ASX BID

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ASX BID - Bid Energy
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Looks like after a period of consolidation the BID bus is ready to resume its upward trend.

BidEnergy Limited, formerly Cove Resources Limited, is a technology company. The Company is principally engaged in the provision of cloud-based energy procurement system. Its cloud-based platform is used by multi-site organizations to manage their energy category, using robotic process automation to gather data on energy spend and usage. By automatically capturing and validating invoices meter data, its customers can update their accounting and payments processes, go to market at short notice to optimize their supply contracts and reduce on-bill chargers using analytics and reporting. It offers various solutions, such as data management and analytics; payment and budgeting, and procurement and contract management. Its integrated platform offers sourcing, contract management, spend analysis, budgeting, forecasting, payment automation, accounting, and supplier risk and performance management. The solution has an in-built interface and integrates with existing enterprise systems.

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MY STRATEGY
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I purely look at TA type indicators and like to find Penny Stocks having a good run over 3 months in speculative sectors and I will try and buy and hold them for 3 days to 3 weeks ish (or basically as long as they run) to get the best momentum. I use the Stock Screener to find them and then the intraday charts to look at buy positions and visually confirm the trend. On purchase I set a trailing sell stop loss at 15% to help ride out intraday noise, and then leave them alone until I can see the momentum is failing on say a 5 day chart. At that point I'll put in a falling sell at tight resistance points on the 1 minute chart to protect against any retrace. Goal is to keep entering stocks when they have the most upward momentum, exit when it slows. I try and find stocks where news will make them spike. If they do go up over 10% in a single day then I replace my trailing sell with a falling sell at close resistance points to capture profit if it retraces. If I pick wrong and it closes below my buy price (I try and ignore the first days up and downs) at any stage, then I use intraday 1 minute charts to set a tight falling sell at the second stop loss to give it one last chance and protect my cash. Most of my analysis happens in the Stock Screener, the charts are more to confirm direction and share ideas.

As always DYOR and please do post if you see something different to what I do - good or bad :)

Comment:

BID has been having a great run from when I first picked it at .16. Its now trading at $1.35 down from high of $1.54 so I will top up a few more as it looks like upward momentum will begin again.

Comment:

Feels like momentum is starting to fade. Im still up 25% so have moved my falling sell conditional stop loss trigger up to 1.299 with a sell at 1.29 so I can lock in more profit if it heads the wrong way.

Comment:

Might be worth a look again. Broken up above a well established support / resistance area and a long way off its former highs. Sitting at 76 cents.