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Retracement Short in BIDU

Home › Forums › Swing Trades › Retracement Short in BIDU

  • This topic has 1 reply, 1 voice, and was last updated 7 years, 11 months ago by Steven Place.
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  • June 5, 2015 at 2:44 pm #3752
    Steven Place
    Keymaster

    bidu

    After a strong, strong breakdown on earnings, the stock has pulled back into the middle of the range. It’s not overbought just yet but now’s a good time to start scaling into the short side.

    Sell to open BIDU Jul 220/230 Bear Call Spread @1.70 HALF SIZE

    ADD to the trade at 2.50

    CLOSE the trade at 0.50

    • This topic was modified 7 years, 12 months ago by Steven Place.
    • This topic was modified 7 years, 12 months ago by Steven Place. Reason: added duration
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    June 9, 2015 at 2:48 pm #3763
    Steven Place
    Keymaster

    I am breaking from the trade plan and closing out the position early with intent to re-sell.

    Here’s why:

    1. BIDU is probably forming a higher low and will retest the most recent swing highs.

    2. The trade has already captured 50% of the credit after two trading days.

    3. The overall markets are getting close to short term oversold which could lead to a broad based bounce.

    4. Roger talked me into it

    Buy to close BIDU Jul 220/230 call spread @0.90

    RE-SELL at 1.70

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