GENERAL ELECTRIC ($GE): ...but All We See is Negative Currency✨ Drop a comment asking for an update, we do NEW setups every day! ✨
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General Electric's chart looked bearish before COVID, and it still looks bad now. GE has some interesting stuff going on, its bouncing off its 29 year low, it put in a bid to re-engine a B-52 fleet. Lots of reasons why things could start looking up for GE, but for now it makes sense to play the trend. We are running up to some resistance here after a little rebound, and with that we are looking to enter short.
Resource: seekingalpha.com
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1. Fractal Trend is showing a downtrend (Maroon bar color) on the 1 hour timeframe as GE continues its low downward spiral.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon line color) and/or bearish S/R levels plotted by Directional Bias (Maroon line color).
3. Right now we are looking for a short entry off the range fromed by the previous S/R flip and bearish orderblock at R1.
4. Our stoploss is placed above the orderblock to protect capital if for example the markets manage to run tomorrow or some bullish GE news comes out. Otherwise our target is the S1 S/R flip.
The only note here is that we are going to want to see how the market opens before rushing to short this. All the major indexes are at resistance right now (see the related ideas below). If the indexes can break resistance, or if some good GE news comes out, then we want to hold off shorting this and eye some higher levels like the R2 Orderblock + S/R flip cluster.
Good luck fam!
