You can look at this as a H&S or a pennant reversal, either way it looks like it's headed down next week.
US market looks pretty bullish but China always does its own thing. Be careful because they trade Monday.
US market looks pretty bullish but China always does its own thing. Be careful because they trade Monday.
Trade active:
Bought next week's puts, 30 OTM contracts
Comment:
Appears it'll gap up tomorrow since it closed higher than Friday's close by 1.6%, but could go red if the US market tanks
Comment:
Right idea, wrong stock, lol. LI slightly green premarket, PDD down $4. I should just stick to playing PDD, which is my usual surrogate for HSI (Hong Kong).
Comment:
So LI is green because CATL cut battery prices. At the same time JD.com announced a subsidy campaign taking down PDD and BABA with it.
So the battery price cut now makes sense, the govt is forcing companies to give up profits to pump the economy. They did it during the first COVID drop.
Only a matter of time before BYD and other car companies are forced to cut prices, this battery news isn't bullish at all. Plus I expect China to tank.
So the battery price cut now makes sense, the govt is forcing companies to give up profits to pump the economy. They did it during the first COVID drop.
Only a matter of time before BYD and other car companies are forced to cut prices, this battery news isn't bullish at all. Plus I expect China to tank.
Trade closed manually:
Well, it's about where it should be based on close in HK, so I bailed for even money.
At least I was right to say hold yesterday. Not sure why it didn;t gap down the whole amount, it;s not like the market is rallying. Bailing only because Fed meeting minutes later today
At least I was right to say hold yesterday. Not sure why it didn;t gap down the whole amount, it;s not like the market is rallying. Bailing only because Fed meeting minutes later today
Comment:
It should just move with the market from here (at 23.7 right now)
Comment:
From a charting perspective. we're also at the support, if it breaks this then it's toast. Fed meeting minutes, CPE, and then earnings Monday.
Comment:
Not tracking the market at all, in fact it's repeating what it did during HK trading hours. Something to keep in mind for next time.
Stuck right at support, and PDD broke through on a similar chart pattern. Need to trade with more conviction, could have made a little money here. Oh well.
Stuck right at support, and PDD broke through on a similar chart pattern. Need to trade with more conviction, could have made a little money here. Oh well.