I made it to the computer to paper-trade about 2:45 pm after my day-job ended. I was scalping small moves in lieu of letting something develop longer-term. I put together a few small gainers and a couple small losses before taking a short on SKF at 3:38 after a substantial amount of the EOD run-up had taken place. This appeared to be a breakdown in the making, but I was wrong, it was a small pullback. Then came a big green candle (3-min chart). Thanks to my newfound attention to S & R, I saw a resistance point at around 61.24, so I shorted again as the price moved toward it. With volume climbing to the fourth highest of any 3-min candle all day and a substantial diversion from the mean (10 sma), I sensed the reversal would come at the resistance point and shorted a third position right there. Then, I waited to see if my breakdown would come. At 15:49, I covered into the reversal move, for a gain on the whole trade; two of the three positions which made up the trade yielded winners. The resistance held very well and SKF stayed choppy in this range through the close and into after-hours (presently 5:00pm).
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7 for 10, a 70% win rate. Gain of 53 cents per share.
