Another hot new listing to trade. Plenty of hype - cyber security unicorn.
An initial pop out of the blocks and all time high printed after 6 trading days.
A pullback that retreated to the count backline - pink - drawn from the low of the third highest candle.
Now another surge and attempt on the previous high and into new uncharted territory?
A perfect use of...
Perhaps a less volatile way to get exposure to the boom bust and booming again now sector.
Trying to print a triangular pattern with ranges compressing with a higher bias. Or is that my own bias?
Price is also holding above the daily and weekly countback lines. This is bullish and the weekly CBL can be used as stop loss if falls below 190 level.
Xiaomi price rallies have previously failed - so no rush to enter this trade - yet.
A new all time low recently printed and I have drawn a green count back line from the height of the 3rd lowest candle.
An initial close above the line triggers my alert but with caution.
I will wait for price to hold above the line a bit longer and monitor for supporting signals...
When a new unicorn leaps out of the gates on listing it can create FOMO - fear of missing out.
Should we chase the magical unicorn and possibly pay too much? Or set a trap.
Initially PINS popped and rose quickly but soon ran out of gas and floundered. Waiting for a new low before setting the trap we can wait until price closes above the high of the third lowest...
When an IPO float sinks we can wait for a bargain buy entry signal. But how to avoid the falling knife?
Wait for a new low to bounce high enough confirming that the down trend has ended and buy with momentum.
Count back line analysis draws a red line from the new low and green line from the high of the third lowest daily candle. When price closes above the green...
Has the down then ended? Yes I think so.
Price is now entering the buy zone between 1000 and 800. A new low will invalidate the buy signal and signal new lows.
I'm using the weekly chart here as daily candles have previously given false buy signals that were subsequently stopped out when new lows printed.
Count back line analysis - drawing a red line at the low...
What can I say - I like to buy at support and sell at resistance...also to buy breakouts.
The case for BIDU - a sharp fall, 50% retracement from recent highs and a bounce off the low confirms a bottom.
A low risk entry with a stop below the low offers a good risk reward ratio.
Using CBL - count back line analysis, we can draw a line (green) from the height of the...