Regular readers know that this is my bread and butter daytrade. While I do trade the PDQ signals and am quickly becoming a dedicated proponent of using VXX to forecast select ETFs and indices, the VIXEN trades are what keeps the lights on and the GE version is where I'm willing to buy some risk. When the GE VIXEN sets up (either long or short) I routinely trade the cross with a .08 stop (just my well tested stop loss for these trades).
Over on the Schwab Trading Community site we'd been looking at GE S&R levels and I was looking for a break out at 15.47 back up to 16+ levels. We sure got that today with a whooping 185M shares in play.
The actual VIXEN cross on 2 minute bars occurred at 10:30 at $15.56 with the parabolics already in a bull mode and price riding the 8MA high line.
In an incredible juggernaut ride, GE then took off like an F-18 for the next 2 hours as volume continued to accelerate. We got a little .10 retracement at 12:30-12:45 before a revisit to the $16.45 high. At 13:00 the parabolics fire a SELL (cover), and with the double MACDs already downslope I quit the trade at $ 16:36 ( a shade below the midline of the MA8 hi/MA8 low channel).
The trade captured a nice $.80 gain in a little over 2 hours and is by far the best GE VIXEN of the last 12 months. In the past we've seen mostly dimes and quarters coming off these trades so I consider yesterday's pop a true gift. Thanks GE.