Thursday, September 22, 2011

BIDU, USO short



BIDU formed a beautiful bear flag. It was on my watchlist because of the daily. It was rejected near the 150 levels on Tuesday, followed by some consolidation on Wednesday. I was looking for some continued down movement today. First 2 bars nice red, followed by small retracement to meet the sloping 5 EMA. Formed a bearish candle. Entered short there. Nice ride down from there.


USO was my resistance setup.

2 comments:

t-money said...

Nice Trade in Bidu!

I actually traded it also due to the daily resistance/support levels like you had talked about. I plotted them last night, and low and behold great setup today. The market tanking helped as well! Thanks for all of the help. I am finding using a set watchlist with support and resistance levels to be very inspiring and surprisingly more calming than gaps.

Day Tradr said...

Glad you caught it too. This was the only stock from my list that set up nicely and the ride down was neat.