{"id":12924,"date":"2011-07-05T17:16:18","date_gmt":"2011-07-05T21:16:18","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=12924"},"modified":"2011-07-12T15:13:39","modified_gmt":"2011-07-12T19:13:39","slug":"the-thoughts-of-a-professional-trader-bidu","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-bidu","title":{"rendered":"The Thoughts of a Professional Trader (BIDU)"},"content":{"rendered":"<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/BIDU.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-12925\" title=\"BIDU\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/BIDU.png\" alt=\"\" width=\"476\" height=\"406\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/BIDU.png 680w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/BIDU-300x255.png 300w\" sizes=\"auto, (max-width: 476px) 100vw, 476px\" \/><\/a><\/p>\n<p>Here was my thought process in BIDU today.<\/p>\n<p>1. BIDU is below the important Premarket support so I am looking for an Opening Drive to the downside.\u00a0 I feel very smart after the 3 point downmove.<\/p>\n<p>2.\u00a0 BIDU bounces after it fills the gap but I find an area of intraday R.\u00a0 I feel very smart after finding this level and BIDU trades to the lows.<\/p>\n<p>3. Accumulation at the gap fill near 143.25ish.\u00a0 There is a break to the downside but then 143 mans up and BIDU cannot hold the offer below this level.\u00a0 My sense is this level will crack and holding our shorts is the better plan.\u00a0 Stopped out 56c, 61c, 66c, 76c.<\/p>\n<p>As I reflect on this trade it was the failure to plow through the 143 level that turned BIDU.\u00a0 BIDU had no trouble making new lows and breezing through levels on the open.\u00a0 If 140 was to come today a better move through 143 should have come.\u00a0 It didn&#8217;t.\u00a0 It was a lighten up at this level and watch.\u00a0 Trading mistake made.<\/p>\n<p>4. Again we find intraday R at the 144.30 level.\u00a0 My intuition tells me that the buying at 143 pushes BIDU through this level.\u00a0 But the right play is to short again respecting the level.\u00a0 Stopped out above 144.50.\u00a0 My intuition was correct but I couldn&#8217;t overvalue it over a definable level.<\/p>\n<p>5. Best Play of the Day.\u00a0 Now BIDU is in an intraday uptrend.\u00a0 Long and set stops below 144.25 and Trade2Hold until 146.50 potentially.\u00a0 BIDU is in a longterm uptrend.\u00a0 The 3.5 downmove might have just been some quick profit taking.\u00a0 Now I am on the side of the longterm and intraday charts.\u00a0 I am in control.\u00a0\u00a0 I love this trade!<\/p>\n<p>6.\u00a0 I want to buy the pullback after the last explosive move.\u00a0 We are in an intraday uptrend.\u00a0 We moved away agressively from the 144.40 level.\u00a0 Stops 89c, 84c, 74c all get triggered from this add to our core position.\u00a0 Did I buy too early?\u00a0 Is the real level closer to the 144.50ish level?\u00a0 Answer turns out to be yes today.\u00a0\u00a0 But I still have to buy the 145 level based on how much I loved the break above 144.50. \u00a0 Excellent loss taken here.<\/p>\n<p>7. Add when BIDU holds above 145.\u00a0 Target is 146.50.\u00a0 Result: stopped out.\u00a0 Right trade, poor result.<\/p>\n<p>8. My intuition tells me BIDU is ready to fail.\u00a0 This was a support level from the uptrend that was broken.\u00a0 Now BIDU will fail from this price and I will get stopped out of my core below a 144.50.\u00a0 Sit on the long while aware that our position is not as strong as previously.<\/p>\n<p>9. We are gonna find near 146.50.\u00a0 Has the market bailed out my position?\u00a0 Or is this 144.50ish the new level to watch in BIDU?<\/p>\n<p><a href=\"http:\/\/twitter.com\/smbcapital\"><img decoding=\"async\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" alt=\"\" \/><\/a><br \/>\nMike Bellafiore<\/p>\n<p>Author, <a href=\"http:\/\/www.amazon.com\/One-Good-Trade-Competitive-Proprietary\/dp\/0470529407\/ref=tmm_hrd_title_0\">One Good Trade<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here was my thought process in BIDU today. 1. BIDU is below the important Premarket support so I am looking for an Opening Drive to the downside.\u00a0 I feel very smart after the 3 point downmove. 2.\u00a0 BIDU bounces after it fills the gap but I find an area of intraday R.\u00a0 I feel very smart after finding this level &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-bidu\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[545,1853,1193,653,1354,1349],"class_list":["post-12924","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-bidu","tag-thoughts-of-a-professional-trader","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Thoughts of a Professional Trader (BIDU) | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-bidu\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Thoughts of a Professional Trader (BIDU) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Here was my thought process in BIDU today. 1. BIDU is below the important Premarket support so I am looking for an Opening Drive to the downside.\u00a0 I feel very smart after the 3 point downmove. 2.\u00a0 BIDU bounces after it fills the gap but I find an area of intraday R.\u00a0 I feel very smart after finding this level ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/the-thoughts-of-a-professional-trader-bidu\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2011-07-05T21:16:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2011-07-12T19:13:39+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/07\/BIDU.png\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" 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