BIDU Decline Sets Up New Trade | GS Earnings Report 1-15-20
BIDU Baidu Inc Stock Chart 1-15-20
Yesterday's melted candlestick (small body) combined with well-offered price action (lower lows and lower highs) created an opportunity to initiate a new long.
BIDU Baidu Inc has declined for two days setting up a momentum trade. I'm game planning to be a buyer on a lower open looking for a 10 point rally.
My game plan is to enter the trade in two stages. My first entry is a test of the previous days low. My second entry is a push lower to the $137.50 area.
Because I am "working the order" I will be bottom heavy in my shares. Meaning I will look to buy a greater number of shares if my second entry target is hit. If the stock opens higher I am letting it go.
Have a great day.
Pete
PS. A quick lesson about managing your winners as they grind higher. If you believe your stock is near a top, or getting tired -- many professional traders will move up a trailing stop loss instead of exiting.
This means you continue to be in the trade as it moves higher, but get stopped out on a decline. Predictions of tops, capitulation and such should be traded with continued profits in mind. Using a trailing stop allows you to earn more but also be prepared for a decline.
A moving average crossover can help make this easy to manage as well.
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forbes.com/goldman-sachs-earnings-1-15-20
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