timwest
Short

General Electric -GE -Daily -Rallied back to double-resistance

NYSE:GE   GENERAL ELECTRIC CO
476 5 5
Notice how well GE             acts around previous earnings release dates and you can see that GE             has lifted right back into two previous "key levels".

Sell short here looking for 25.5, just 3% lower over the next 1-2 weeks.

Tim 12:00PM EST 26.33 -0.04 last

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Can you please share where you placed your stop loss for this trade, perhaps with a little explanation?
Reply
My automatic, and therefore maximum stop is always 3 average true ranges from entry. I use at least 10-days for the ATR calculation. If I can tighten the stop at all, then I will, since 3 ATR's is a wide stop. The ATR is 0.3027, so 3 x's that is 0.91 away from entry. 26.38 +0.91 = 27.29. $27.02 is the high of the green triangle zone, so that is a safe stop also, and it is closer that $27.29. I'd also be tempted to put the stop as close as $26.79 since that is just over the high on July 18th where the largest down-bar is located during the earnings release. Putting ultra-close stops is a great way to assure that you get stopped out as much as possible, but gives the profitable trades all the pressure in the world to pay you back enough to make up for all of the losing trades. If you can handle a wide stop initially and then reduce the stop after 3 days to roughly break-even. Unfortunately, the best stop loss method is 3 ATR's. If you spread your trades around so that you have at least 10 different trades on simultaneously, then you will be handling your risk in a manageable way.
+1 Reply
Kinda reminds me of RYL, classic right up into resistance
Reply
timwest PRO Amazingpowerpatternguy
That's a nice chart too, RYL. Would you mind if I used that idea or did you want to publish it?
Reply
Go for it! Its right up your alley and in tandem with the GE chart set up.
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