I'm giving GE another try. The up-move today seems running out of steam based on intraday sentiments and my observation with XLF testing \$12.09.
Update: The TICK just tanked but the price remained elevated. I'm having doubt about this up-move ending soon.
Short entry stop: \$13.35
Exit stop: \$13.61, high of the day
Target: \$11.2. This is lower than my previous \$12.50 target because if we break below now, we would have successfully tested the top of the \$11.50 - \$12.70 congestion zone (today's low was \$12.85). That's why I've extended my target to the next zone.
Reward / Risk = 2.15 / 0.26 = 8.27 > 5
Update: My entry stop was triggered at 15:42. I've shorted 75 shares of GE at \$13.35.
Update May 27: GE tested \$13.50 at the open then \$13.00 in the afternoon. I've moved my stop tighter to \$13.28 based on hourly chart of last few days. We seem to be range-bound these days, so I'm setting my exit stop closer to book the profit.
Update May 28: I've been stopped out at 2:36pm at \$13.27. I've lost about \$3.00 after commission. The market is bouncing like a ball as I've suspected. The only stocks in my small watchlist moving in a trend seem to be SLW and TCK (precious metal and commodities).
[caption id="attachment_1471" align="aligncenter" width="500" caption="General Electric (intraday)"][/caption]
[caption id="attachment_1472" align="aligncenter" width="500" caption="General Electric"][/caption]
: http://traderpau.files.wordpress.com/2009/05/2009-05-26-ge_day.png : http://traderpau.files.wordpress.com/2009/05/2009-05-26-ge_prop.png