We had two long-side trades trigger and go to the target in the first hour of trading. A member of the live trading room asked why I would look for long-side setups after the market gapped down significantly on the open. My simple answer is that I have no evidence that a large gap down in the market affects long-side setups in individual stocks, so I can treat the information as irrelevant to my trading.

FirstEnergy (FE) was one of our early trades. FE triggered and went to the initial target within the first hour. When a stock breaks through my initial target, I'll trail my stop at the target. We didn't get a break through, so I booked the profit. Often I'll give a stock more room to extend the profit, but in this case, the stock was already at the R2 pivot, so it's unlikely for the stock to continue on to the next resistance level. Sure enough, FE spent the day working its way to the 100% Fibonnaci extension, but I'll only target that level if I break through the R2 pivot with a trailing stop below the pivot.

FDO LONG 59.03 59.41 $0.38 Exit end of day.
FE LONG 43.31 43.72 $0.41
EMR LONG 55.79 55.76 $(0.03) Exit end of day.
EQR LONG 57.62 58.04 $0.42
HCN LONG 69.31 69.11 $(0.20)
HCN LONG 69.31 69.63 $0.32
ADT SHORT 45.82 45.60 $0.22 Trail hit.
ADT SHORT 45.68 45.87 $(0.19)

Total of $1.33 per share. Multiply average share size to estimate gross earnings. 1000 shares per trade would be $1,330 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

COG Cabot Oil & Gas
EXPE Expedia Inc
PANL Univl Display
NE Noble Corp
FE FirstEnergy Corp
ERJ Embraer SA
GD General Dynamics Corp
RMD Resmed Inc

Bearish Short-Side Setups

BVN Comp De Minas Buenaventura ADS
SWI Solarwinds Inc

Dave Mecklenburg is Publisher of TigerSharkTrading.com.