Another good day of trading, even with two stop-outs in Home Depot (HD). Digital Realty Trust (DLR) produced a quick, wide-range bar around 11:30 ET, after entering the trade around 10:30 ET. I like to move stops to breakeven on quick moves that are at least 20 cents beyond the entry. The risk is that volatility will knock us out of a trade at that closer stop. Sure enough that happened, but another trade triggered in DLR in the next 10 minutes. More often than not, you'll miss any chance of getting back in the trade, but it's better to lower risk and miss some trades.

Two seemingly great trades not on today's log are Illumina (ILMN) and Wal-mart (WMT). ILMN produced a dollar move from the Central Pivot to the R2 pivot. I didn't like the trade because the initial stop was approximately 35 cent with a 5-cent spread. I generally look for maximum stops of 35 cents, with a one-cent spread. In the case of WMT, the initial target of just inside the R1 pivot would have only been 37 cents with a 31-cent stop. That's not quite the reward-to-risk ratio I look for when taking a trade. With a move lower in WLT early in the session, it wasn't reasonable for me to target the R2 pivot, which WMT hit.

AMT LONG 79.03 79.40 $0.37
DLR LONG 69.92 69.92 $-
DLR LONG 69.99 70.43 $0.44
HOT LONG 62.14 62.62 $0.48
HD LONG 71.33 71.05 $(0.28)
HD LONG 71.31 71.08 $(0.23)
BX LONG 20.11 20.58 $0.47
DUK LONG 72.65 72.65 $-

Total of $1.25 per share. Multiply average share size to estimate gross earnings. 1000 shares per trade would be $1,250 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

CLF Cliffs Natural Resources Inc
AU Anglogold Ashanti Ltd
HAS Hasbro Inc
MUR Murphy Oil

Bearish Short-Side Setups

FLO Flowers Foods
DTE DTE Energy
FIRE Sourcefire Inc
KRFT Kraft Foods Group Inc

Dave Mecklenburg is Publisher of TigerSharkTrading.com.