Time to sell the longs for $1.50 and finish the day.

SKF

SRS

If SKF is rising then it's wise to sell take the $ in MS

15 minutes to go till end of day. I'll cover once again and go long in SRS

And long SKF

cover and long SRS

When a wrong decision is made, take your losses quicky and react to get on the right side.

SRS - $.17

AFter big moves, be ready to take profits and trade them the other way.

S & P  and QQQQ

SKF

SRS

Now things are heating up. SKF cranking it to the downside. 

SRS the same.

You don't need to have any other reason to take a $4 profit in less than 30 minutesother than it's foolish not to in todays market.

I don't know what the market is going to do but I know that if I string a few of these trades together my account and pyche stay strong.

SKF is breaking down from the uptrend...

as MS is making a move above intraday consolidation.

So a few minutes later now and SRS is back at the highs. Traders who got in at the turn got the jump on those who waited for confirmation.  Will the trend continue? I don't know. But be prepared for anything.

Timing

This is to illustrate why watching the clock is vital to your success as a momo trader.

SRS was in strong uptrend, started to stall then drop. 

The smart play was to sell the long, take profits, then short it.

Watching the clock you will notice that when the red candle finished on the 5 minute, it immediately went green again almost to the second.  That is why I think the 5 minute charts are superior to using any other time frame.  Don't think you are missing out on opportunities by not using  the 1 minute. There is too much "noise" and the picture is never clearly clearly framed. You will find that many opportunities like this present themselves everyday. A quick turn and the original trend continues.

I believe that taking this quick opportunities is better than seeing $.90 of your unrealized gains disappear.

What all those lines mean.

Hopefully this post will clarify how I mark my entries and exits. 

It's important to remember that the charts I post are a real time snap shot. They are not the end of day complete chart, but what is happening at the moment. SO where ever the price is as shown on the right side of the chart in white, is the price at that moment.

If I'm long I mark the entry with a red line. I'll mark a green line under that to note where my stop is.

So, some minutes later you can see that I've sold my SKF position and shown that by the green line which what I was using as my stop level line. I constantly adjust my stop line and move it up until I am ready to take profit and sell. Upper red line notes where I doubled up my position in SKF. Lower red line shows original entry level.

Here is  a short entry as shown by the green line. The red line marked my stop.

A few minutes later I covered. The red line which was what I used as my stop line has been moved down and now shows where I took profits.