GE: Short entry stop @ $13.93

I have moved up my entry/exit stops for GE once again for a short position. The analysis remains the same as before.

Short entry stop: \$13.93

Exit stop: \$14.13, intraday support as of now

Target: \$12.5, I've raised it to a short term support (Figure 1, on hourly chart) from a previous intermediate term target.

Reward / Risk = 1.43 / 0.2 = 7.15

I seriously considered entering long into SLW instead. But with Gold hitting resistance at 940, it's better to wait until it broke above it before joining the run.

Update: My entry stop order was triggered at 12:01 pm. I have shorted 74 shares of GE @ 13.93. Because of the verocity of the intraday down move (GE moved from \$14.13 to \$13.90 in 20 minutes), I've moved my exit stop to \$14.23 expecting some sort of retracement to wipe the bears.

Update 2: I've moved my exit stop down to \$14.20 just so my R/R can be above 5.0.

Update May 21: GE tanked over 3% on the open. I've tightened my exit stop slightly to \$13.90. I'm inclined to move it closer to the mark later today after seeing how it moves intraday. This trade is working well so far.

Update: After a quick peek at 11:10am, I've moved my stop to \$13.75. GE is hanging around \$13.30 this morning. Next up at \$13.50 is a significant short term resistance. My \$13.75 resistance is the one after that, and it's also the top of today's gap down open. So if it gets taken out today, then this break down is very questionable. My intention is to hold this for a swing trade, so I don't want to trade too much.

[caption id="attachment_1447" align="aligncenter" width="500" caption="General Electric (1 min. chart left, 1 hour chart right)"][General Electric (1 min. chart left, 1 hour chart
right)][][/caption]

[General Electric (1 min. chart left, 1 hour chart right)]: http://traderpau.files.wordpress.com/2009/05/2009-05-20-ge.png