baidu.com shows the stock in a nice downtrend. Entry point is a lower low which the stock trader received today.
Technical analysis called for an entry below the first lower low after the bounce on the 15-minute chart. The trigger hit below 72.27 and the online stock trader was filled short a little higher at 72.45. He placed a stop at 74.9 above the previous day’s high. Target for the 1st 1/3 of the trade would be 2 points or around 70.5 The stock trader will lower his stop loss using pivots.
Profits on the first 1/3 were filled at 70.43 for close to 1R. The trailing stop moves to a penny above today’s trading high of 74.50.
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