In the market briefly, I made a quick trade from my live account and scalped a $25 gain out of SKF. Out too early though, I missed another possible 16 cents before the 10:05-10:25 pullback was complete. Too bad, because the 10:20 am candle was one which ended at the high for the 5-min timeframe; a sign of impending reversal. That would have been a great exit point, only 5 cents from the eventual top. Further, a short there would have given me an entry within 5 cents of the highest point for the rest of the day! The first close above the 7 EMA would have been at 1:20 pm at 24.73. This ideal trade would have yielded a gain of 30 cents ($150). The first close above the 17 EMA was at 3:30 pm at $24.50. This perfect trade would have yielded a gain of 53 cents ($265) and would have taken the most of the days move in SKF.
Lots of hopeful thinking! But, I laid the foundation for these two great trades. It just takes forward thinking and an adherence to the rules I've learned from FNG and Robert Deel's book. It's encouraging to think about what might be someday...!
Best to all of you!
