20070413 - SLM - 15mins - Gain*Paper

Symbol: SLM
Type: Long
Entry: The beginning of the 11th bar
Exit: The same 11th bar, as soon as it reached my target.
Result: Gained +1.17%

This trade is my quickest round-trip trade so far, and could remain one of the quickest for a while. Part of my routine in evaluating a setup is to take a quick look at the daily chart. From the Daily Chart, I noticed that a possible Resistance Point is at the $46.50 mark (see 1st chart.) I placed a line at $46.50 on my 15-minute chart, and I stared!

The 9th bar crossed the Opening High, but I wanted to wait for confirmation. When the 10th bar continued to rise, I thought I was going to miss the entry. But then it started to retraced backwards. Fortunately, the prices did pull back within the 10th bar, but enough to clear the Opening High. I entered at the beginning of the 11th bar. I just didn't expect the price to have shot up so fast that my target was reached within 10 minutes.