We saw a major sell-off in the market, and then proceeded to miss most of those short trades. A key component to my trading is to control and minimize risk, so I don't trade the market open. Today was a good example of the market picking a direction on the market open and trending in that direction for the trading session. Fifteen minutes into the trading session, many of the stocks on our watch list already looked extended, so I didn't jump on the trend.

Don't worry about missing trades. It happens. Control your risk first. If I traded the market open, I'd have far more losers and bigger drawdowns. Missing trades on the open is a price I'm willing to pay.

A few long trades triggered later the session. The stocks put in reversals at inflection points, but they ultimately we just pullback while the stocks continued their downward trend. Tight stop prevented big losses. Eventually ALK put in a tight stop for a pivot-to-pivot move of a full dollar to save the day.

TMO LONG 78.66 78.66 $-
LO LONG 40.96 40.80 $(0.16)
HLS LONG 26.69 26.59 $(0.10)
PG LONG 78.02 77.86 $(0.16)
ALK SHORT 58.75 57.73 $1.02
NUE SHORT 43.33 42.86 $0.47

Total of $1.07 per share. Multiply average share size to estimate gross earnings. 1000 shares per trade would be $1,070 gross earnings for the day.

Wide-range bar setups for the next trading day. The day trade setup is only good for the upcoming trading session. Additional setups may be available in the live trading room. Email support for a free password.

Entries, targets, and stops are based on the day's likely inflection points, and natural support and resistance. Avoid trade until bid/ask spread narrows.

Bullish Long-Side Setups

HLF Herbalife Ltd
KSS Kohl's Corp
ANF Abercrombie & Fitch Co'A'
CRI Carter's Inc
UA Under Armour Inc

Bearish Short-Side Setups

BID Sotheby's
AON Aon Plc
DKS Dick's Sporting Goods
MAT Mattel, Inc
CNQ Canadian Natural Resources
CMA Comerica Inc
DFS Discover Financial Services
OSK Oshkosh Corporation
SU Suncor Energy (New)
AIG Amer Intl Group
BRCM Broadcom Corp'A'
STT State Street Corp

Dave Mecklenburg is Publisher of TigerSharkTrading.com.