Discussion in 'Stocks' started by Handle123, Jun 13, 2016.
GE on Trend line Support and can hedge with debit spread. Pays 3% div.
I appreciate the trend line support on the uptrend but I think several indicators suggest that this is a trend line that is likely to get broken soon. I think there is a decent probability that this will correct to $25.52 to 25.95 range. Personally, I would not take the trade because I think there are better probability trades out there. I know you are experienced and know what you are doing but this looks like a low probability trade to me. Good luck with the trade.
I have my fair share of losing trades but I have to follow the system which is automated. I don't have any likes or dislikes about any stock as they just symbols to me, have to go long on dividend stocks in case it turns out for long term. And my opinions are the worst as I still think S&P500 will eventually make new highs then turn lower. I think many have their stops above the highs is my reasoning. And thank you, wish all your trades have profitable outcomes.
I completely understand following your system. Just sharing with you that my system would pass on this trade as a low probability trade. Good luck to you and I too hope your trade is profitable.
Still looks to be in an uptrend and retesting resistance break. If it can move above 30 I might be a buyer
I lost 6 cents in the Long Put and exited but retaining short put of the Oct Debit spreads. I always wait fifteen minutes of day session before putting in my protective stops of 29.95 which is bit better than breakeven.
Strong move on the long GE trade today. Congrats. Now I just need to figure out what you saw that I didn't. Care to share any pearls of wisdom??
this trend line is missing the lows set on August 24-26 of 2015. If you extend a chart at least a week before September 2015 you will get a ittle bit different trend lines
But you do realize why price bounced off of it, right? It like the same reasons why Fibs work. So many people following charts from Finviz, heavy buying at lows, ave vol of 29m to 43m today. Whether trade works or not, it is a freebie to me as I am already at breakeven stops and then some. That is not to say all trendlines are same from Finviz, but system has trend being up AND with lower lows than #2, small Megaphone is forming which tell me no trend breakout trades, so have to buy as Low as possible so trendline was it. Now have to watch it price can breakout of upper trendline.
Ge blasted through upper Megaphone trend line, so if it stays above Bollinger Bands, I will take profit on half my shares as in going too far too fast. System monitoring 2 minute charts looking for possible topping as well, a buck profit on a $30 share price in two days can't pass up.
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