BIDU - Scary out the week hands and turn north again?Context:
monthly uptrendig intact
natural PB to lower extreme
Swings
seems that major pendulum swing has fullfilled its job, since the sinus wave looks completed
also the minor sin. wave completed
Price Action
orderly former flow to the downside
pressing - major fish in the pond wants cheaper price to fill his bag
create panic - whale create panic to collect it all from the week hands
price stops right at a center of a reaction line, and within the center box, where former accumulation was
Outlook
potential support in the range of 150/160
as sinus boxes often get washed, it's a good idea to start small and add to the position later
Trade Idea (Position Trade)
stopp needs to be below the box, plus some
start small between expected support range and build on further confirmation
profit a) at the upper MLH (P5), just little below the sliding
Trade Management
move B/E when Risk/Reward is @1.5
trail below real structure, or if price explode to the north, trail below wide range bars (see Jul. 14 and Jul. 15)
