BID - Upward channel breakdown short from $47.83 to $37.33

Aug 13, 2017

BID seems breaking down from long term upward channel. This seems interesting short setup. We would consider a short if it breaks below $47.83
We would also consider $48 October Puts, currently $1.33

* Trade Criteria *
Date First Found- August 11, 2017
Pattern/Why- Long term upward channel
Entry Target Criteria- Break of $47.83
Exit Target Criteria- $37.33
Stop Loss Criteria- $50.87

Please check back for Trade updates. (Note: Trade update is little delayed here.)

Aug 22, 2017

Note

August 21st (Executive summary)- Looking good still. Retesting resistance. Discussed short term profit taking. If we break 44.73 this would signal the longer term target @ 37.33
August 17th- Another sharp decline today, making lower low. $48 October Puts traded as high as $3.90 from $1.33 entry price. Consider updating stoploss to $48.37
August 15th- Strong downward move on higher volume, looking very good as short. $48 October Puts went up from $1.33 to $2.85, that is 114% rise in 2 days.
August 14th- Declined & hit entry criteria today. Now wait & see.