The X-List - BAIDU.COM, INC. (Public, Nasdaq:BIDU)

BIDU has been on my watch list since exhibiting range contraction on the daily chart in mid-to-late January. I caught a nice trade on Jan 28th. Since then, it has displayed whippy consolidation action until today. Early today, BIDU was my %change leader and drew most of my attention.

The daily chart (left) was a nice setup - notice the convergence of multiple moving averages - leading to today's gap up. The 10 minute chart (right) has key levels highlighted. The first entry (first arrow) easily fits under Trader-X's New Simplified Rules (ah, but which setup?). I entered on the 7th 10m bar, although an aggressive entry could have been made off of the 5th 10m bar. The first exit was at the 1.38 Fib extension. The second entry was off of a narrow-range inside bar at the opening range high (ORH) which gave much lower risk than the first entry - also exited at the 1.38 extension, but it almost reached the 1.62 extension.