Hubert Senters here.
Let’s take a look at Baidu, BIDU is the sotkc symbol. Now, it’s too late if you’ve already missed this one. It’s one of the biggest percentage net gainers on the day.
Too late to buy this one in my opinion. I won’t buy it today. I would buy it on a pullback. What I want to point out to you is something that you should scan for and should look for.
Anytime you see this pattern happen. Yeah. I like the pattern. I like it full on myself. So what you’re looking for is a vertical move.
You got something that’s trending up or sideways but overall you want the slant of this thing to be up. You want the ADX to be above $20 which tells you it’s trending.
And then what you want is you want a nice little vertical move like this right here so vertical move like this.
And then you see where it went to this sideways consolidation then what it will happen next and some people will draw the lines like that.
Some people will draw the pendant like that so it looks like a flag. Here’s the flagpole. Here’s the pendant. And then you’d get a breakaway to the high side.
There are scanners out there that can scan for this stuff. I’ll use trade station or you can just thumb through your stuff and go that’s the look I’m looking for.
And then all you’re going to do is you’re going to draw your lines like this right here. Like if it goes above that I want to get long it, if it goes below that I want to get short it so that’s one option you can do.
You can also do it this way. You can go give me another look. So I’m going to go like this. There’s the top of the triangle right there.
And then this would be like the bottom of the triangle right there so you can see this is the flagpole. That’s the pendant or that sideways triangle.
And then you can see it broke up to the upside and then took off so when you’re doing scans it is important for you to figure out what patterns are going to work for you and what patterns are not going to work for you.
Good luck. Hope it helps. See you on the next video.
Hubert.
