BIDU, Inversed Head and Shoulders pattern
My eyes are glued to Baidu stock, ticker BIDU, as it is forming a perfect trade/invest opportunity for me. Pattern I love the most, Inverse Head and Shoulders on the Weekly time frame.
Things to consider:
1. My first entry point would be right above the 200MA on the Weekly time frame, though the pattern would not be finished on that price level sitting at $146-147, I would like to get some action once the stock breaks this level.
2. My stop loss for this entry would be a bit tight, I don't want to let the action plays around. I want a straight up move and clean progress to the higher price levels. So, the SL will be sitting at $137 level.
3. My second entry will be placed right at the break of the neckline of the Inverse Head and Shoulders pattern. Price level to watch and consider as potential adding to a position would be around $154 to $161 price range. I know, it is a bit large price gap but I am willing to add to positions on those levels.
4. My stop loss for the second entry will be sitting at $147, just above the 200MA level.
5. I will be targeting the $255 level, as that price level would be the same length as the length from Head to Neckline is.
Of course, as always, please do your due diligence. I am aware of the risks of trading and investing, also, I am investing my own cash. Please take care of your money!
Things to consider:
1. My first entry point would be right above the 200MA on the Weekly time frame, though the pattern would not be finished on that price level sitting at $146-147, I would like to get some action once the stock breaks this level.
2. My stop loss for this entry would be a bit tight, I don't want to let the action plays around. I want a straight up move and clean progress to the higher price levels. So, the SL will be sitting at $137 level.
3. My second entry will be placed right at the break of the neckline of the Inverse Head and Shoulders pattern. Price level to watch and consider as potential adding to a position would be around $154 to $161 price range. I know, it is a bit large price gap but I am willing to add to positions on those levels.
4. My stop loss for the second entry will be sitting at $147, just above the 200MA level.
5. I will be targeting the $255 level, as that price level would be the same length as the length from Head to Neckline is.
Of course, as always, please do your due diligence. I am aware of the risks of trading and investing, also, I am investing my own cash. Please take care of your money!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.