missed the chance to participate in the huge morning run up of SKF. But I watched and waited to identify the end of the run. Now, I knew the run up would end, as they do in any given day...stocks don't go forever. I had to balance that knowledge with my penchant for calling tops and bottoms where they ain't; a problem I've identified and outlined in prior posts.
I watched the 10:21 red candle and the 10:24 red candle. It felt like the reversal was confirmed and I shorted at 10:25. I covered at 10:26 for about 46 cents per share. I decided to try to catch another down move 15 secoinds later with the realization that I covered too soon on what should be a much lower drop off such large morning run-up. But, I didn't see much movement and covered basically even on the trade. With the day job appt coming up, I decided to bow out and watch while I prepared for my appt. Well, after two small green candles at 10:30 and 10:33, my sizable drop took place. This is the one I wanted and thought I'd get. It's just that I haven't learned to trust my gut on these reversals yet. I simply don't have the experience. At this moment, as I prepare to go out the door, the larger down move in SKF continues; at $203.30, it is a full $8.48 per share lower than my initial short... and still retreating...2 wins out of 2 trades, 100% success rate. 46 cents per sahre gain.
